Modernize Home Services' Fall 2021 Homeowner Survey results show that nearly two out of five are pursuing projects to save money in the short- and long-term. The survey, which solicited answers from more than 6,500 homeowners, covers homeowner behaviors, future project planning, budgets and financing, preferences and more.
Key Homeowner Insights
- 39 percent of homeowners plan to pursue additional home improvement projects over the next year.
- While the majority of homeowners are repairing damage, 37 percent are pursuing projects to save money on monthly electricity and utility bills, while 19 percent are looking to increase the value of their home.
- 72 percent plan to budget $5,000 or less on their upcoming projects.
- If financing were available, 34 percent of surveyed homeowners would finance their entire home improvement project.
Trade-Specific Highlights
- Roofing: More than 50 percent of homeowners plan to install gutters or gutter guards during their roofing project.
- If financing were available, 36 percent of homeowners would seek to finance the entire roofing project.
- Solar: 58 percent of homeowners pursuing projects are not aware of the current 2021 federal residential solar energy credit.
- 22 percent of homeowners plan to spend more than $10,000 on their solar project.
- Approximately 83 percent are installing solar to save money on utility and electric bills.
- Windows: 67 percent of homeowners wish to finance some or all of their upcoming project.
- 84 percent plan to spend $5,000 or less.
- HVAC: More than half of homeowners pursuing HVAC projects are turning to Modernize to compare HVAC contractor quotes to find the best price.
- 65 percent of homeowners are budgeting between $2,501 and $10,000 for their HVAC project.
The Modernize team is hosting a free webinar on Tuesday, Oct. 26, 2021, to offer registrants an inside look into the latest homeowner trends, and what motivates them to begin home improvement projects. The Fall 2021 proprietary findings will be revealed; attendees will learn homeowners' future project plans, budgets, financing needs, and demographics. Industry experts will also advise how contractors can implement strategies for connecting with customers at different levels of homeownership. Participants are encouraged to register in advance and will receive the exclusive Fall 2021 Modernize Homeowner Survey Results eBook for free following the event.
Webinar Details
- When: Tuesday, October 26, 2021 at 2 p.m. Eastern Time.
- Where: https://modpros.modernize.com/fallhomeownerinsights
- Who: Cassie Morien, lead homeowner analyst for Modernize Home Services, will host the webinar with special guest speaker Patrick O'Toole, editorial director for Qualified Remodeler.