Recent Homebuyers Fuel Renovation Boom
Tuesday, March 21, 2017
Posted by: Pam Heidel
The Home Improvement Research Institute commissioned a study featuring insights from recent homebuyers on what home improvement projects they undertake and why. Of the more than 800 homebuyers interviewed, around 75 percent plan to make renovations to their home. Additionally, 56 percent plan to make improvements in the next six months.
For brands, this means an opportunity to offer guidance and navigate recent homebuyers, and especially first-time buyers, toward certain products.
“These findings reflect how much of an investment homeowners make in their homes,” said Tom Allen, vice president of client services for Decision Analyst, the firm that led the study. “Remember, they all have already had the expense of purchasing the home, and most have already completed some renovations. For 75 percent to further indicate that they still have work to do in the near future shows a tremendous opportunity for home improvement brands.”
On average, homes purchased were moderately sized (2,200 sq. ft.), with three to four bedrooms and two to three bathrooms. Most respondents said they plan to stay there long-term, or more than six years. Of the homes purchased, 90 percent were mature – or previously owned – homes.
New homeowners are not wasting time, either. Almost 70 percent of home improvement projects took recent homebuyers less than a month to complete, meaning it is important to connect with potential customers early on in their homeowner journey.
“For brands in the home improvement industry, recent homebuyers represent multiple opportunities across a variety of projects to showcase how brands can improve homeownership,” Allen said.
Join HIRI to gain access to this study and more.