5 Reasons Homeowners Are Making Home Improvements
In today’s competitive environment, it’s more important than ever for home improvement contractors to understand the reasons driving homeowners’ decisions to improve their homes. Whether they’ve just closed on a fixer-upper or are looking to update the house they’ve lived in for 20 years, there’s a good chance they’ve got plans to make home improvements in the near future, which could mean more business opportunities for you. Check out 5 reasons why homeowners are making home improvements.
Reason #1: Maintenance
Whether a house is five or 105 years old, maintenance is required to keep everything working smoothly. Especially if the home is decades old, it’s likely the electrical, plumbing, and even the foundation may need some love.
A renovation project driven mainly by the need for maintenance will likely mean the majority of the improvement budget goes toward hiring licensed professionals and replacing dated materials. Depending on where the homeowner lives, extensive work on the structure, electricity or plumbing may also require permits and an inspection.
Reason #2: Updating Rooms
The plumbing may still be OK, but a 1980s kitchen might be an eyesore. Plenty of homeowners remodel to bring a space out of decades past and into current times.
For a kitchen or bathroom, much of the renovation budget may go toward new, state-of-the-art appliances. These updates may also involve high-cost materials like marble, new tile, and custom cabinetry.
As a result, homeowners may consider splitting their budget between the function and appearance of the room. Then, they’ll wait to address maintenance problems until making esthetic updates to the area.
Reason #3: Try Out New Styles
A homeowner may have redone the living room ten years ago, but those beige walls now make their stomach churn. They may be looking to take on a remodel project simply to bring their home up to date. In many cases, this is a small job, so the budget can focus on paint, furnishings, or other decorative materials.
Because trends are, by definition, fairly short-lived, homeowners should avoid taking on a major renovation purely for the sake of embracing a new trend. Steve Pallrand, owner of Home Front Build, a design-build and renovation company based in Los Angeles, recommends keeping the original style of the house’s architecture in mind: “The mistake a lot of people make is you walk into a Spanish colonial or even Craftsman house, and then you see a 1990s kitchen or a modern kitchen.”
Reason #4: Getting Ready to Sell
Homeowners who are prepping their house for the market may need to make minor repairs, give rooms a fresh coat of paint, or install a new, fashionable backsplash to make buyers feel wowed when they tour the property.
When selling is the goal, home improvements are aimed at maximizing the return on investment. There’s no need to install a state-of-the-art kitchen when many homebuyers want to customize it to their needs anyway. Simply re-staining cabinets and adding a new countertop may be enough to freshen up the space for sale.
Reason #5: Improving Efficiency
Many homeowners are looking to do their part to reduce energy waste and lower their utility bills by making energy-efficient upgrades. These may include adding solar panels to the roof, insulation inside the walls, or installing a smart thermostat.
Offer a Choice of Payment Options
Whatever the reasons homeowners are making home improvements, you can be ready to pick up more business by offering an choice of quick and easy financing options from Regions | EnerBank. To learn more, visit us at enerbank.com/contractors.
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