Some things never change, including Americans’ penchant for home remodeling. According to Statista, home improvement sales in 2018 already surpassed $240 billion. However, within five years, this number could almost double. Home Depot alone earned over $100 billion two years ago.
If you have a knack for doing business, selling home improvement products is a good bet. You can begin with these lucrative ideas:
1. Solar Battery Housing
Although the beginning of solar panels in the United States was a slow burn, experts believe it will pick up fast in the coming years. The data from the Solar Energy Industries Association revealed at least 2 million installations in the country. By 2023, the figures could increase to 4 million.
While you might not have the means and tech to build solar panels, you can join the accessories market. One is battery housing. You can work with an injection molding supplier, who can produce them using materials like polymer resin.
Solar batteries are not on the roof but usually in more protected areas of the house, such as the shed or the garage. The right housing ensures they remain safe, especially from environmental elements.
Speaking of sheds, these also make an excellent home improvement product for these reasons:
- It can increase the appraised value of the property. The appraised value, which is the evaluated value of the property, varies from market value, which is the price most buyers are willing to pay. Many real estate experts say sheds don’t add anything to resale prices, but they could still increase the overall worth of the land.
- It can boost family income. Depending on the quality and size of the shed, families can have the space rented, including through Airbnb.
Sheds also don’t need an extensive capital. You can already build one for less than $5,000 and give it a markup of at least 30%.
3. Multifunctional Furniture
Although the average home size is still over 2,000 square feet, many homes are already tiny. Some are even micro, with livable spaces that span less than 500 square feet.
The popularity of tiny homes will also likely boost that of multifunctional furniture pieces. Think of couches that transform into beds or with under-seat storage. You can also design coffee tables that can expand to become dining areas or sit-stand desks for the home office.
These pieces work since they allow homeowners to convert spaces fast. If you’re building sheds, the multifunctional pieces can only increase the value of your product.
4. Age-friendly Products
Hands-free siding, handlebars, and curbless showers with drains are ideal not only disabled-friendly but also age-friendly.
Americans are getting older. In 2016, over 49 million were 65 years old and above. By 2060, they could account for at least 20% of the country’s population. Several decide to age in place, which means they might need to downsize or retrofit their home with products that encourage mobility and safety.
There’s money in home remodeling; and with the right product, you can strike gold. These ideas can provide you with a nice head start. They are popular, not as capital intensive as the others, and valuable to many homes.