(Gloucestercitynews.net)(January 15, 2020)--Home remodeling has become a $380 billion industry, and the renovation market is steadily improving. Remodelers have been busy for the past couple of years in South Jersey, and the forecast is that the market will still be good at least for the next few years according to Pressofatlanticcity. Even high-spending metropolitan markets have remodeling growth potential. Experts, many of which started out in new construction, were laid off during the recession of a decade ago and started their own remodeling businesses, predict that the average growth projection for the top 13 metro markets is 7.4%.
According to the US Census, more than half of all houses in New Jersey are actually owned by the inhabitants, which means there are lots of homes available for renovation. There are fewer obstacles to a New Jersey renovation than, say, megapolises like New York City. New Jersey renovations do not normally come against parking and access issues or limited hours that a co-op will allow for construction each day, like what happens over the Hudson. This leads to more efficient use of time, decreases hassle, and means a smaller budget for people in New Jersey who've decided to renovate their houses.
Here’re average costs for remodeling projects compiled from Cost vs. Value Report by Remodeling.
- Kitchen: The average cost for a typical low-end kitchen varies from $25k to $30k for under a hundred square feet, or $100 psf, including budget-friendly finishes from retailers. High-end kitchen remodels in the New Jersey area are $140 or $670 psf. This implies top-of-the-line custom white cabinets, a built-in refrigerator, and microwave unit, wall oven, stone countertops, commercial-grade cooktop, and vent hood, etc.
- Bathroom: Bathroom starting at $15k to $20k with budget-friendly finishes. Reports put a high-end bathroom renovation at $66k (or $664 psf). Bathroom renovations cost much less if the majority of materials come from big-box stores.
- Basement: The average basement conversion in New Jersey depends on the original condition and usually is $117 psf, with insulation, laminate flooring, shower, a bar area, etc.
Home Improvement Trends
Luxury is Out the Door
Everyone wants their home to shine and for a long time, luxury redecoration was a hit. Luxury remodeling like roofing, flooring or cladding is a relatively expensive leaving little room in the financial department for paying for additional remodeling additional parts of your home.
In recent years cheaper alternatives have started to arise allowing you to spread out the things you remodel, including kitchens, bathrooms, bedrooms, etc. this doesn’t mean that you’ll be remodeling with low-quality materials, it just means that you won’t be using the luxury materials that have an impact on the price.
Mobile Shopping and Purchasing are Growing
Customers are used to learning about products on the go, buying them with a couple of clicks, and getting fast delivery. Modern applications help to not only make design improvements, but to buy and sell the house (like UpNest), so make it simple to purchase what they need from their smartphones through digital payment systems, and afterward let them get their purchases an hour later in their local store.
If retailers truly interested in more buyers, they have to make it simple to get help online or by telephone if somebody runs into installation challenges during the project. This may mean featuring items on mobile sites from manufacturers that offer weekend help. Purchasers love companies that make life simpler, and shopping is a significant part of everybody’s lives.
Provide Help for Buyers
Hiring a company for your home improvements would be the most logical choice for most people, but we live in an era where you can find anything you want online.
Depending on how much you want to get involved, you have two choices: research the materials or research on how to do it yourself. Going for option one means that you’ll only be researching the materials, reading reviews and getting other people’s opinions, but you’ll still need to hire someone to do the actual remodeling with them. If you’re the type of person that wants to get their hands dirty you can go with what’s behind door number two and do everything by yourself. This approach also means that you’ll need to do detailed research, one for the materials and the other for how to use them in the renovation.
Taking Into Account Millennials and Gen Z
Since these are entirely digital generations, a company’s very first communications with its members are probably going to be through the mobile application, website or social media page. They value pragmatism, given how much hype and publicity is thrown at them on the web every day. Frauds and identity theft concern likewise drive their enthusiasm and interest in security. They value sustainability and wellness, taking a functioning enthusiasm for their wellbeing and prosperity – particularly Millennials – and have indicated that they'll spend more for products that promise to get them health and fitness benefits.
Another trend - being more eco-friendly, and even though it is mostly for the youth, it doesn’t mean that older people should avoid it. This is a trend that’s been growing for the past several years and now it’s in a position where it is reaching the peak. The idea behind this is that consuming less power is good for the environment – which it is.
There are numerous ways that you can approach this. The most common and easiest ways to make your home eco-friendly are: ditch the incandescent lighting, invest in insulation, start regulating your air conditioning and heating, replace your electrical appliances for energy-efficient ones (most experts recommend going for at least A+ energy efficiency, even better if you can go higher).
Going for the healthy approach means that when you are doing the remodeling you should consider going for non-toxic materials.
Will these trends make a boom in 2020? Maybe. This article outlines some of the trends that are rising in popularity over the past several years and may reach their peak in the following 2020.