Contractors always need to stay on top of the latest remodeling trends. And it helps even more if they can stay on top of the ones that haven't even fully started trending yet.
Fortunately, the Home Improvement Research Institute has put together a list of what it believes will eventually emerge as the major home improvement trends of 2019. The HIRI's five key takeaways were presented earlier this fall at the nonprofit organization's 2018 Industry Insights Conference, and reported by Forbes contributor Jamie Gold.
While a quarter of the U.S. population made home improvements last year, only 7 percent of them hired a professional. The shift towards DIY remodels is being led by Millennials, who grew up in the digital age and are accustomed to looking up advice articles or YouTube tutorials on their laptop or smart devices. This could obviously be troubling to industry professionals, though contractors can attempt to stay ahead of the curve by expanding their own digital presence.
The Regret Factor Study conducted by Wray Ward and the Research Institute for Cooking and Kitchen Intelligence found that over a third of homeowners who completed a home improvement project in the past year now wish they had spent more on the project. It seems that the concept of FOMO, or "fear of missing out," has begun affecting home improvers whose remodels fail to live up to the high expectations they developed when looking at television and social media for inspiration. This could potentially play to a contractor's advantage, if trying to convince a client to be more ambitious at the outset of a project rather than live to regret a more modest remodel.
The rental housing market continues to expand, especially in urban areas where higher-end rentals are growing more and more popular. This could spur a rise in "portable" home upgrades, such as freestanding appliances or furniture that can eventually move to a new location along with the tenants.
Perhaps the most positive insight for industry professionals is that the remodeling trend shows no signs of petering out, with the steady increase in remodeling activity projected to continue through 2021, according to HIRI experts. As real estate prices continue to climb and new construction becomes a pricier proposition, staying put and sprucing up your old place strikes many homeowners as the most practical option.
"With the existing house stock averaging 38 years old, much of the inventory is in need of updating," Hanley Wood/Metrostudy chief economist Mark Boud explained, according to Gold.
Circadian rhythm lighting, also known as human centric or tunable lighting, appears poised to revolutionize the landscape of the smart home and the world of lighting in general. The new technology produces indoor illumination designed to match the warmth and changing brightness of natural light. Replicating the complex nature of sunrise and sunset and bringing it indoors is said to have positive effects on health, sleep and mood.
Knowing the hot home improvement trends of 2019 before they arrive can help you anticipate and prepare for your customers' needs. Working with a company like Aqua Finance that can enable your customers make easy online payments is another way to stay current in a competitive environment. Learn more about the many benefits of working with Aqua Finance by contacting us today.