Millennials are buying homes, and home improvement is one of the most lucrative industries to be in. In fact, the home improvement business accounts for more than $400 billion in annual revenue.
Home improvement includes anything from minor repairs to major rehabilitations. It also includes projects such as resurfacing pavement, adding decks or driveways, or improving the exterior or interior of your home.
Millennials are spending billions of dollars on home improvement projects. And a recent survey by the Harvard Joint Center for Housing Studies suggests that the home improvement industry may be on the verge of a peak.
One of the biggest home improvement trends is millennials’ desire to do their own work. In fact, 57 percent of survey respondents aged 19 to 55 plan to do their own home projects in 2021.
In the past year, home remodeling retailers have had their best year ever. But competition is fierce. Several private labels have entered the market, and some major players have been shifting to omni-retail strategies.
The Axiom survey also revealed that consumers are more likely to use a contractor that has been in business for at least ten years. This is because older firms are thought to have more experience.
It is also wise to check your contractor’s insurance. Most states have requirements for home improvement contractors. In some places, you can even get a fine for engaging in “home improvement” without a license.
There are some other key things to look for in a home improvement contractor. In general, a contractor should be open and honest, and he or she should make you feel safe.