Undertaking a remodeling project requires thoughtful research, a clear vision, and at times, some much-needed optimism. While no economy is ever entirely certain, the current economic environment definitely has people wondering what tomorrow will bring.
Headlines and markets are shifting each day, and we are all hoping for some stability and predictability. Given this climate, one important question for our clients and future clients is, ‘Is now a good time to remodel?’
To help answer that question, let’s start with what we know with certainty – and why remodeling now may be a smart decision.
Facts about the current remodeling market:
Material costs will only continue to increase.
Tariffs or no tariffs, the cost of building materials continues to rise. Basic economic forces of supply and demand have made this a reality for many years, and industry experts predict that this trend will continue. Waiting for building material costs to come down is not likely to be a good strategy.
The housing inventory in Northeast Ohio and throughout the country is limited.
Homeowners contemplating a major remodeling project often weigh the decision to remodel against the option of moving. Knowing you can get top dollar for your current home makes this idea appealing, until you look at the housing currently on the market. Inventory is scarce, and sellers are asking top dollar. We hear from clients all the time that most of the houses on the market are also in need of major renovations, which makes remodeling your current home an appealing option.
The population is aging.
Let’s face it, we are not getting any younger. One driving factor in the decision to remodel is making a home more accessible for aging homeowners. A first-floor primary suite, zero-entry showers, and other modifications that make aging in place an option are key factors in making the decision to take on a remodeling project.
The housing stock is also aging.
According to a study by Today’s Homeowner, the median home age in Ohio is 52 years old. With older homes, a remodel may be more of a need than a want. With inefficient windows, appliances, and major mechanical systems, older homes will cost homeowners more over time.
Owners of older homes are often looking to add updated floor plans for a more up-to-date connectivity, convenience, and style. Our remodeling clients are often looking to add smart home technology to enable lighting, security, and climate control from a smartphone or computer.
Remodeling is still in high demand, and the industry remains strong.
When we asked Hurst Design Build Remodel owners Pat and Dan Hurst how the remodeling industry was faring during these uncertain times, here is what we learned:
Pat Hurst “Fortunately, the industry continues to be strong here in Northeast Ohio. Other remodeling company owners we consult with throughout the country are telling us they are seeing the same thing.”
Dan Hurst “We have been talking with clients and potential clients through the first half of this year, and the market fluctuations certainly are top-of-mind. However, clients understand the value of remodeling to add value to their home, but more importantly, to add value to their life and the way they want to enjoy their time at home.”
Remodeling can improve your quality of life and help you plan for the future.
Budgets always matter when deciding to remodel, but quality of life is also important in the decision-making process. Whether it is a beautiful backyard retreat, the gourmet kitchen of your dreams, a much-needed home office, or a guest suite for visiting grandkids, making your home fit the way you want to live is an important pathway to finding peace and happiness at home. And as a bonus, the most in-demand remodeling projects are usually the ones that add the most to a home’s value.
Don’t just take our word for it.
The Joint Center for Housing Studies, as reported in the Associated Press, finds that U.S. homeowners are spending more on home renovation projects even during this economic uncertainty. Consumers are spending less in other areas because of their diminished confidence in the economy, but the renovation and remodeling industry is seeing a slight increase in spending.
The study finds, “Annual expenditures for improvements and maintenance to owner-occupied homes are expected to grow modestly through 2026, according to our latest Leading Indicator of Remodeling Activity (LIRA). A slight downturn after the pandemic’s record expenditures gave way to modest gains in the sector this year. So far, high home values and other economic indicators have supported an uptick in home improvement spending.”
Why is it more important than ever to work with an experienced and trusted remodeling professional?
Pat Hurst – CEO, Hurst Design Build Remodel
“We have planned ahead. We have created long-term partnerships with building product suppliers who have been sourcing from companies throughout the United States and through diverse global channels. This planning ensures our projects are not dependent on any one source for building materials.”
Dan Hurst – COO, Hurst Design Build Remodel
“We have always maintained an in-house team of talented and experienced designers and building professionals. We partner with local trade professionals whom we have worked with for years. These strategies have spared us from the issues surrounding labor shortages in the building industry.”
“We have been in the remodeling business since 1997 and have weathered many economic ups and downs, including recessions and a global pandemic.”
“We are confident that making thoughtful improvements to your home will add lasting value, not just financially, but personally. Remodeling enhances your home and how you live, helping you make the most of the time you get to spend at home with the people that matter most.”