(LifeWire) - Overview of the Home Remodeling Business
If you love carpentry, why not consider starting a home remodeling and restoration home business? You can either offer to make improvements yourself, or if you're not the handy type, offer your services as a remodeling and restoration consultant instead.Being a former carpenter or other tradesperson helps -- particularly if you plan on handling the repairs and renovations -- but isn't mandatory if you plan on home remodeling consulting only. Organizational skills and professional demeanor can keep your home remodeling business humming at a minimum of $50 an hour. The construction trade in general is expected to expand by 10% through 2016, according to the Bureau of Labor Statistics' Occupational Outlook Handbook.
You might be called in to replace cabinets, replace beams holding up a creaky structure, or gut-renovate a room or an entire house. Some home remodeling consultants offer energy-saving remodeling services as well.
Perhaps the trickiest obstacle is bidding on home remodeling jobs. A balance of price fairness and profitability can be accomplished, one expert says, when you are getting about 25% of your bids accepted. Licensing requirements vary for home remodelers, so perform your due diligence. Some states have a cost limit before a contractor's license is mandated. You'll find support, tips and other info through the National Association of the Remodeling Industry, Advisory Council on Historic Preservation, and Association of Restorers, among others.
Pros of a Home Remodeling Home Business
- The hourly rate for home remodeling services can be as high as into the triple figures in states such as California.
- Home repair and renovation adds value to a home, making yours a potentially lucrative business.
- Expansion into state, municipal and historical society buildings creates more lucrative opportunities because public funds are set aside for those remodeling jobs.
- Occasional natural disasters like tornadoes or earthquakes can prove to be a windfall for your home remodeling and restorations services.
- Restoration is one of the most competitive construction subsets.
- Renovating older buildings can be particularly challenging because of structural issues.
- Regulations regarding historic preservation may require legal counsel before tackling a home remodeling job on a protected property.
- As a home remodeling consultant who might be juggling several subcontractors, your reputation is vulnerable if one of them doesn't do the job right or doesn't complete the job in its entirety.
- A network of subcontractors, suppliers, homeowners associations, property managers and satisfied customers
- The necessary tools, if you plan to do repair and renovation work yourself
- A reliable vehicle for traveling from job to job
- Advertising in print and online, as well as a website to promote your home remodeling business
- A business license, building permits for remodeling jobs that require them, and, in some cases, a contractor's license. Check with your local chamber of commerce and your state contractor's licensing board to find out.
Home Remodeling and Restoration: Real-Life Example
Heritage Restoration Services owner Jeff Finch, who specializes in "carpentry restoration and 19th century decorative finishes," earns an estimated $67,000 annually for his one-man operation in Franklin, N.Y., according to a Dun and Bradstreet business profile.
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More on Starting a Home-Based Business
- Starting a Home Business
- 8 Steps to a Business Identity
- 9 Obstacles to Starting a Home Business - and How to Overcome Them
This article is part of the 7 Home Based Home Improvement Businesses collection. Use the link to access other home-based businesses in this collection.
