Tile and grout cleaning companies will continue relevant in the home improvement business, especially since bathroom remodels remained the most popular home improvement project in the U.S. during 2018.
An analysis showed that Americans spent 17% more on home upgrades over the last 12 months.
Most people also focused more on improvement work than maintenance projects. Homeowners spent $5 on remodels or renovations for every $1 they spent on maintaining their properties. The study also noted that homeowners spent an average of $7,560 on property upgrades.
And bathrooms may have taken a considerable chunk of that amount because of the inherent return on investment (ROI) from remodeling projects.
Why Bathroom Remodels Are Popular
Some people spend thousands of dollars to remodel their bathrooms not only because of aesthetic reasons. They also upgrade the space in the hopes of making a profit once they decide to sell their houses.
It’s a good investment since they get to use the remodeled space while waiting for the property’s value to increase over time. The bathroom’s condition often influences buyers whether or not to place a bid. For instance, it’s easier for sellers to close a deal when it has a shower and tub fixture.
Most couples with children specifically look for this when they are on the hunt for a new house. Another reason why bathroom remodels are popular involves the low, upfront cost. Homeowners can only choose to replace tiles, add a bathtub with shower and some lighting fixtures to create a new look.
The ROI from this basic upgrade could be higher compared to spending the same budget for a kitchen. Tilers also need to be updated with homeowners’ preferences on where they want to spend their money. Some people dislike to rip out old tiles and installing new ones.
Instead, they look for surface refinishing to save money on materials and cost of labor.
Analyzing Spending Patterns
Consumer spending on home improvement projects such as bathroom remodels may have increased last year, but the actual amount depends on where people live in the country. Those who live in Hawaii, Maryland, Massachusetts and Rhode Island spent more because of the higher cost of living, while homeowners in Maine, New Mexico and South Dakota spent less than most states because of the lower living expenses.
A state with a higher cost of living also indicates more expensive labor fees, but salary or income growth in these areas may be a factor for more significant expenses. On the other hand, homeowners who live in calamity-prone regions like Florida and Texas are more likely to have an emergency budget for home repairs.
The cost of emergency spending in 2018 reached $1,206 on average. An estimated two out of three homeowners don’t have a budget for such expenses, although their insurance coverage may explain the lack of funding for unexpected repairs.
Americans’ spending habits on home improvement won’t likely change anytime soon, so contractors should see this an opportunity to drum up business. Professional tilers, in particular, will benefit from more homeowners who plan to remodel or renovate their bathrooms.