As with most things in life, the key to successful business ventures is timing. Even the best products or service-based businesses can crash and burn if certain market conditions aren’t met.
So is the timing right to pounce on home improvement franchise opportunities?
Today’s post highlights some home improvement industry stats that highlight why 2019 is the best year to buy-in.
Home Improvement Spending is Reaching Pre-Recession Levels
New research by Harvard University’s Joint Center for Housing Studies indicates that home improvement spending in 2019 will be the highest it’s been since the 2008 crash. More than ever, homeowners are choosing to renovate their existing abodes to meet their changing needs, rather than “buying up.”
Home Ownership Rate on the Rise in 2019
Though we’ve yet to break pre-recession records, home ownership rates are climbing fast.
In the third quarter of 2018, the Home Ownership Rate increased to 64.4%.
That’s a strong number, but it gets even more impressive when placed in context:
According to the Census Bureau, the United States population was 328,953,020 as of November 8, 2018.
That means there are now more than 210,529,933 homeowners out there, many of whom are looking for home improvement franchises for remodels, kitchen overhauls, and storage solutions.
With that in mind, it’s little wonder that home improvement franchise opportunities are looking better than ever in 2019.
Longer Home Tenures Bode Well for Home Improvement Franchises
In First American’s“Potential New Home Sales Report” for September 2018, researchers noted that the median tenure for home ownership–that is, the length of time people are staying put in their homes–jumped to 10 years, up 10% since last year. That’s more than double the median tenure in the pre-crash days of 2007, when homeowners moved every four years or so.
All signs suggest that this trend will persist through 2019.
And while that’s not great news for realtors, longer home tenures mean big money for home improvement franchises, since big-ticket kitchen and bathroom overhauls tend to happen most often for homeowners who plan on settling down for a while to enjoy them.
Handyman Demand Drives Home Improvement Profitability
Over the past five years, the handyman service franchise industry has grown 6.2%. In 2018, total revenue reached $4-billion. Though not all handyman services are directly related to the remodeling world, this market includes fixture and flooring installations, both of which feature prominently in many home improvement franchise opportunities.
Home Storage and Organization Industries on the Rise
Organization and efficient storage is an undervalued aspect of the home improvement world. In 2019, the home organization industry is expected to grow from $8.8 billion to $10.5 billion. Home improvement franchises that offer storage solutions and functional kitchen/bathroom overhauls will be able to tap into this growing marketing demand.
Home Improvement Franchise Opportunities with Kitchen Solvers
Kitchen Solvers is a beginner-friendly, home-based home improvement franchise opportunity with low start-up costs, comprehensive training and support, and a proven business model that minimizes overhead.
Furthermore, we are a “one-stop remodeling shop” and complete home improvement solution, offering everything from storage solutions to flooring and cabinet refacing, which allows our franchisees to get the best of all the market growth mentioned above.
If you would like to learn more about Kitchen Solvers home improvement franchise opportunities in your area, visit our website at https://kitchensolversfranchise.com/. There, you’ll find market reports, FAQs, video resources, and online booking tools.Back