New Homes Are Expensive. We’re Home Anyway, Why Not Remodel?

Before and after images of a home remodeled by Power Home Remodeling.
Image via Power Home Remodeling Facebook page.
A remodeling project, before and after.

Remodeling is all the rage right now, spurred by more people staying at home and skyrocketing home sale prices, writes Ryan Mulligan for Philadelphia Business Journal.

Companies like Power Home Remodeling in Chester are seeing record-breaking demand as people spend more than ever on renovations.

Power Home’s growth exploded by 38% in the first quarter of 2022, said Senior Vice President Michael DiMartino.

The company had already seen steady growth from 2015 to 2021.

“The home has become so much more of a focus now,” DiMartino said. “I use the phrase, ‘People aren’t working from home, they’re living from work now.'”

He expects the trend to continue through the summer into mid-October.

Power Home Remodeling expects to hit $1 billion in revenue in 2022, DiMartino said.

Nationally, Americans spent a single-quarter record of $390.6 billion on home improvements and repairs.  That’s an 11.5% increase over the first quarter of 2021. It is the second-highest quarterly percent increase in the last 15 years.

National spending on home remodeling is expected to reach nearly $450 billion in the first quarter of 2023.

Read more at Philadelphia Business Journal about the remodeling boom in light of high home sale prices and more people staying at home.

Aimee Song provides home renovation tips for those who want to remodel, or flip a home.