To gain real success in any business, we all should agree that we must give our clients what they want. How do we accomplish this in the remodeling industry, when our client’s wants are always evolving? We must learn to evolve, also.
In all the research I’ve been doing lately, I’ve seen a steep drop in the demand for McMansions and large scale additions. I have also seen a decline in requests for high-end amenities that usually go with these types of construction.
More so a sign of the economy, people want to stay in smaller homes that are low maintenance inside and out, more open floor plans, and multi-functional, relaxed spaces. This is happening across the full spectrum of demographics, but specifically within the baby-boomer range. They are also looking for total comfort in their two main living spaces- the kitchen and the master bath.
In a survey of home remodelers, they were asked what their clients were looking for most in their new homes or additions. Here are the results of this survey. These are listed in alphabetical order, not order of preference.
- Easier access into and out of the home
- Finished basements and attics
- Low-maintenance landscaping
- Low-maintenance outdoor spaces
- Open, flexible, and informal floor plans
- Ranch style (one level) homes
- Renovated kitchens, or complete tear-outs
- Renovated master baths, or complete tear-outs
- Smaller additions and alterations
- Smaller homes
- Smaller lots
- Superior accessibility inside the home
- Sustainability
What is the message in all this? People are looking for practicality throughout the whole house. With the economy in the doldrums and energy costs skyrocketing, I believe these same tendencies will continue for some years to come.
Homeowners will stop buying second homes and put that money into upgrading their present homes. Their thought will not be to impress anybody, but to make their living spaces very comfortable and extremely accessible.
Now, what does this mean to you, the contractor who has built their business on opulent homes and remodels?
- If you have only been doing bigger, better, and more expensive, you might want to think about what people are looking for now, and into the future;
- Put thought into what the markets you’re targeting are looking for.
- Listen to your customer. Don’t try to direct them, try to satisfy them.
Remember that starting in February, 2011, baby-boomers will be turning 65 at the rate of 10,000 per day. This will become your largest market. As these empty-nester, boomers sell their larger homes and look for smaller, maintenance free, economical, and sustainable homes. Learn this market and you should do very well.
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