The Home Improvement industry has been gaining momentum for some years now and doesn’t show any intention of slowing down. Based on the article on Forbes, this industry has made a unique position among other business giants like service restaurants and department stores, with annual revenue of over $400 billion!
There are many reasons behind such strong and continuous growth, some of them being:
Need For Home Improvements Is Inevitable
This sector boasts a never-ending demand. There will always be people looking to renovate either full or part of their homes for uncertain damages or lifestyle upgrades. In fact, many people even go out to buy a new home for being tired of their current one. But with more advancements in financing those renovations, others prefer the idea of improvement over moving. The latest home improvement trends show great functionalities like saving 50% by making energy-efficient changes, serving dual purposes of saving cost & energy.
Homeowner Equity
Another prime reason why people invest in home improvement is to increase homeowner equity. Compared to the equity before, it has improved almost twice in the span of a few years. Due to this shift, homeowners now are more confident in investing their hard-earned money in their homes. They are now more open to taking up projects to enhance their lifestyle or follow the new trends.
Average Age Of Homes
Studies show that almost 109 million homes are entering their 20-year mark. Even when maintained properly, many houses start posing challenges after 15 years of construction. The minor ones can be fixed but major problems could push people towards a renovation project.
Huge Potential
The introduction of new technologies and techniques is another reason why homeowners go for home improvement. This trend will only continue to grow over the years, attracting people continuously.
Studies show that this industry is most likely to grow at an astonishing pace in the coming years. Global Market Insights has projected a whopping $1,120 billion valuation by 2025!
New Generation
The millennials homeowners often inherit a property that requires immediate work to fix damages or rehabilitate the latest trends. Another reason could be to make the space more like ‘their own’; one that suits their personality & preferences. While they might not have the funds to start a full-scale renovation, improving certain parts of the home and taking up smaller projects over the years to move towards their dream home is gaining traction. Smaller projects like the remodelling of the bathroom or the basement have seen many inquiries over the last year.
Another option quite popular amongst millennials is financing home improvement projects which allows them a full-scale renovation. Procuring finances from a bank can be a tiresome process for them because of which homeowners are now turning to contractors for financing options. These days, both big & small contractors have started providing easy financing solutions to clients which increases their opportunities to grow business. Is your client struggling with the same financing problem? It’s time for you to go to their rescue before they make their way to your competitor. Simply partner with us at CustomFin. We provide easy solutions for you to finance your clients.
[…] These are some of the basic things about your client that can safeguard you from unforeseen risks and help you make more profits. Almost every homeowner is looking for home improvement; here’s a sneak peek inside the billion-dollar home improvement industry. […]