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2018’s Renovation Boom

 

Leading home improvement website, Houzz, has released its annual renovation trends study. One of the biggest takeaways from the study is that a boom in home renovation projects remains steady in 2018, meaning healthy growth for our industry. Before we jump into the details, here’s a breakdown of renovation trends in 2017 through 2018:

  • Kitchens and bathrooms remain the most commonly renovated spaces
  • Homeowners are placing a heavier focus on research and planning ahead of renovations
  • Going over budget is often caused by expensive materials

Kitchens and bathrooms have long led renovation activity and spend among renovation projects. This year’s trend study shows that these spaces continue to lead the renovation boom, with many homeowners believing kitchens and bathrooms to provide the highest return on investment.

Of those who renovated these spaces, 83% believe their investment in a kitchen renovation will provide a return, 81% believe their master bath renovation will provide a return, and 76% believe their guest/other bathroom update will provide a return.

It seems homeowners may be placing a higher focus on those spaces likely to provide a return on their investment. The master bathroom has taken a top spot among the most commonly renovated rooms, coming in at third place. Unsurprisingly, kitchens and guest bathrooms remain the first and second most popular spaces among those renovated, coming in at 31% and 27%, respectively.

One of the things our partners can take advantage of is the fact that homeowners are placing a heavier focus on the research phase of their home renovation projects. The Houzz home study revealed that homeowners are increasingly hiring professionals to help tackle their renovations, with more than 88% of renovating homeowners enlisting the help of a home improvement professional in 2017. This means potential customers are actively searching for the kinds of skills our partners provide, but it also means you have to work harder to set your business apart.

As customers plan their projects and get informed, it is important that your business can anticipate their questions and act as a resource early on. Customers will choose a professional they can trust to handle all of their renovation questions and concerns throughout the project.

While homeowners are being more deliberate about planning their renovations, hiring professionals, and setting budgets, many projects continue to go over budget. Of those homeowners who exceeded their budget, a staggering 41% attributed this to the cost of materials/services being more expensive than they expected.

To help your customers avoid breaking the bank during their renovation, Marsh Cabinets are here to help. Marsh Cabinets offers a wide-ranging product line to meet any renovation budget. Offer your customers the value they’re looking for by designing with Marsh Cabinets. With a wide selection of wood species, doors styles, paints, stains, and glazes, there’s something for every homeowner’s style.

For more details on the scope of this year’s Houzz and Home Study, you can find the full report here.

If you’re not part of the Marsh family of dealers yet, click here to become a dealer today! To find an authorized Marsh dealer in your area, visit our Locate a Dealer page and get started on your renovation project by contacting a qualified professional near you.

Published on: August 17, 2018

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