Modernize’s homeowner sentiment survey is an ongoing, long-term study of how homeowners research and evaluate home improvement projects such as window replacement, roofing, solar power, and heating and air conditioning. Our study covers how homeowners’ budget for their improvement projects, how they find and select their preferred contractor, and how they plan to pay for their projects.
Our most recent key findings include:
- Across all trades, 79% of homeowners do not create a budget for their project. This is an increase from 75% in 2019 and was highest among those considering a solar panel project, with 89% reporting no up-front budget.
- Family and friends are less often the primary source of budget assistance (32% in 2020 vs. 41% in 2019). About 30% use online tools and cost calculators.
- After price, expertise is the most important factor in selecting a contractor. Twenty-six percent (26%) reported expertise as a critical factor in 2020, up from 19% in the 2019 survey.
- A majority of homeowners (53%), across trades, spend 1-5 hours researching their project before submitting a lead. Approximately 30% of homeowners spent zero hours before requesting that a contractor contact them.
- This year, 75% of homeowners plan to finance at least part of their project, with 30% of those respondents intending to borrow the project’s entire cost. This is an increase from 23% financing their entire project amount in 2019.
To support these findings, we have designed a free, easy-to-digest, ebook. The report reflects information from more than 3,000 consumer and trade surveys completed in late 2019 and early 2020. The results are based on survey responses from over 12,300 homeowners.
You can download the ebook for free using the link below.
As a leader in our industry for more than 15 years, Modernize remains committed to serving you and our homeowners. Our team will continues to create resources to help grow your business.