With more than 8,000 home improvement dealers in our nationwide network knocking out one upgrade after another, Foundation Finance has a pretty good read on popular home improvement activity. Interiors are getting valuable renovations and home exteriors are getting much wanted facelifts.
Here’s what we’re seeing, in order of top activity, from dealers in our home improvement financing network.
This tops the list of renovation activity with over a quarter of our dealer network managing multiple projects for a homeowner, versus one focused project. Apparently, spending a year at home during a pandemic lengthened the home improvements checklist!
Homeowners are ready for the overhaul. According to Jean Brownhill, founder and CEO of Sweeten, a platform that matches renovators with general contractors, it’s better to renovate the entire house all at once. Although it requires more time, effort and money, our Foundation Finance contractors have that covered.
Given a global spotlight on energy efficiency, plus just bringing more light into homes, window installations are 2nd on our list of top home improvements. Adding large windows to allow in more natural light and make living spaces appear bigger–and look better–are top reasons homeowners are requesting upgraded windows. They’re also quite pleased that new windows can increase their home’s value and improve energy efficiency.
Whether it’s repairing an aging roof or wanting to transform the home’s curb appeal, roofing comes in a strong 3rd in contractor activity. From mixed materials and concrete shingles to solar reflectance and Energy Star-rated materials, these new roofing trends are increasing in popularity this year. We know homeowners are ready to finance larger projects–and apparently our dealer network knows this, too!
Additional filtering to remove pollutants and chemicals from a home’s drinking water has become necessary in cities across the U.S. and many homeowners are turning to whole home filtration systems. It makes sense that water treatment installation settles into the 4th top home upgrade within our network. While whole home water filtration systems are a worthwhile investment, many are also an emotional investment. Homeowners often don’t have the savings for this type of install, but they want it none the less. That’s where affordable financing makes a valuable difference.
Homeowners are learning that improvements to their home’s exterior are worth the money. And new siding makes the 5th in our list of top home improvement activity. We think they’re doing good research, because the 2020 Cost vs. Value Report says you’ll recoup 74-77% of your investment with a siding replacement. Financing plays a big role in this improvement!
The list continues with activity in HVAC, exterior, bathroom, and kitchen upgrades. Data shows that financing closes more sales in both small and large home improvements. From the activity occurring within our dealer network, it’s evident that homeowners are embracing the benefit of affordable financing through their home improvement contractors.