Mining the data field: 2020 remodeling trends
Numbers don’t lie – they tell a story.
That’s why, each month through a series of new blogs posts, we’re mining our data field. Using graphs and analytical research to mine instead of picks and shovels, our team of data scientists uncover facts and figures based on Buildertrend customer activity. And really that’s the next best thing to discovering actual gold itself! Why? Because this data acts as valuable industry insights.
As the No. 1 leading construction project management software, Buildertrend is in a unique position to provide a snapshot of what’s happening in construction on a wide-scale level. For the builders, remodelers and specialty contractors who rely on our platform to power their businesses, these gold-worthy trends can then help inform better decision making to futureproof companies for long-term success.
Today, we’re bringing you 2020 remodeling trends among Buildertrend customers. What effect did the COVID-19 pandemic have on renovations? How long are these jobs taking? What are they worth? Step into the data mine* to get these questions answered – and more!
*Hard hats not required.
Number of remodeling projects increased by as much as 38%
Stuck. At. Home. That’s the story of 2020. However, that’s not necessarily a bad thing – especially for remodelers. Due to COVID-19 shelter-in-place guidelines, our homes are now more than homes. They’re workplaces, schools, daycares … the list goes on.
So, it makes sense that as people spend more time at home, we see more remodeling projects happening in 2020 compared with 2019. Among Buildertrend users, basement projects are up the largest at nearly 40%, followed by bathrooms at 25% and then kitchens at 22%. Recent research from the Consumer Specialists and the Home Projects Council supports this pandemic home remodeling boom. They report 57% of homeowners putting an emphasis on remodeling projects during COVID-19.
With these facts and figures in mind, construction professionals can see the value in becoming a hybrid builder and remodeler. More specifically, there is value in focusing on basements as homeowners seem to invest more there. Never before have home gyms, theaters or playrooms been so necessary.
Projects take as few as 43 days to complete
A new bathroom in just a little over a month! That’s how long it takes Buildertrend contractors to get these types of jobs done. By project type, bathroom renovations have the shortest median duration at 43 days. Kitchens get done in 50 days, but the duration jumps a bit for basements at 78 days.
This might seem quick to some, but that’s because our construction software for remodelers helps the pros perfect their processes. With tools for scheduling, communication, finances and client management, Buildertrend streamlines everything into one system.
If you’re already using Buildertrend or thinking of trying tech to find extra efficiency, check out our three-step guide to keeping projects on track. It’ll show you how a digital platform speeds things along from concept to completion.
Median price of a project ranges from $14,000 to $43,000, depending on type
What are these remodels worth? Well, it depends. The median price varies by project type for Buildertrend customers. Bathrooms are valued at $14,000, followed by kitchens at $23,000 and finally, on the high end, are basements at $43,000.
Thank about this. We already know more people than ever are giving their basements a facelift. Now, we know these are also the highest revenue-earning jobs, too. Considered together, that makes a pretty compelling point. For those builders not already in the remodeling game, it might be time to reconsider.
Pivoting by expanding your services to tackle remodels (specifically basements!) could drive profits. Data shows the demand is there. Why not meet it?
But wait. More projects? Doesn’t that mean more stress?
Not if you have Buildertrend on your side! Our construction job software acts your ultimate remodeling app. Let its full suite of features handle all your admin work so you can free up hours and focus on what you do best: building – or, remodeling in this case.
Schedule a demo now to see how tech helps you handle all kinds of projects. Even those money-making basement remodels everyone is wanting!
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