We learned a tough lesson when it comes to the housing market: purchasing a new house isn’t always the best choice depending on the people who are purchasing. If money is not an issue than by all means have at it and buy your new home with no worries. However, that is not the case for about 90% of Americans. Most people in America have to worry about money. Purchasing a house has become a purchase that is almost like trading in your car. You get a new car, after 5-7 years you trade in that car for newer one or updated one to maybe show off to all of your friends. Perhaps it is to feel like you have something to take pride in. However, continuously taking on a large amount of debt for such a purchase takes its toll. The housing bust of 2007-2008 taught us that taking on loans that perhaps we shouldn’t take on is a lesson that we all should learn. Now think about that new car you buy. Instead of buying a new one 5-7 years down the road, wouldn’t it make sense to invest a few grand at the most to upgrade it, fix it, etc to prolong the life of the vehicle? That is what many others have done with their homes these days in the wake of the economy and the slowly recovered economy. Instead of going out and buying a new home, people are updating and renovating their homes.
Nothing is easier to compare like getting new carpets in your home. When you buy a new home, it comes with brand new carpeting. If you would go out and purchase new carpeting, after installation and labor the price tag can very easily come to a few grand just for new carpet. However if you take the same carpet you already have and get it professionally cleaned once a year, the price tag is just a few hundred bucks.
Carpet cleaning businesses all across the country have been seeing an increase in business year over year. The increase has been pretty steady as well. The average growth in carpet cleaning has been 31% year over year for the past 5 years. Many specialists believe this is in part because many people are spending less money on buying new homes and spending more money on updating and renovating their existing homes. Business such as Nashua Carpet Cleaning which operates out of a small town in New Hampshire has even seen an increase in business the past few years.
This tells us that even the smallest companies have seen significant growth from the economy operating poorly. When the economy performs poorly, you often see some industries boost while others underperform. The big question still remains though if this increase with remain as the economy improves.
The economy in 2014 has seen some major improvements and with the ease of government assistance in the stock market, some people may have more comfortability with going out and buying a new home. Only time will tell as far as what will happen with the do it yourself projects.