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Rising Interest Rates Could Crowd Remodeling Market

Written by Jeff  |  Published on September 23, 2022
A remodel can give new life to an old space!
We are a Whole-Home Remodeling Company, specializing in Exterior & Interior Remodeling.

Home Remodeling Contractors Vs. New Construction Builders - What to Avoid

In 2017, LaVar Ball - Founder and CEO of the sports apparel company Big Baller Brand - told Fox Sports host, Kristine Leahy, to “Stay in your lane”. This was on a Colin Cowherd appearance. I’m not sure if that’s the first time the phrase was used, but it’s the first time I can remember it being used. The metaphor elegantly demands someone to stick to what they know or don’t talk about something you don’t know much about. I have found several opportunities to utilize the phrase myself and have even used the phrase to guide my own decision-making process – “I’ll just stay in my lane.” So what does this have to do with remodeling?

Our economy is showing signs of change. And while I am not an economist (see, I can stay in my lane), we are seeing a noticeable decline in new construction permits. That’s just facts. Unfortunately, we have seen this before. New construction is not as viable as we watch interest rates gradually climb. More and more homeowners are shifting their attention to remodeling. History tells us when new construction starts to dry up, we will see those high-volume new build construction companies start flooding the remodeling market. Maybe you are thinking this could be a good thing if you are remodeling a home. I will tell you why it should concern you and why new construction builders should just stay in their lane.

New Build Construction Companies and the Remodeling Companies have some very obvious commonalities on the surface. We build stuff. Take a deeper look and we are not all that similar in how we approach business. That is not to say that remodeling companies are better than new build construction companies or vice versa, but we operate with different philosophies.  

High volume new build construction companies generally work exclusively with sub-contractors. Drywallers, framers, flooring crews and all of the other various trades are subbed out and those contractors are providing a service at the lowest possible price because of the volume they do. Lumber, drywall mud, paint, grout even down to the last screw is accounted for. The goal is to get every trade to work as fast as possible so you can churn out new builds as quickly as possible. There isn’t as strong an emphasis on repeat customers. It is an ‘on to the next one’ mantra. There is marginal room for error in material, and the labor is lightning fast because time is money. One gigantic factor that should not be ignored is that new build construction can work fast because a homeowner doesn’t occupy the space during a build. They don’t have to account for dust or mud getting everywhere.  This automatically makes the new build process different than the remodel process.

On the home remodeling contractor side of things, we have a different philosophy. It starts with a customer-first approach. 99% of the customers we work with live in the space we are remodeling. We are committed to protecting your belongings and keeping the space clean and healthy while we are remodeling a house. We understand the inconvenience of having workers in your home. We understand how messy a job site can get so we go to extra lengths to contain our mess and we clean each day before we leave the job site. Most importantly, we take our time to make sure we do your remodel the right way so there’s no call-backs. The only call-back we want is when you’re ready to book your next project with TrueSon Exteriors & Interiors.

New build construction companies are not equipped for remodeling. I know that reads like a bold statement, but it is generally true. Those companies aren’t customer focused enough to provide the type of service a remodeling company like TrueSon can provide. Unlike most new construction companies that utilize a project manager who schedules sub-contractors, we have an employee on site almost daily who monitors quality as the project is being done. This eliminates major issues on the final punch list walk-through. Another major difference is TrueSon backs the work we do with a 5-year labor warranty where most new build are only covered for a year. So, if you’re looking to do something smart with your money and you want to invest it back into your home, think about who you want working in your space. Remodeling price and speed often come at a cost. TrueSon Exteriors & Interiors has been a staple in our community – voted best Home Remodeling Company 2 years in a row for a reason.

Voted Best Home Remodeling 2 Years In A Row!

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