With the tight real estate market, homeowners are looking to increase the value of their homes instead of purchasing new properties.
Over 70% of homeowners stated the best way to add or increase value in their homes is by investing in home improvements.
Between 2015-2017, Americans spent almost $450 billion on 113 million home improvement projects. This included anything from kitchen repairs to replacing roofs.
Financing these projects was a challenge for some homeowners. More than 30% stated they experienced an unexpected home repair within the first year of owning their home that they did not have cash on hand for the expense. For this and many other reasons, it is important for contractors to offer financing to their customers.
The majority of homeowners consider a home their most important investment.
Read more here.