Businesses in the UK have had a chaotic period in the past couple of years. The economy is struggling under the multifaceted attack of economic and political turmoil. Despite the dismal situation, research reveals that the home renovation sector is the least affected. As per a Harvard University study, home improvement spending is set to increase in 2022. Here are some of the profitable businesses in the home improvement sector.
Renovation or improvement in an existing design helps to improve its appearance and value. The business is profitable as people residing in vintage or antique homes require the services for modernising their homes. Remodellers also work on residential apartments and on buildings that are damaged by disasters or fires. Some of the common remodelling works that UK residents request include
- Bathroom renovation
- Kitchen makeover
- House extension
- Loft and basement conversion
Flooring is another common renovation work. Tile is a popular flooring option due to its stylish look and durability. You can choose from a diverse range of finishes, colours, and patterns. LettaLondon tiles showroom in North London has the best quality tiles at affordable rates. You can find all types of tile designs that will improve your home remodelling project and add warmth.
The kitchen remodelling and repair sector is a flourishing one. Despite the high rate of inflation and expensive energy costs the industry is expected to grow at a steady pace. Some of the common kitchen renovation works undertaken in UK homes are
- Interior painting
- Cabinet installation
- Sink and tap installation
Remodelling costs include the cost of materials, labour, and more. Energy-efficient renovation work is given priority as it is profitable in the long term.
Landscaping and gardening
Landscaping and garden work require plenty of time and effort. Further, the work is complex and needs sufficient knowledge of gardening.
Homeowners have come to value their outdoor area during the pandemic. They find the expense of maintaining their outdoor space is worth it. Another factor is the rise in the elderly population in the country.
The inability of the elderly to do physical work has increased the demand for lawn care, gardening, and landscaping. As per Morder Intelligence, the projected growth of the sector from 2022 to 2027 is 4.2%. The business needs skills in customer service, good communication, and teamwork. Maintaining garden equipment and machinery is vital for succeeding in this business.
The furniture repair industry in the UK is another lucrative business that caters to residents looking to do a furniture makeover. A rising trend in improving and not replacing things has made the sector profitable.
As home improvements increase the value of a property, spending on furniture is seen as a good investment. In 2020, Brits bought furniture and accessories worth £14.4.
Furniture polishing is a lucrative business that attracts a large customer base. Renovation of furniture mostly involved polishing and spraying them. It keeps the furniture looking new and well-cared for.
Interior décor is not complete without taking care of the walls. Most residents consider wallpaper as a better alternative to painting the walls. Wallpaper is preferred as it is good to look at and affordable.
The use of wallpaper improves the appearance particularly when the three-dimensional format is used. This business is profitable due to the low capital needed and the high demand for the service. Further, it does not need a high level of knowledge or skill to excel in the work. Other benefits of starting the business are
- There is a diverse range of colours, designs, and patterns to choose from.
- Some types of wallpapers can be painted on which adds appeal to the décor.
- The wallpapers have a special coating that makes it easy to clean
- Installation is easy and the price is reasonable.
Deck building is in high demand now and business experts predict that it is set to increase at an explosive rate in the next few years. Renovation of the outdoor deck area is a common project among UK households.
The business includes the construction of decks and patios. Materials used in decking include timber, aluminium, and composite materials.
Professional deck maintenance is in demand as most decks need maintenance work like polishing of the timber flooring. Cleaning the deck and keeping it free of debris is another maintenance work that will help in extending the life of the deck.
With the cost of living at an all-time high, homeowners find that maintaining their property is a valuable investment. The repairs that they spend on now can save money in the future. It also improves the value of their home by 10%.
Most importantly the repairs can save on energy bills. It is therefore not surprising that home renovation businesses are here to stay. Investing in them is bound to be profitable for individuals looking into lucrative business ideas.