Want to open a home improvement franchise? Learn which home remodeling industry trends are gaining momentum (and which are on the way out) to find the best opportunity.
Trends to Watch
Many people are calling it the “renovation renaissance.” People who want to revamp their homes have several factors to weigh. Here’s a look at trends from experts that home improvement franchises are watching:
- Remodeling vs. Buying
Inflation, interest rates, rising construction costs, and increased home values are leading people to stay in their homes and remodel them instead of buying or building a new home. At the same time, baby boomers are retiring in huge numbers. Unlike previous generations, AARP finds that 87% of baby boomers say they prefer to stay in their homes as they age. They will look to remodel and renovate their homes to fit their needs and style.
This trend opens the doors for home renovation franchises like N-Hance. As America’s no. 1 wood refinishing franchise, we can make our customers’ dreams come true at a fraction of the cost because saving money will never go out of style.
- Updating Bathrooms
To follow the trend of prioritizing self-care, people want more luxurious, spa-like bathrooms. These features include heated floors, heated towel bars, freestanding tubs, steam showers, curb-less shower entries, and bidet toilet seats.
- Kitchen Revivals
With the Covid-19 pandemic came the resurrection of the foodie culture. As a result, more people became interested in cooking at home, forcing them to consider much-needed improvements to their kitchens. Something as simple as cabinet and floor refinishing can liven up a kitchen instantly.
- Warmer Colors
Experts studying home remodeling industry trends are noticing the cold, white and sterile look is a thing of the past. Instead, people are turning to warmer, more inviting colors in their homes. For example, more people are looking at two-toned cabinetry in their kitchens. This can look like white on the main cabinets and a bold or wood color on the island.
- A Focus on Sustainability
Trends in home improvement align with consumers’ preferences for a wellness-focused environment. From sustainable building materials to energy-efficient improvements, homeowners will look to make sensible, environmentally friendly choices. At N-Hance, our method of refacing cabinets instead of replacing them is an eco-friendlier choice. This factor can make it an easier sell to leads, explaining that the old cabinets add to waste in landfills.
- Advanced Technology
Like everything else in our world, homes are increasingly featuring smart technology. Features like climate control, smart lighting, and security upgrades are trends researchers expect to continue for years to come. People are looking for ways to control their homes even when they’re away.
By the Numbers
Nothing quite shows the potential of this industry like the astounding home renovation statistics. Statista predicts that the home improvement market size in the U.S. will be $558.3 billion by the end of this year. In 2025, Statista estimates that number to jump to $621.3 billion.
More home renovation statistics find that the professional building products market will grow faster than the consumer market, according to the Home Improvement Research Institute (HIRI). HIRI predicts the overall market to grow an additional 2.9% from 2023 to 2025, with the professional market growing by 4.6%. This prediction indicates that DIY-ing is dying off, and people are turning to professionals for remodeling jobs. The kitchen and bath cabinetry are among the top growing merchandise lines for professionals. HIRI predicts the sector to see a CAGR of 7.9% between 2021 and 2025.
More people are expected to focus on the inside of their homes. Global Market Insights (GMI) finds that interior additions and alterations are estimated to lead home improvements, accounting for more than 4.2% through 2027. GMI forecasts that kitchen improvements and additions will see the fastest growth, prompted by shifting design preferences and desire for functionality.
Meet the Demands with N-Hance
You can enhance the lives in your community with N-Hance. Our kitchen remodeling franchise has set itself apart from its competitors with beautiful wood restorations at a fraction of the cost. Thanks to our in-house research and development team, we transition with the times. We’re continuously creating new products, technology, and services, expanding your profit potential.
In this new normal, more people find themselves working from home. Luckily for your customers, the N-Hance way causes little disruption to customers’ lives during services. On average, we complete projects in less than a week and produce little to no dust and odor.
Request franchise information now if you’re ready to address the handyman demand and invest in the home improvement industry.