In the last decade, the remodeling market has surged globally. Growth does not seem to be limited to a single country. The US, European, and Australian renovation markets are all booming. In fact, the Global Market Insights (GMI) estimates that the global renovation market will surpass $1,120 billion USD per year.
There are many factors that have led to this uptick in the market, which will discuss later on. A Joint Center for Housing Studies of Harvard University report found that in the US alone, the remodeling industry in the years after the recession has grown fifty percent.
Whether you are looking to remodel your existing home or purchase a distressed property to flip, you need to have knowledge about the global home remodeling industry. Understanding where the market is and where it is going will help ensure the right financial decisions.
Here’s an in-depth look at the global home remodeling market.
Factors driving the market
There are a number of factors behind the rise of the remodeling market:
- Home values
A big reason for the rise in the home remodeling market in the U.S. is that home values are rising. In fact, by 2018 homeowner equity had seen an increase of over $1 trillion per year. That has only continued to grow. Even in the UK, despite recent economic uncertainty, the property market after Brexit is recovering well, with house prices in London forecast to rise by one percent this year and 2.5 percent next year.
When home equity is high, homeowners feel more secure in investing in home improvements. They are more likely to borrow again their home equity to make big changes. Or, at least, homeowners may feel rich enough to use the money they have in the bank to remodel their homes.
- Smart tech in the kitchen and bathrooms is growing
One of the most popular renovations homeowners undertake is the updating of their kitchen and bathrooms. The introduction of green and smart technology accounts for a large portion of renovations. That same Harvard report that showed growth by fifty percent in the U.S. remodeling industry also found that about half of those remodeling projects are actually to replace existing technology.
Experts do not see this trend slowing down any time soon. In fact, as smart technology continues to advance, it is likely that replacement projects in the kitchen and bathroom will only increase. So, what are the smart technologies homeowners now opt to install in their homes? They include
- Kitchen faucets that are compatible with Alexa.
- Smart leak detectors for bathtubs.
- Smart toilets
- Soaking tubs.
- Refrigerated bathroom cabinets.
- Waterproof TVs for the bathroom.
- Smart showers.
The list goes on, and it is only growing. Expect to see the rash of smart technology for the kitchen and bathroom continuing for the foreseeable future.
- Home offices are making a come back
As the job market turns towards freelance and portable careers, the home office is seeing a rise in popularity. In the last decade, the call for a better work-life balance has been growing. In response, many companies now offer work-from-home opportunities to their employees.
As more people begin to work from home, the call for a dedicated workspace has only grown.
- Millennial home buying
A final major for the boom in the home remodeling market is Millennials. Although the Millennial generation has been blamed for causing everything from the death of the mall to killing the fast food industry, they also account for the rise in other markets. The home remodeling boom proves this.
Millennials, especially the older members, are less wealthy on average than earlier generations. This means that when Millennials purchase homes, they have to buy older homes that need repair. The housing market is aging as well, especially in the United States. New construction is declining. Therefore, home renovations have become almost a requirement for first-time homeowners.
The Global remodel market
The countries experiencing the largest boom in the home remodeling industry have also worked to create their current situation. Examining the European, American, and Australian home remodeling markets helps us prove this point.
Take, for example, Australia. The Reserve Bank of Australia cut interest rates in 2019 and is expected to make further cuts in 2020. The renovation experts, Houseace, state that the reduction of interest rates coupled with the continued growth of the housing market and a slight rise in Australian wages has meant homeowners have more money to spend on home renovations. Although this growth is not expected to continue much past 2021, it has fueled a boom in the Australian home remodeling industry.
Europe, too, has experienced a huge rise in their home improvement market. In fact, the market is expected to grow 2-3% per year through 2020. Like Australia, Europeans generally have a lot of disposable income, which has fueled the home improvement boom. Most Europeans prefer to perform the renovations DIY, which has caused their construction industry to lag behind the home improvement market.
We would be amiss in this article if we didn’t end with a quick discussion of the U.S. remodeling industry. Like its Australian and European counterparts, the U.S. market is predicted to continue growing for the foreseeable future. Allstate service groups a remodeling contractor tells us that an aging housing supply, more disposable income in some segments of the population, and the rise of DIY home improvement shows have all contributed to the remodel industry boom in the U.S.
So, what’s next? Well, as we’ve mentioned, most experts predict that the global renovation market will continue to expand. As long as homeowners have disposable income and feel secure, all signs indicate that they will continue to invest in remodels. Rapidly changing technology and career opportunities will also help the global renovation market to continue growing.
Your takeaway should be that now is a good time to renovate your home. The products and expertise are easily available. Your aim doesn’t have to be to overturn the real estate industry. However, by updating your home now, you are increasing its real estate value, and providing yourself a much more comfortable living situation in the meantime.
Outdoor Kitchen Design and Appliance Cost: What You Must Know
Your outdoor kitchen should look smart, upgraded with contemporary design and the latest appliances including heavy-duty grills and burners. Then, you need to look into the cost too. The cost would depend a lot on the materials, size, and appliances set up in your backyard. If you’re looking for a basic outdoor kitchen design with a grill, patio, and just a countertop, it would cost you a few thousand dollars. Then, a sumptuous design with top-notch kitchen appliances would cost you more.
According to an article published on https://www.forbes.com, nowadays, homeowners are looking for a grill with a fully-functioning outdoor cooking space replete with a refrigerator, sink, faucet, ice machine, dishwasher, and cabinets.
Cost of appliances
The most essential appliance in your outdoor kitchen is the grill. You will find these products in a range of prices. Some of the basic ones will cost you around $800 and a few top-of-the-line grills would cost around $10,000. Therefore, you need to decide first how much money you can shell out on the grill as well as other kitchen features that you prefer.
It’s not a smart thing to spend most of your money on the grill because a luxury item with average counters will look odd. Your goal is to decorate your outdoor kitchen space in the best possible way without exceeding your budget.
The average cost of popular items including grill, refrigerator, and stainless sink are $200-$4,000, $400-$1,000, and $100 respectively. If you have an expensive grill, then ensure that you shop for heavyduty grill covers to keep it protected from dust, debris, leaves, twigs, insects in your outdoor space when not in use.
The majority of outdoor kitchen design costs are exclusive of paving a well as overhead construction. Let us look at the general costs:
Appliance installation: $2,000-$5,000
General construction: $5,000-$12,000
Outdoor kitchen with masonry or brick: $400-$600 for every linear foot
Outdoor kitchen with a preassembled framework: $300-$500 for every linear foot
Keeping costs reasonable
If you want to keep the cost within your budget, you can give up the sink, side burner, cabinets, and refrigerator. You can set up your outdoor kitchen close to your indoor instead so that you can move in and out easily. You can use the kitchen window to pass things outside like bottles of water, plates, etc. These little things matter when designing your outdoor cooking space.
Again, running the utilities for your outdoor cooking area will cost you. Yes, it’s expensive and therefore, you should try to set up your outdoor kitchen close to a point where electricity and water are easily accessible.
When you choose prefabricated kitchen frames, the average cost is approx $200 for every linear foot for the frame. It will hold all your kitchen items, appliances. Make sure that the same is finished on site. The costs of brick veneer, manufactured stone, stucco, and granite countertop are $15-$25, $20, $5, and $60-$70 for every sq. ft. respectively.
Now that you have an idea of your outdoor kitchen design and appliance costs, you can make an informed decision.
Anthony Consiglio, The Model Changing The Dynamics Of The Fashion World!
Anthony Consiglio, international model, minted 1991, of Eastern European/Italian descent. Mostly living in New York, his drive and commitment to his work has taken him all over the world.
Anthony grew an interest in fashion and acting shortly after graduating high school; with a passion for travel, blogging, business, and fitness modeling was the perfect vehicle to combine passion with talent.
With a natural eye and style, Anthony captures the audience with his classic allure and sophistication. Anthony wa approached to start his modelling career at a very young age. His modelling portfolio includes brands such as Calvin Klein, and Hugo Boss, leadding to a successful international modeling career.
Anthony Consiglio was faced with the decision to attend college or to continue a career in modeling. Realising his potentioal, he stayed commited and build his own successful enterprise.
Fast forward to 2012, Anthony burst back on the scene establishing credibility and gaining experience along the way, working with top professionals in the industry. With TV/movie productions, runway fashion shows, photoshoots, and print & commercial credits Anthony has been featured on CBS network series “The Good Wife”, the HBO series “Girls”, 2013 Drama/Comedy movie “The English Teacher”, as well as photoshoots and runways for various fashion marks.
Most recently he has worked on the set of “Hustlers”, an upcoming 2019 crime comedy produced by Will Ferrell, starring Jennifer Lopez, Constance Wu, Cardi B, Lili Reinhart, Julia Stiles and, Keke Palmer. Motivated by challenge he continued to run his own personal business honing his inimitable business instinct. He formed Millennial ATM LLC that has seen rapid growth in the local liquidities market.
In his late 20s Anthony has an ability to leap off the page and mesmerize with his inviting gaze. Well known for his long hair, height and stunning green eyes, he has a way of capturing your attention. As an up and coming model and seasoned fashionista the runway and editorial campaigns come easy.
The New Era of Digital "Socialites" – ANTHONY LARIO
Remember pop culture before social media? It’s hard to fathom as of recent, as the era of Digital media has seemed to override the public’s need to rush to the newsstands at their local convenient store… to purchase a tabloid. Now, all we have to do is log onto Instagram to get our “news”, if that’s what you’d like to dub it. However, the digital age has seemed to wipe out a certain demographic of “celebrity”, if you will- the socialite. E’s “Rich Kids of Beverly Hills” had a grasp on them, as well as Bravo’s “NYC Prep”. (Blast to the past) But whatever happened to these people? There’s reality stars and influencers, but where did the socialites go?
I was recommended to check out @anthonylario on Instagram by a colleague of mine. She’s from the Philadelphia area, and stumbled across a post of this young man imitating his mother on the phone with a classic Philly twang. My immediate thought was “absolutely hilarious”. As I began to cyber stalk him, I saw that he rubs elbows with many of the ‘Real Housewives’ as well as other reality stars/ celebrities. I was ‘all like’ who is this dude? Is this a blast to the past of the socialite era? Is he a comedian? Is he in New York? Is he in Philly? Is he a musician? I, then realized that maybe I had fallen into a trap… Maybe this is his goal… To keep us on his page questioning who he is and what he really does: classic socialite tactic. Next… cue post notification from BroadwayWorld.com… and there he is…
So here’s the kicker- BroadwayWorld enlightened me about a new fact on Mr. Lario. He made a Christmas single. Did I laugh? Yes. Was I supposed to laugh? Yes. Is he a good singer? Yes. Was I mad that I enjoyed it? Yes. I can’t help but to think Anthony Lario is attempting to troll us, and it’s working. Just last night, he posted a video contrasting many of his comedic skits. A singing video- I assume he planned this post release of his Christmas single, but it’s different. It’s genuine, sad, affectionate. Captioned “This is part of a song I wrote back in the fall called “The First To Go”. The fabulous Abigail Clouser is accompanying me on harmony! I know on Instagram I make a lot of comedy skits and I wrote a “comedy Christmas” song (Christmas Kinda Sucks!), but honestly I DO mainly write a lot of really sappy, dramatic, sad songs lol. I’m constantly writing – other than funny stuff and media, song writing and music is really one of my first loves. I sometimes think about releasing these songs on an EP or album, but I always wonder if people would listen- or even take them seriously bc of my “insta persona” of always being the funny guy. (Which is my own fault) What do you think? Should I release some of these songs?”
“Where do we go from here?”Christmas Kinda Sucks! Anthony Lario FT No-K
Aaaaaand… Now I’m crying? I don’t know this person? But– I fell down the rabbit hole. He’s not trying to sell me on anything, nor is he trying to make me love him… nor emotionally manipulate me. (I think?) He just wants me to watch. That, people, is the lost art of the socialite- making me write a piece on someone of whom I’ve never heard of, and who is now part of my daily scrolling routine. We will never know the true intentions of social media “stars”. Hell, this kid could be a dick. He could be part of a marketing pyramid scheme subliminally messaging his followers. He could be a lot of things. But none of that matters- what matters is I’m watching. Happy scrolling, happy stalking, happy stumbling, and remember- you might not know if you’re being trolled.
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