Home Improvement Trends in 2022
Increasing home equity and rock-bottom interest rates make it a more appealing time to improve your home. According to a survey from Zillow, 72% of homeowners have a home improvement project on their to-do list in 2022. While the majority of these homeowners will do some work themselves, more than six percent will hire a contractor.
Home improvements range from minor renovations to major rehabilitation. Depending on the type of work needed, home improvements can include garages, basements, decks, siding, porches, windows, roofing, driveways, insulation, fire protection devices, and more. However, the definition of home improvement can vary from state to state. If you are planning a home improvement project, you will need to contact your local CPA and check the state’s laws and regulations. If you are planning to engage in “home improvement” without a license, you can be charged with a Class A misdemeanor in many counties.
The DIY home improvement market is highly competitive and includes a wide range of products. However, the market is also highly fragmented. Because of the high level of competition, the growth of this market has been limited. In order to increase the growth potential of the DIY home improvement products market, major vendors are shifting their strategies to omni-retail. They are also competing on the basis of product portfolio and premiumization. In addition to this, the entry of private labels has also increased the competition.
Home improvement contractors should establish good relationships with their customers. They should also respond to customer inquiries in different ways. They should be honest and make their customers feel safe. In addition to this, they should be careful about the quality of work they perform. If the work is not good, the customer may refuse to work with the contractor again.
Customers prefer to work with reliable, experienced firms. Those with more than 30 years of experience are preferred by consumers. They are thought to deliver better results and offer more satisfying service.
The home improvement industry is a large market, with billions of dollars in revenue. The industry is also expected to grow at a four percent annual rate. This is the highest level of spending in the market since Angi began tracking the industry seven years ago. A major driver for growth is Millennials, who are buying homes and doing more home improvement projects than other age groups.
Another factor contributing to home improvement business growth is the entry of new players. For instance, aggregators act as intermediaries between service providers and customers. They offer home improvement service offers at a discounted price. In addition to this, the home improvement industry is also growing rapidly due to increased demand for at-home entertainment areas. In the event of a natural disaster, disaster restoration businesses offer cleanup and restoration services.
Lastly, home improvement companies should make their customers feel comfortable. They should have a written contract outlining the scope of work to be done, the date when work will be completed, and the payment schedule. Also, homeowners should make sure that they have checked the contractor’s insurance, and that he or she has references.