The Remodeling Market is Booming. Here's Why.

According to the HOUZZ & HOME June 2015 report, more than half of homeowners on the site renovated their properties during 2014. This trend was felt equally among age groups, with Millennials as likely to update their spaces as Baby Boomers.

Market growth trends

“The remodeling market continues to grow from where it was during the recession,” said Gerry Henley, president of Kitchen Solvers. “More and more people are staying in their homes. Remodeling is expected to grow 7 to 10 percent per year for the next several years.”

Unsurprisingly, kitchens are the leader in this regard. The Houzz report stated that among interior renovations for 2014, kitchens represented 27 percent. This represents a significant boost over other areas of the home, including master bedrooms (14 percent) and dining rooms (13 percent).

“People will typically remodel their kitchen within five years of buying an existing home,” Henley said. “People will continue to update their existing kitchens as an investment or to accelerate the sale of their home.”

What’s more, even remodeling jobs for smaller kitchens represent considerable sales revenue for Kitchen Solvers franchisees.

“Major kitchen remodels, which at a minimum include replacing all kitchen cabinetry and appliances within the existing home footprint, run on average $29,400 for a smaller kitchen (200 square feet or less) and $42,400 for a larger kitchen (more than 200 square feet),” the Houzz report stated.

Kitchen remodeling demand

Besides an improving economy, Henley credits this stability to the fact that “life happens in the kitchen.” And since Kitchen Solvers specializes in these spaces, it positions franchisees perfectly.

“We do cabinets, countertops and storage solutions,” Henley continued. “These services create a stability of demand. That translates to stability for the franchisee.”

Stability in the market is also expected to continue thanks to a rapidly ageing population. Houzz reported that more than half of 60-plus households are looking to age in place. This leads to remodeling needs on two fronts – design and modification for easier living.

In short, it means a bright future for the kitchen remodeling market, one the team at Kitchen Solvers is poised to pounce on.