Scott Waldman's Insights on The Rising Tide of Home Improvement Expenditures

Across generations, the desire to renovate and remodel homes has been a constant pursuit, driven by the need to shape one's surroundings to fit people's evolving lives.

Even though there has been a remarkable surge in demand for home remodeling and renovations over the past decade, Scott Waldman has some concerns regarding the condition of American homes. A lot of people have been neglecting their homes for too long.

As a result, there is an ever-increasing number of homes in need of urgent attention, spanning from crucial repairs and maintenance to vital improvements in energy efficiency, disaster prevention, and even the creation of spaces suitable for an aging population.

Recognizing the pressing need for proactive measures, the founder of the Kentucky-based R&B Roofing and Remodelling company has been advocating for regular maintenance and repairs among homeowners to avert potential disasters in the long run. As Waldman explains, "With the continued aging of our homes, replacement projects need to be our top priority. While it does cost money, whatever you invest now is going to cause you less headache in the future."

Perhaps fortunately, the sphere of home improvements has seen a notable increase in annual expenditures, especially in recent years. Between 2019 and 2021, there were 135 million home improvement projects across the United States, with bathroom and kitchen renovation as the top choices. To put the height of this trend into perspective, the American Housing Survey, typically conducted by the US Census Bureau, has revealed that Americans had spent a staggering $624 billion on home repairs overall.

"As expected, there was a slight decline in 2020, when the pandemic had just started. What's interesting is the surge that happened after that initial period," Waldman reveals. "Since people were stuck at homes, they started to notice things like deteriorating walls, a small kitchen, or an unfinished basement. Naturally, the next logical course of action was to explore viable solutions for these issues."

While initial projections in the home improvement industry during the early stages of the pandemic were somewhat bleak, the situation ended up being a blessing in disguise. Homeowners seized the opportunity to invest in creating new spaces tailored to meet the unique demands of the pandemic era. Many started to invest money in creating new spaces needed during the pandemic, such as adding in-home classrooms and offices.

On top of that, there were significant shifts in lifestyle, as people residing in smaller homes or apartments looked for more spacious living arrangements in the suburbs.

Finding the best contractor to hire, however, is an obstacle that many homeowners face after deciding to have some remodeling done. The sheer number of companies vying for business can be overwhelming, so individuals are faced with the challenge of sifting through a sea of options in their search for contractors who not only have the necessary expertise but also align with their vision and budget.

Waldman emphasizes the importance of meticulous research in the process of selecting a contractor. "The decision shouldn't solely be based on their professional qualifications or certifications, but should also consider the contractor's standing and reputation within the community," he explains. "One of the most straightforward and effective ways to do this is by exploring online reviews or seeking referrals from trusted sources who've had positive experiences with said contractors."

As the demand for home renovations continues to rise, service prices have followed suit, reflecting the increased competition and demand for skilled labor and materials. However, industry experts, including Waldman, are not overly concerned about this trend. They believe that homeowners are likely to continue investing in their homes, largely because, beyond financial considerations, there's a deep-seated emotional aspect associated with enhancing one's living space.

"One's home is not just a physical structure, it's where people create memories, share experiences, and form bonds. Homeowners desire to cultivate their spaces not just for functional reasons but also to create a warm and comfortable ambiance," Waldman explains.

With a deep-rooted motivation and a growing appreciation for the long-term benefits of home improvement, homeowners' commitment to renovations is expected to persist. This, combined with the industry's progressive adaptability, has created a significant degree of optimism among professionals about the prospects of the home remodeling and renovation landscape.

"I doubt we're going to see any downward trend any time soon," Waldman says. "As long as homeowners do thorough research before embarking on a renovation project, I expect that business is going to keep on growing. This can lead not just to an economic boost but also contribute to the overall safety in the housing market, which I'm particularly glad about."