Homeowners’ needs keep changing as families grow and new trends emerge in the market. At some point, you might need a spacious home for the family or to accommodate your work-from-home needs. You might also be desiring that latest kitchen trend you saw on TV or home magazines.
While the need for a change is certain, most homeowners are faced with the question of whether to move or renovate. However, given both options, most would rather go on a renovation spree than move. Here, we explore some of the reasons why most of them make this choice, as well as how remodelers can use this data to their advantage and some of the areas they need to focus on.
Low inventory of houses for sale
For some homeowners, the desire to move to a new area or across the country is put to a stop by low inventory in the market. The demand in the market has risen over the past few years. This has been fueled by more people desiring to join the homeowners’ wagon especially as work-from-home opportunities continue to increase. What buyers are considering as perfect homes are being sold even before they hit the market. In addition, the growing construction costs have also kept houses inventory on the low.
High prices on homes
House prices have continued skyward for several years now. As demand increases and house inventory goes down, sellers are constantly increasing the prices on the homes. Increasing costs of construction are also forcing sellers to quote high prices on the homes. This increased cost of purchasing a home is making homes less affordable as potential buyers are being priced out of the market.
Wanting to stay in their same neighborhood or school district
Moving to a new neighborhood opens up a world of several unknowns. You could be moving to a neighborhood with crazy traffic or fewer amenities. It could also mean moving your kids to a new school, which might mean learning to adjust to new rules and new people. In a nutshell, moving can be disruptive in more ways than one including socially, emotionally, and academically.
How remodeling firms can incorporate this data in their sales strategies and market to their advantage
As more people prefer to remodel rather than move, this can only mean that the business is booming for remodelers. However, for them to make the most of it, they need to rethink how they can use this data in their sales pitch for them to attract more work. Here are some of the key strategies that remodelers should focus on.
Finding creative storage solutions
As families grow, the need for extra storage becomes inevitable. The need for spacious homes that are free from clutter can also be solved by having ample storage space. Remodelers can use this to their advantage by thinking creatively and creating functional storage spaces in underutilized places such as under the stairs, the space over the doors, and more.
Upgrading the Wi-Fi capabilities
The increasing work-from-home opportunities have come with added requirements. One of those necessities is good Wi-Fi connections. By upgrading Wi-Fi capabilities to accommodate these needs, home remodelers can be enticing to homeowners.
Finding ways to keep the open concept living in the midst of a need for quiet places
Open concept living is a growing trend among homeowners. Despite this, homeowners desire quiet areas that they can use for private quiet times, kids’ homework, or business calls. Remodelers can think of how to incorporate such places while keeping the open concept. They can also go a step further to suggest some houseplants that bring peace and tranquility in quiet places. With available technology such as indoor grow tents or grow lights, homeowners can grow plants in these quiet spaces to reap the benefits.
Why use grow lights?
Grow lights are an excellent way to provide the proper amount of light for your plants. They do this by offering a wide range of different wavelengths, as well as specific lighting depending on what plant you have in mind! Not only does it make sure all their needs are met but also consumes less energy and doesn’t give off any heat which is great if safety concerns arise when working with traditional bulbs or compact Fluorescents (cFLs).
LEDs are the most high-tech grow lights as of yet because they produce a wide range to wavelengths while giving off almost no heat. These make them perfect for Indoor plants, which require more hours than those grown outdoors with 14-18 being recommended when indoors under artificial light.
Converting under-used spaces
Underutilized spaces such as garages or basements can be used to put in an extra bathroom if needed, or converted to in-law space if elderly parents are moving in. Remodelers can include this in a sales pitch to show homeowners how they can make the most of the space they have rather than stressing about looking for a new place.
Conclusion
It is evident that the increasing demand for houses has led to low houses inventory in the market as well as high prices on these homes. These reasons coupled with the need to stay in the same neighborhood are influencing the decision to renovate rather than move. Remodelers then need to think of strategies that they can focus on to position themselves to reap big out of this data.
