Retail Renovation and Home Remodeling in a Tough Economy

Business owners know that their storefront is as important as the product or service that they provide and homeowners know that instant curb appeal can be had through some simple renovations. In today’s tough economy, to see an older shopping facility be revitalized or a home be remodeled despite difficult times is a tribute to the creativity and innovation of homeowners and business owners. They know that a renovation is an investment and can add new customers as well as add value to a property.

As the economy returns to more normal conditions over the next five years, retail renovation and home improvement spending will rebound as well. The housing market crash has opened up new opportunities for remodelers. In particular, the growing numbers of foreclosed properties will need rehabilitation after years of underinvestment. In addition, households are moving less often and therefore are more likely to focus on improvements that accommodate their longer-term needs.

Home improvements offer many benefits. They not only make a home more comfortable, but are also a good investment. Popular projects include: kitchen remodels, deck construction, siding and window replacement, interior re-painting and exterior painting – which in addition to making a home more comfortable, may actually increase the value of a home.

Despite the high demand for office and retail space, retail renovation and commercial building maintenance is vital to maintain and attract desired tenants. All leases eventually expire, and a retail renovation could mean the difference between a happy tenant and an empty space.

Retail renovation projects accounted for 24% of mall construction contracts in 2010. Shopping centers not only have to renovate to boost sales but also to keep current tenants happy. Retail renovation can reduce the cost of ownership through increased occupancy and decreased maintenance costs. “A renewal can create more interest in the retail shopping area,” says Chris Murphy of Harrison Contracting Company in Atlanta, “which makes it beneficial for the both the owner and the tenant.” 

Slowly but surely, the US economy is emerging from its recession. Home and business owners who have put off maintenance and improvements during the recession will find those costs increasing as the construction industry recovers.  Those who spend more freely and invest more liberally into their property will see a higher value for those improvements both in the curb appeal of their home or business, as well as a better likelihood of selling or leasing. A renovation and remodel project can attract new customers, new tenants and increase the value of a business or a home. Be sure to evaluate where you spend and where you save when it comes to your property.  Now could be the best time to add the most value for the least amount of expense.