After a year of unprecedented time stuck at home, homeowners don’t want to wait any longer for a remodeling upgrade. They want now what they’ve been dreaming about for the past year. And the combination of impatience and a need for change is creating renewed opportunities for home improvement contractors.
The best part of this scenario, however, is more consumers are turning to financing for their home remodeling dreams. And it makes sense.
A low-rate environment plus a hardy dose of house fatigue, aka tired of looking at the same walls for a year, are influential factors. Home improvement customers acknowledge they’ve reached their limit with incomplete honey-do lists and an unquenched yearning for upgraded living spaces.
Home improvement contractors…are you listening?
A survey by Realtor.com revealed that upgraded kitchens, more space, and home gyms were among the top requests from homeowners spending more time at home. A kitchen remodel was the most wanted home improvement project, with 27% saying they would remodel their kitchens with a $9,000+ price tag for the upgrade.
Remodeling professionals prepared to offer point-of-sale financing have the advantage in securing these projects. Having the capability to offer affordable financing plans with little hassle and a quick turnaround is a positive perk. Pro Tip: Foundation Finance Company provides convenient tools, attractive financing options and a simple process.
More Spending, More Financing
Not surprisingly, as 2020 was deemed the year of the home, 2021 follows as the year of home remodeling. According to Home Advisor’s 2020 State of Home Spending report, the top reason for home improvement spending was to make the home better suit the homeowner’s lifestyle needs.
The largest and most impatient spenders: millennials (25-40 years old) who are spending an average of $10,000 on home improvement projects. Their projects are larger, they’re seeking a professional remodeler, and they’re ready to spend more money than what’s in their bank account. Offering payment options at the right time (during the project discussion) can secure the sale and quite possibly expand the size of the home improvement investment.
Homeowners want improvements in their homes that improve their lifestyles. They don’t want to wait another year to make that happen. And they want to finance the improvements. Give your customers what they’re asking for: home improvement financing.
Pro Tip: Join Foundation Finance Company’s dealer network to offer prime and near-prime financing, unsecured installment and revolving loans up to $75,000, terms up to 180 months or payment factors down to 1.25%, same as cash promotions, competitive pricing plans and more.