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Frustrations can mount on both sides when a home owner and contractor get in a disagreement over home repair. Vermont is considering regulation of the trade. RYAN MERCER/FREE PRESS
Under a registration system, the state could use an administrative process, rather than the criminal process, to discipline contractors for fraud, incompetence or other types of professional misconduct.
Read the full report here.
“I think there’s a certain accountability to having your name on a list,” said William Badger, a Manchester-based architect who spoke to lawmakers last week. He argued that a registry would weed out what he called “Christmas carpenters.” (“Got a saw for Christmas, now they’re a carpenter.”)
Registered home contractors who ran afoul of the state disciplinary process would lose their legal right to operate.
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Source
http://burlingtonfreepress.com/story/news/politics/government/2018/03/19/vermont-considers-regulation-home-contractors/1029141001/
Fortune: A Good Opportunity In The Home Improvement Niche – Fortune Brands Home & Security, Inc. (NYSE:FBHS)
Fortune Brands Home & Security, Inc. () seems to be a slightly undervalued player in the home improvement segment that has astutely chosen to work with market leaders Home Depot () and Lowe’s () instead of compete with them head-on. Market conditions being favorable to the giants in the segment, that effect is expected to cascade down to Fortune’s product lines as well. Valuation analyses show that the stock is trading slightly below intrinsic value after the January dip that also hit HD and LOW, which means some margin of safety for investors looking to get in now. Let’s look at the company’s market distribution, growth, acquisition and fiscal strategies and balance sheet strength to see if the company possesses enough firepower to leverage the market’s growth expectations for the next several years.
Fortune Brands is a leading home and security products company with products addressing niche segments within the home improvement market. The company operates four business segments: cabinets, plumbing, doors and security.
As most investors will know, the home improvement market in the United States is a highly mature one with two really strong players – Home Depot and Lowe’s – staying in control of the market. But, as a manufacturer, Fortune Brands works with them rather than against them, with each accounting for more than 10% of the company’s sales in fiscal 2017.
Source: 2017 Annual Report
Between 2012 and 2017 the company’s sales increased by more than 70%, from $3.13 billion to $5.28 billion. But the best part is operating margins more than doubled during the period. Additionally, international sales account for 15% of the company’s sales as of 2017, giving it further growth opportunities outside its core market.
Though a large part of the recent growth can be attributed to the steady stream of acquisitions during the period, the fact that operating margins kept increasing shows very clearly that the new businesses were a great strategic fit. What Fortune has been trying to do is to build brands that can serve customers at various price points. For example, Moen, ROHL, Perrin & Rowe are all differently positioned brands serving the plumbing segment.
Bolt-on acquisitions appear to be one of the key drivers for growth, and the company deployed approximately $1.5 billion on eight acquisitions during the period in question. It also returned $1.5 billion to shareholders in the form of share repurchases.
What allows the acquisitions to strengthen the core brands is market positioning. The company has a No. 1 product in every single category it operates in. As can be expected, these are all high-margin products sitting atop their respective niches. The table below shows you the kind of strong market presence and pricing power the company’s core products command.
Source: Investor Presentation
On the balance sheet front the company had $1.507 billion in long-term debt at the end of fourth quarter of 2017, while cash on hand was $323 million. Interest expense and dividends paid for the full year were $49.4 million and $110.3 million, respectively. Operating income for the fiscal was $692 million.
Those numbers call out Fortune’s ability to raise more debt for key acquisitions as well as to keep increasing dividends over the medium term.
Leveraging Macro Trends
The company is clearly well managed, not only from a financial perspective but operationally as well. With strong fundamentals in place, Fortune is well positioned to take advantage of the two important drivers of the home improvement industry: The U.S. economy and the age of U.S. housing stock.
In a recent article on Home Depot called 2 Things Will Prolong Home Depot’s Impressive Growth, I wrote about the ability of these two factors to help companies like Home Depot show sustained growth over the next several years. That, obviously, applies to Fortune as well, as a manufacturer of number one branded home and security products.
Here are some key points from that article:
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Inflationary indices are expected to stay stable through 2022.
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The median age of homes in the U.S. went from 31 years-plus in 2005 to 37+ years in 2015 to the current 40 years-plus.
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The increasing median age “signals a growing market” for remodeling as well as new construction, according to the National Association of Home Builders.
These macro trends will positively impact the entire industry, lifting companies like Fortune that are well positioned to take advantage of them.
Valuation
Source: Free Cash Flow – Morningstar, Other data from company filings
Valuation analyses using Ben Graham’s intrinsic value and discounted cash flow models show that the market expects the company to grow at a 4% rate long term. That’s a reasonable expectation considering the strength of the company’s balance sheet and how strongly its acquisitions have been accretive to growth and operating margins.
FBHS PE Ratio (TTM) data by YChartsThe current PE ratio of 20 times earnings and 17 times forward earnings also bear out the fact that FBHS is trading at reasonable multiples, and with some margin of safety for investors at the current price level of around $62. Considering all factors, the price dip since January seems to have opened a nice window of opportunity to add to or open a position.
Disclosure:I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Source
http://seekingalpha.com/article/4157649-fortune-good-opportunity-home-improvement-niche
Give Your Brand a Hand: Mighty House Home Improvement
Give Your Brand a Hand: Mighty House Home Improvement Show February 2018
If you tune into WCGO 1590 AM on a Saturday morning, chances are you’re going to hear a whole lot of laughter, a healthy amount of compassion, and a dash of practical advice. This is a typical day for Mighty House Home Improvement Show, a local radio show that empowers homeowners with the knowledge they need to complete home projects themselves. After all, who actually enjoys paying a contractor hundreds of dollars for something they could have accomplished with a bit of elbow grease?
Though host Ron Cowgill is a certified independent contractor, he sees the value of sharing his knowledge on the average homeowner, even if it means they avoid hiring a professional. For him, educating people on how to finish a home improvement project properly is the perfect mixture of business and pleasure. That’s why he partnered up with Rich Cowgill (no relation!) and colleague Robbie Ehrhardt to create a show that is both educational and fun.
Quality Logo Products® is proud to support Mighty House Home Improvement Show through Give Your Brand a Hand, our monthly initiative where we choose one lucky small business or non-profit organization to receive $500 worth of free promotional products. Ron heard about the giveaway on WGN Radio last month and knew it was the perfect opportunity to spread the word about Mighty House!
Whether it’s a foundation leak or a roof repair, the average homeowner is bound to experience some sort of issue throughout the years. It isn’t uncommon for home repairs to cost an arm and a leg in hourly fees, and homeowners are spending even more money on these repairs than usual. In fact, HomeAdvisor reports that the average homeowner has spent nearly 60% more on home projects over the past year than in the year prior! Ron’s goal for Mighty House Home Improvement Show is to reduce these unnecessary costs and spread the message that the average person is capable of fixing basic repairs themselves.
“People call in and they’ve got these huge issues, thinking it’s a major problem. We can talk them through it right on the phone!”
-Ron Cowgill
Whether he’s coaching a first-time homebuyer on how to fix their leaky roof or teaching someone the best way to repair their sump pump, Ron truly believes in the idea of empowering others with the information they need to be self-reliant.
A Match Made in Heaven
Though they share the same last name, Ron and Rich are not related! The duo met at a Remodelers Association meeting, and it was clear they shared the same industry passion. They decided to partner up and create a show where they could talk about something they love while simultaneously helping others. They both have so much experience in the home improvement world that it’s easy for them to fall into a routine of explaining solutions in a way that only other contractors would understand. That’s where Robbie comes in!
Known as the “sister” of the group, Robbie’s goal is to make sure the duo is explaining solutions in a way that the average person would understand. This comes easy to her as she doesn’t have the same contracting experience as Ron and Rich. In fact, they met her at Comcast when their home remodeling company was looking to learn more about running television commercials. It was clear Robbie had the personality the show needed, and they immediately thought of her when they had a need for a guest host fill-in. She clicked with both the listeners and the hosts of the show, and despite her lack of remodeling experience, they invited her to be a permanent part of the team.
“Robbie is the one who will tell us, ‘No, that STILL doesn’t make sense. What do you mean?’”
-Ron Cowgill
Robbie has a unique ability to bring construction talk down to a homeowner level so the average homeowner would understand. Even if a listener doesn’t have a current project in mind, listening to the show will still help protect them from getting scammed in the future. When Robbie helps break down some of that technical jargon, listeners are able to squirrel that information away and use it when they inevitably have a home improvement need later down the road.
Broadcasting Into the Future
Perhaps the demographic with the least experience in home repairs is young homeowners. In fact, according to a study by Houzz & Home, first-time homebuyers spend spent $33,800 on renovations last year, a 22% increase from the year prior. To Ron, it’s clear that millennial homeowners are the ones who need the most help. He’s the first to know that in order to reach this audience, the station will have to brave uncharted territory.
Though the show is aired on the radio, Ron hopes to expand its footprint in the near future. Whether through YouTube or Facebook Live, the goal is to grow their audience and reach young homeowners who might not know the best way to tackle a simple home improvement project.
“We need to move to reach the younger generation. Those are the people who are starting to buy homes and are really looking for those answers.”
-Ron Cowgill
For a small radio show, marketing by word of mouth can only go so far. That’s why Ron knew how important it was for the station to enter the giveaway! Their new custom measuring tapes will help Ron spread the word about Mighty House Home Improvement Radio, reaching even more generations of potential listeners through the use of a tangible, functional item. Every time someone needs to see if their brand new couch will fit in their living room or check if a picture frame is level, they’ll be reminded of the show. He even plans to send some measuring tapes to other local radio stations so they stay top of mind!
Your Brand Could Be Next
If your brand is in need of a marketing boost, you’re in luck! Whether you’re a small business or a non-profit organization, you could be the next Give Your Brand a Hand winner. To enter, visit to tell your story.
Home Decor Inspirations : Shower Head Extension for Home Improvement
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Source
https://twodereks.com/shower-head-extension-home-improvement/shower-head-extension-pipe/
How Much Does Kitchen Renovation Cost NYC Budget Guide
If you’re like us, you’re constantly swooning over the most stunning kitchens, whether they’re online or featured on your favorite design show. After all, the kitchen is the heart of the home, and people take great pride in creating a space that serves as both functional and aesthetically pleasing. As the place where family and friends gather, and, of course, the place where you cook your meals, the kitchen is, in many respects, the most important room in the house… not to mention the fact that a chic, updated kitchen can add hefty resale value to your home or apartment.
But before you start pinning all your dream kitchen designs and picking out countertops and cabinet pulls, you’re going to want to set up a budget that works for you. Knowing what to expect when it comes to projected costs will not only save you unnecessary stress, but also ensure your dream kitchen is coming to fruition the way you see fit. To help you plan for potentially unforseen costs, we’ve enlisted our friends at Sweeten—a free renovation matchmaking service that connects homeowners with qualified contractors—to give you the low-down on what to expect.
Like we said, this space is one of the most highly trafficked and meaningful spaces in the home, so we totally get the need for precise perfection. The sooner you map out what a kitchen renovation will look like, the sooner you can get to cooking up your favorite meal.
Start out by deciding on design.
“An older kitchen can make your home feel dated. For resale, this is an important space for buyers, so you’ll want to focus attention here,” says Jean Brownhill, Sweeten’s founder and CEO. “If you plan on living in your home for a while, upgrading your appliances or replacing old materials like tile or a kitchen cabinet can add a style boost and allow your home to grow with the way you want to live,” she says.
So of course, if you’re planning on undertaking a kitchen remodel, you have ideas on what you want that style to look like. But keep in mind that a complete gut is obviously going to cost you more than a few finish updates or appliance upgrades. For example, if you’re changing the layout, you’re going to want to consult the experts first.
Keep in mind the benchmark written in this blog post, which states that “The national average for a minor, mid-range kitchen remodel (meaning no layout changes and not moving plumbing or electrical) is $20,830. A major, mid-range renovation averaged $62,158, and an upscale kitchen renovation average cost came in at $122,991, according to Remodeling’s 2017 Cost vs. Value Report.”
Note that these are just estimates, though. Depending on your material choices, your final bill could be a bit higher or lower. So while we’re at it, let’s talk material costs: Of course, conceptualizing your new space means doing some shopping to determine what kind of materials (from countertops to cabinets), finishes, and appliances you want. Sweeten breaks down costs into three categories—the lower end items (namely big box retailers like Home Depot or Ikea), mid range products (higher quality, longer lasting) and high end, customized, or imported pieces. You’ll pay more for customization (with basic custom cabinets starting at about $1,000 per linear foot), but that doesn’t mean lower and mid range products don’t offer a great selection as well. As with anything, the more you add, the more you’ll pay—so every Lazy Susan, pull-out pantry, and soft-close hinge is going to cost you.
You can always have a baseline of what you’re willing to spend on materials, and see what options you like at every price point before you decide what you’re willing to spend a little extra on.
“I always advise splurging on anything you’ll touch on a daily basis, like a faucet or handles. If you’re looking to add pattern, wood floors are a good investment because of their versatility,” says Brownhill.
Next, factor in all the behind the scenes costs.
Unless you yourself are a licensed contractor, someone’s going to have to do all the (literal) heavy lifting to get your kitchen up and in working condition. Note that reno costs and labor intensive steps will likely be the same regardless of finish choices and materials, so you’ll want to consider these prices early on in the planning process. “These ‘soft costs’—expenses critical to the success of the work, but often invisible and unforeseen—can represent 15 to 35 percent of the renovation cost,” says Sweeten in this blog post.
Brownhill says one of the biggest ways people under-budget their renovation is by not putting enough money aside for non-visible, foundational expenses that are key to making sure all your pretty design choices last a long time. That’s why we’re breaking it down.
To begin, the demolition alone will likely run you an average of $4,000. That means stripping the walls and floors to frame and level, in order to ensure the base is sound before the installation phase can begin. Depending on the level of renovation your space requires, you may also need to factor in the cost of permits, building approvals, high insurance coverage requirements, and more management from a general contractor overseeing the project—especially if you live in an apartment building.
Moreover, waterproofing steps (which are necessary for securing the longevity and infrastructure on your project) will run about $1,000, while plumbing services can add up to $3,500.
Although these are both cost and labor intensive steps, they are necessary behind the scenes jobs if you want your dream kitchen to not only look incredible, but function properly, too.
Sweeten says, “If you are considering major layout changes, such as removing walls, rerouting gas or plumbing lines, and re-wiring electrical, you are looking to spend at least $22,000 [in total] for a basic kitchen gut.”
Finally, install and enjoy.
The installation phase is the fun part: It’s when you get to see your design choices come to life, and your dream kitchen begins to slowly take shape. But before you get ahead of yourself, remember that high-quality materials are only as good as their installation. So, pay close attention to the labor and costs involved here—you’ll want all your materials and finishes looking in their best shape.
Following the building and installation of cabinets, usually, countertop suppliers will manage the installation of the counters, as will the stores that sold you your appliances. These are typically built-in costs that come when you pick out these items. If not, Sweeten says that installation fees are usually subsumed under the “general construction” or “labor” budget line, and therefore handled by your general contractor.
Costs aside, creating a stunning kitchen should be an enjoyable experience, and watching it all come together is the most rewarding part.
Sweeten, a free renovation planning service, handpicks the best general contractors to match each project’s location, budget, and scope, helping until project completion. Follow the blog for renovation ideas and inspiration, and when you’re ready to renovate, start your renovation on Sweeten.
Source
http://domino.com/kitchen-renovation-cost-budget-guide
Curb Appeal Projects – Spring Home Improvement
It’s spring (or almost spring, depending on where you live), and everyone’s thoughts are turning to the out of doors. This seemed like a good time to round up a few little projects you can do to improve your backyard, or just add a little curb appeal to your home. And best of all, they’re all things you can finish in just one weekend.
Above: A great way to add curb appeal without spending too much money (or time) is to paint your front door a fun color, like the yellow above. Love, Pomegranate House has a great DIY for this.
Modern house numbers are charming, and so are succulents. Combine them, as with this DIY from A Beautiful Mess, and you have an entry that’s sure to please. If just the numbers is more your speed, try out this DIY from Curbly.
Give your shutters a fresh coat of paint. Or even better, paint both your shutters and your door. (That might take two weekends.) We love these shutters—painted the Benjamin Moore color Split Pea—which offer a lively contrast to Megan and Sam’s classic white New Orleans home.
Spring means flowers, and flowers in window boxes are especially nice. Build your own with this tutorial from Maggie Lois.
If you want something a little bit bigger, check out this garden trellis from Love Grows Wild. It’s both a privacy screen, and a great way to grow plants on a small patio.
This painted rug DIY from A Beautiful Mess is a great way to add a bit of color to your outdoor space.
This firepit made from an upcycled washing machine drum not only looks cool — it’s also very budget-friendly, since you should be able to get one secondhand for a fairly reasonable price. Find the full DIY at House & Fig.
You can make a built-in fire pit with landscaping wall stones with this DIY from eHow.
Get the most out of your garage with a planting station, as seen in this DIY setup from Maillardville.
Replacing your garage door is a great way to add character to your home, but if that’s not in the cards, you can dress up the one you have with some decorative hardware, like this package from Coach House Accents.
An outdoor bar will make your backyard or patio the place to be all summer long. This design, from Merry Mag, is a snap to make in an afternoon.
For a slightly smaller space, try this fold-down bar table that mounts to your outside wall, and is great for all those parties you’re planning this summer. Get the DIY from HGTV.
Source
https://www.apartmenttherapy.com/curb-appeal-projects-spring-home-improvement-256800