There was a time not all that long ago that the housing market was bleak and homeowners were legitimately worried about getting their electric bill paid rather than even think about investing back into their home. Thankfully that period gets further in the rear view mirror every day and the remodeling industry is not only surviving, it’s thriving. Everybody benefits from the increased work for construction laborers to the lower prices to homeowners because of a competitive market. Here are 5 factors that contributed to what could very well be Florida’s ‘Golden Age’ of home remodeling.
Trade-Up Home Buyers
Remodeling and flipping homes has become a bona fide business especially with the mainstream popularity that Nicole Curtis or the Property Brothers from the DIY Network have achieved. There are two main types of ‘flippers’ – those that do so to a side house to earn an income and those who fix up their own homes to increase market value and buy a housing upgrade. Either way it’s good for the Florida economy as a whole with a report from CNBC stating that Orlando homeowners were spending $1,770 as well as Tampa $2,440 and Miami $2,010. It may not seem like a lot but those figures were per home so it’s a positive trend.
Increasing Federal and State Subsidies For Energy Efficiency
The Sunshine State obviously has some of the best conditions for harnessing solar power, the third best actually both physically and geographically. Unfortunately though the state only ranks around 17th in installed solar capacity which has led to state and local governments to increase the incentive for homeowners to upgrade their homes. Because of the high stress on cooling systems tax rebates are also available for energy efficient A/C systems, windows, and even roofing.
Landlords Hoping to Raise Rent
Florida’s steady population growth (passed New York for 3rd largest last year) has landlords beaming. With the improved job stability that means all these newcomers will have more money to pay for rent. In order for landlords to command these higher rent prices though they have to have a property to boot. This has led to a boom in rental property remodeling and an urgency to do so. Flooring installers and other interior remodelers have especially benefited from this desire to make properties ‘look cooler.’
Projects Were Delayed in Tougher Times
The final main reason for a boom in both residential and commercial remodeling is necessity combined with job stability. Homeowners who needed a roof or siding 5-6 years ago had better ways to spend their money in a time of financial uncertainty and the deterioration has now made the job mandatory.
As we all dig out into prosperity, stop by our Naples Kitchen and Bath Remodeling showroom to see the amazing brands we have available for all your remodeling and renovation needs. Our team of courteous professionals can point you in the right direction for the upgrades you can make to your home to enjoy quality of living and a sound peace of mind.