Top 5 Home Improvement Trends for 2022

Despite inflation, labor shortages and many other obstacles, the home improvement industry seems to look positive for 2022. As more and more people adjust to a work-from-home lifestyle, they are making modifications to cater to those needs. In addition to different home layout trends, homeowners are also changing the design and remodel process itself.

With that said, here are our top 5 home improvement trends to watch for in 2022:

1. Continued Investment in Home Improvements

The housing market was particularly competitive in 2021. Now with many new homeowners, the demand for kitchen and bath remodels seems to be increasing steadily, as those can easily improve the value of a home. Keeping this in mind, home improvement contractors may need to be prepared with customer-friendly financing options.

2. DIY is Out with Millennials

For the longest time, millennials insisted on doing everything themselves. However, with age comes wisdom. And many of these millennials are recognizing the value of an expert working on their home. Whether they want to save time or simply avoid creating more problems, homeowners may be looking to contractors for their home improvement projects.

Although these people still may have specific requests for something they’ve seen on Pinterest, TikTok, or other social media sites, they might be happy to work with a contractor to make those dreams a reality. Many DIY projects, if not planned and executed well, can end up being more expensive and time-consuming in the long run.

3. Small Market Opportunities

With many people working from home, many consumers are willing to make changes to adjust to a new lifestyle. Especially with remote work, many people are buying homes outside of urban areas, as they no longer need to worry about the commute. As they seek better work-life balance and a more active, healthy lifestyle, they seem willing to move to smaller markets, towns, and cities. This is great news for contractors in smaller markets or rural areas, as they may see more work as a result of this shifting mindset.

4. Unpredictable Supply Chains and Demand

With a renewed interest in renovations and remodels come the unavoidable challenges of supply and demand. With supply chains struggling and labor shortages across the country, some contractors may need to adapt to meet the growing demands of the home improvement market. This may mean making recommendations to homeowners for different materials that will take less time to produce and install.

5. Financing Options

With many new homeowners out there, budgets need to be taken into consideration. Some customers may not have much cash on hand after a big purchase like a house. Therefore, offering flexible, affordable monthly payments to customers will help home improvement contractors land the bigger projects like kitchen and bathroom remodels. Medallion Bank helps home improvement contractors provide their customers affordable financing options.

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