Home Improvement Industry: An Outlook for 2024 and Beyond
Now is a great time to own a business in the home improvement industry. With so many people making changes and renovations to their homes, there’s never been a better time to own a home improvement business. Learn why it's thriving and what trends to expect this year and in the future.
Upbeat Forecast for Home Improvement Market
As people put the pandemic in the rearview mirror, home improvement spending is normalizing, but demand remains strong. Houzz reports at least 51% of homeowners spent more than $25,000 on home renovation projects in 2023, up 37% from 2020, according to Houzz. High interest rates made finding a new home difficult last year, prompting at least 40% of Americans to complete home improvement projects instead of moving. And, high inflation only had a moderate impact on the number of home projects people tackled in 2023, according to Angi. Homeowners completed an average of 2.8 projects last year, versus 3.2 projects in 2022.
High home prices, limited inventory, and rising mortgage rates put a damper on the housing market in 2023. But the outlook for 2024 is bright. The National Association of Realtors forecasts that existing home sales will rise by 9% in 2024 to 4.46 million, from 4.09 million in 2023. Millennials recently surpassed baby boomers to become the largest group of home buyers at 38%. They’re looking for a place where their family can grow without moving again.
Kitchens continue to be one of the most common home renovations. Using home remodeling providers such as Kitchen Tune-Up is the perfect way to get their renovations done quickly and professionally. Houzz reports that 9 out of 10 homeowners are hiring professional help.
Why Should I Buy a Kitchen Remodeling Franchise?
The home improvement industry is booming, and every indication says it will continue to do so. Even though the strength of the industry is a factor to consider when buying a home remodeling franchise, it’s far from the only one. After all, having a product you can sell isn’t the only thing you need to run a business. You may wonder: What about marketing? What services should I offer? Should I just start my own home improvement company?
These are the questions anyone interested in starting a business in the home improvement industry asks. Luckily, Kitchen Tune-Up has the answers. You don’t need experience as a business owner or with home improvement to own our kitchen remodeling franchise. We offer in-depth training and support through every step of the process. When you buy a Kitchen Tune-Up franchise, you gain access to a multi-week training program that will get you fully equipped to run your business. Our training includes a proven approach to the remodeling business, crafted over 35 years.
Our proven system takes much of the stress out of running a business, allowing you to focus on your projects while ensuring that your customers are well cared for. Our support also doesn’t end after training — Kitchen Tune-Up offers support and services throughout the lifespan of your business, so you never have to worry about going it alone. Kitchen Tune-up franchises are available in the U.S. and Canada so you can open a franchise almost anywhere.
Take the Next Step with Kitchen Tune-Up
Our team can answer your questions to put you on the right track to ensure you’re fully prepared to take the next step toward becoming a business owner. If you’d like to take charge of your future by entering the home improvement market, inquire now, and we’ll get back to you!