Home renovations have become an important area of the overall Canadian economy. Canadians are making a shift away from buying new homes and only renovating their existing areas. There are always a true number of possible known reasons for this, including low interest, old homes, and a changing real estate market. Regardless of the reasons, the house renovations industry is flourishing, and today is enough time to get involved.
Joining this industry as a small business owner, contractor, or designer is a superb way to take benefit of this huge moneymaker of a business. Here are four reasons why working in the true home restoration business is a good idea. 1 Fixing Homes Vs. According to articles by the Financial Post, Canadians are spending more money renovating their existing homes than they may be buying new ones. Several reasons may cause this turn in spending, including low interest. One expert cited in the Post article suggests that low interest rates are beneficial for individuals who want to renovate their homes.
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With rates of interest only they are, homeowners who renew their home loans are getting a lower rate almost, leaving cash in their pockets. That cash can go toward home adjustments and improvements. In addition, there’s a high number of homes across Canada that are fifty years of age or older. Homes that are this old are dated in both style and construction, so purchasers of these true homes are buying renovating them.
The market in Canada is also influencing the amount of home renovations that homeowners are executing. There is a huge discrepancy between the cost of a starter home and an extravagance home, which seem to be driving more people to upgrade their existing areas. Nearly all shelling out for home remodeling is certainly going toward cosmetic improvements and modifications. Indeed, 75% of spending in the industry is focused on adding square footage, bathroom remodeling, kitchen remodeling, granite renovations, and other similar changes.
That means that only 25% of home reconstruction spending is dedicated to structural fixes on homes. It will come as no real surprise, after reading about the increase in home renovations, that the industry keeps growing. Altus Group, a genuine property research company, told the Financial Post that their research shows that home remodeling is projected to grow by 3% in 2016, which really is a rate faster than the Canadian economy all together. Actually, home renovation is a key component for the overall economy, creating 3.4% of the GDP.
The quantity of opportunities in the house renovations industry is incalculable. There are so many areas of this industry-interior design, building, installation, demolition-that finding a niche in this industry that suits your passions and skills is easy. One of the easiest ways to get involved in the home renovations industry is to purchase a franchise opportunity.
There are franchises for kitchen remodeling, bathroom remodeling, or even more specific elements of the industry, like flooring improvements or granite renovations. As the real property market in Canada changes, so will the house renovations industry. The way interest rates, income disparities, and real estate markets have advanced indicates that the home renovations industry will be strong for many years to come. So find the certain area that interests you, and become involved!
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