Move Aside, Baby Boomers Millennials Are Inching Toward The Top Spot In The Field Of Homeownership

You’re trying to find a design build that suits you best.

You could be building a new home to usher in a first-time homeowner. You could be setting up an office building for a budding business. Flexibility is the name of the game when it comes to construction, particularly in an age that prioritizes energy-efficiency over just about everything else. Remodeling contractors today have their work cut out for them trying to achieve a little bit of everything on the first pass. If this is a new career for you — or you just could use some more modern advice on an old process — keep reading.

Remodeling contractors have a bright future, but only if you grab said future by the horns.

How’s Home Remodeling Looking Like Today?

The design build offers more flexibility for homeowners, businessowners, and designers like. Staying flexible regarding your materials and your methods will be key to success in your chosen niche. The Joint Center For Housing Studies at Harvard University estimated Americans will spend a total of $350 billion on home remodeling once 2018 comes to a close. Just two years prior the National Association Of Home Builders (or NAHB) got data stating 80% of homeowners chose kitchens as their most common renovation, with bathrooms following close behind. Whole house renovations have been sitting pretty at third place.

What’s The Future Of Remodeling Looking Like?

Remodeling contractors have a lot to look forward to. Homeowners are eager to bring out the best in their homes, while businessowners are always looking for ways to save money on their next great venture. A 2017 U.S. Houzz and Home Study found renovators who bought their first home back in 2016 spending $33,000 on home renovations. That’s a 20% increase from 2015. The same study continued to explore how a change in demographics can spell success for a certain industry, which will continue to be analyzed below.

Anything I Should Know About Remodeling Offices?

Office buildings are held up to different standards than many homes. This is due in no small part to the unique way they run and how it affects everything from building inspections to energy bills. Each state offers its own individual laws on building an office, particularly the larger ones, and should be adhered to closely to avoid a potential lawsuit. According to data provided by the U.S. Census Bureau over 30% of remodeling activity was dedicated to major additions or alterations. Another 30% was devoted to maintenance and repair.

How Do Changing Demographics Come Into Play?

You might be hearing about the differences in age when it comes to homeownership. Don’t fall for the hype! The same 2017 U.S. Houzz and Home Study showed Millennials to be 7% more invested in their homes the prior year, a significant change that isn’t showing any signs of dipping. Baby Boomers and older homeowners, however, continue to spend three times more than Millennial homeowners on average. Home remodeling will always come with unique changes, but that’s nothing a dynamic perspective can’t resolve time and time again.

Which Remodeling Projects Are The Most Popular?

Here’s what to expect moving forward. Home improvement retailers are expecting to see a total sales high of $400 billion once 2019 kicks into high gear, meaning it’s time to get familiar with your favorite outlet and fast. The average midrange bathroom remodel costs just under $20,000, with an upscale remodeling closer to $60,000. The kitchen, master bathroom, and living room are among the most common places to tweak or restore, though you shouldn’t count out exterior spaces. More homeowners than ever are investing in landscaping to improve their home’s ROI or develop a new hobby.

Remodeling contractors are going to be very busy. Keep in touch with design build Portland trends and you should do just fine.

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