REMODELING 101
Northeast Ohio’s older housing stock is ideal for investment in renovation projects.
Booming with Business
NARI8 Remodel Ohio | Spring/Summer 2022
ISTOCK
Perrin, president of Artistic Renovations of Ohio in North Royalton. “Many homeowners love their house and where it’s located, but they want a different look. Those who are thinking about making a move have discovered that house pricing has skyrocketed and is continuing to rise. I tell people that by the time CONSUMER SPENDING FOR THE HOME REMODELING they figure costs in, it’s easier to remodel their INDUSTRY CONTINUES TO GROW, BUT IT MAY PEAK BY current home than buy someone else’s and have YEAR’S END. BY LINDA FEAGLER to remodel it to get it to where they want it.” Escalating gas prices and inflation have AFTER COUNTLESS MONTHS of spending way too much time staring at our four walls, most not deterred sales in the home remodeling of us are clearly ready for a fresh start — and a new look. industry. Brian Pauley, owner of Remodel Me According to the Leading Indicator of Remodeling Activity, a study conducted Today in Olmsted Falls, says by the Remodeling Futures Program at the Joint Center for Housing Studies of small upgrades are popular Harvard University, consumer spending for home improvements and repairs options. is expected to continue on the upswing. But, by the third quarter of 2022, “We’re getting calls from expenditures could begin a deceleration toward more sustainable rates of growth. homeowners asking us to take “Strong increases in home sales activity, household incomes and home equity on projects that won’t break levels are supporting a faster expansion of the home remodeling market over the the bank,” he says. “They run coming year,” says Carlos Martin, project director of the Remodeling Futures the gamut from sprucing up Program, which seeks to better understand the growth and changing characteristics a small space with a coat of of the country’s home improvement industry. “As owners continue to navigate the paint to adding French doors ups and downs of the pandemic’s trajectory, the focus on home improvements for to create a private office.” Even with the spike in changing wants and needs remains in sharp relief.” Regardless of the project, Abbe Will, associate project director of the Remodeling Futures Program, says, interest rates, loans are experts ask their customers “While annual owner improvement and repair spending could reach $430 billion still affordable and well to keep in mind the fact by the second half of 2022, several headwinds may still temper growth expectations that material shortages and worth the investment this year. The rising costs of labor and construction materials, difficulty retaining manufacturing delays make contractors and climbing interest rates could discourage owners from undertaking lead times longer. As a result, you’re making in new or larger remodeling projects.” planning and patience are updating your home.” Remodeling experts from the National Association of the Remodeling Industry crucial for success, advises (NARI) Greater Cleveland concur with that prediction — and then some. Robert Schwarz, president of MARK MALTRY JR. JEMM Construction “I believe the trajectory in home remodeling will continue to go up,” says Ken R.B. Schwarz Inc., a historic-
