We are experiencing changes in the construction and remodeling industry as homeowners are changing their priorities for home improvement projects. Understanding these homeowner project plans is crucial to ensure your contracting business is relevant in the industry. Today, we are looking at how the renovation industry is shifting.
New Projects in the First Half of 2021
At Modernize, we are proactive about surveying homeowners to learn more about their current goals and preferences each year. Now that the pandemic restrictions are lifting, many homeowners are eager to start working on home improvement projects once again.
You can find detailed insights in our newly published Homeowner Insights eBook. For example, between April and June, 41 percent of homeowners indicated they plan to invest in additional home improvement projects this year. Here’s a breakdown showing their priorities:
- 32.64 percent are planning indoor remodeling projects
- 13.09 percent are planning large exterior projects
- 3.27 percent are planning an aging-in-place remodeling
Cost and Budgeting for Home Improvement Projects
Not only do you need to know about homeowner project plans, but it’s also helpful to see how much people are planning to spend. Thirty-nine percent of homeowners who participated in the survey are focusing on home improvement projects to save money on electric and utility bills.
Since cost savings are essential, you can speak to this priority by offering energy-efficient solutions in your available services. Additionally, 20 percent of survey participants said their focus is to increase property value.
Also, consider the final price tag of available services. For example, 83 percent of homeowners plan to spend $10,000 or less on their home improvement project. However, 11 percent intend to invest more money – over $15,000 in the renovations.
These numbers show how homeowners are motivated and ready to invest in their home improvement projects. As a contractor, you can position your company to meet the ongoing demand for quality residential services.
The Impact of COVID-19 on Households
Everyone is feeling the effects of COVID-19, but this pandemic is affecting each household differently. When the pandemic started, many homeowners were stopping their home improvement projects because of the uncertainty of the economy. Additionally, people were worried about keeping their families safe. So, they were minimizing contact with outside contractors and service providers.
At the same time, the COVID-19 pandemic also had a considerable impact on the real estate and home improvement industry. As a result, we see a meteoric boom in home improvement projects. The real estate market is in high demand, and prices are rising. As a result, many homeowners are motivated to maximize their home values by investing in improvement projects.
Like all other industries, home contractors must adapt to the changing conditions. As you implement changes in your sales process and lead generation, you have the chance to connect with homeowners and close the deals. The current market conditions are ripe with opportunities for contractors positioned to fill the increasing needs of homeowners in their local communities.
At Modernize, we’re helping homeowners connect with home improvement providers. Our goal is to allow you access to qualified leads. It’s a win-win situation: you bring in more business, and homeowners are happy to connect with reputable home contractors. If you would like to learn more about available lead generation services, contact us today to discuss the possibilities.