Companies such as Lowes and Home Depot were reporting significant losses as consumers continued to wait out this current economic crisis. However as the unemployment rate began to decrease and the employment rates increase, home improvement companies are seeing a rise in remodels and renovations again. A representative from one of the leading home improvement chains says “Banks are starting to loan money for small renovations and people love that they are able to make home improvements themselves. What our company does is allow people the freedom to build their dream home within a realistic budget.”
Making Dreams Come True seems to be the new mantra being stated and restated within the home improvement industry, however, are consumers buying it? It has been years since the Lehman Brothers Bank debacle that triggered a worldwide financial crisis. “It obliterated consumer trust and their willingness to spend their hard earned dollars.” Researchers had confirmed that families were spending cautiously and had pulled billions of dollars out of stocks, which continued to hurt the already beaten down economy. It takes very little to destroy trust but takes a great deal to earn it back. Home Improvement companies are seeing the trickle of trust return and are working hard to get it to a slow pour.
There are many reasons, all of them profitable, for homeowners to consider remodeling or renovating right now. Lowes, the leading contender in the home improvement retail industry, can teach you what to do and what not to do. The staff at Lowes tells anyone who walks into one of their stores to always consider projects that would be the most profitable in terms of resale value. “We encourage all of our customers to think things through before they commit to a project. Installing a whirlpool in their bathtub will always be a good idea however, building a pool could be more of a distraction and deterrent for home buyers.” Lowes employees, before they are even allowed to work on the floor, must go through several hours of training that encompasses every aspect of home improvement.
Home improvements companies are challenged to continually educate themselves in order to keep up with ever changing, unpredictable demands. Consumers want to know which project will increase their home’s resale value or how they can turn a shack into a mansion. These retail stores are not only there for improvements and renovations but they strive to be prepared in case of weather disasters. The home improvement industry is expected to get close to the $150 billion dollar mark over the next year. As this industry continues to grow so do consumer expectations and demands. “Our customers are getting more creative and innovative with their projects and are wanting outside-the-box-ideas and for a reasonable amount of money.” It is an exciting time for the home improvement industry. As the economy continues to flourish, homeowners will continue to dig into their pockets thus driving the economy even further.…