A global COVID-19 pandemic has turned the world upside down in 2020. If you watch or listen to the news, you already know that. What you may not know is that the global pandemic that has been so difficult for so many people may be in part responsible for a booming home renovation industry.
While the economy is struggling and some people are scrambling to make ends meet, others are aiming to improve their homes as they’re forced to spend more time there with their families. Millions of those people have shifted from working in an office to whatever makeshift space they can find at home. For many, there’s no clear date when they’ll return to their offices or places of business either.
Keep reading to learn more about how a global pandemic has created a booming home renovation industry that you can take advantage of. After all, it’s important to strike when the iron is hot in any business.
Why Are Homeowners Renovating Their Homes Now?
Pandemic spending doesn’t necessarily make a lot of practical sense, does it? With the world being somewhat unpredictable, you’d think that people would be saving money. To some degree, they are doing that, at least as long as they’re still working.
However, being forced to spend more time at home has helped many people see that their homes need work. Other financial factors and a new crop of buyers is also contributing to the renovation boom.
Here are a few of the top reasons people are spending more on their homes. You might be surprised how varied they are!
Home Values Are Up
According to Forbes, total homeowner equity has nearly double in the last five years. That has led to people spending more on home projects like taking on major renovations, installing new appliances or updating rooms with solid hardwood flooring or engineered hardwood flooring.
Houses Are Getting Older
As of 2020, about 80% of homes in the United States are 20 years old or older. Older homes naturally need more repairs, and for homeowners who feel enabled to spend due to rising equity, major renovations now seem like a smart idea.
Millennials are finally buying homes, leading to a different set of features and renovations to cater to their tastes. Additions like concrete look flooring are particularly popular with younger home buyers who have more modern tastes.
More people are working from home than ever before. With health concerns spanning the globe, home offices are popping up like wildfire. Many people are unsatisfied with multi-purpose spaces or working at the dining room table for long. Prefinished hardwood and engineered hardwood are particularly popular options in these spaces.
How Much Are Homeowners Spending?
Spending on home renovations like installing hardwood flooring might be up, but if you’re like a lot of building or flooring contractors, you might be a little skeptical of this boom. The fact is that homeowner spending on renovations is nearly double what other sectors retail businesses are doing.
For you, that means getting involved in more renovation projects aimed at pandemic buyers should be part of your growth strategy. With homeowners looking to improve their homes, why shouldn’t your company be in the mix?
What Renovations Do Homeowners Desire?
What homeowners want when it comes to renovations is relatively mixed right now. Some want spaces that are more functional for work and spending time with family members. Others are simply looking to improve aging homes, particularly if they’ve foregone some maintenance and renovation projects due to busy schedules that have now slowed down a little bit.
You shouldn’t forget that rising equity in homes is also leading consumers to spend more on projects with high return on investment, or ROI. Hardwood and engineered wood floor installations are a particularly popular high ROI project, especially if the homeowner is replacing carpet or materials like dated linoleum.
In designer-inspired spaces, tongue and groove hardwood flooring has long been a go-to pick for its refined and elegant style. Hickory, maple and birch are all hot picks this year, with oak flooring being another standout for some spaces. Younger consumers often opt for aged looking flooring that’s new and still quite durable. Both engineered and natural hardwood are available in tongue and groove styles.
For homes where a mixture of durability, style and value is essential, Bruce oak flooring is an especially popular pick right now. Bruce makes natural and engineered hardwood flooring materials, allowing your client to choose the option that best suits the needs of their space.
High-traffic spaces can benefit greatly from loose lay flooring made from vinyl. Different than products of yesteryear, loose lay flooring can also add some serious style and appeal to busy spaces like kitchens even in more high-end homes.
For customers that want a new look without spending a lot, particularly in utility spaces, this is an excellent option you should consider pitching. It’s also a relatively quick and painless install, which is a selling point for customers who always want work done quickly and with little mess.
Ready to take on some new flooring renovations for your customers? We’re here to help you find engineered hardwood, natural hardwood, Bruce oak flooring and more. No matter what your clients need, we’ve got a huge selection of flooring materials that will put a big smile on their faces while offering great ROI. After all, even homeowners who want better homes don’t want to waste money, right?
Reach out to our trained representatives today to get factory-direct prices on a range of materials. We’ll have your order ready to go in no time so you can start your renovation work and get paid ASAP.