Survey Details Homeowners' Plans for Winter Improvement
November 13, 2020
A recent survey from Modernize details how homeowners anticipate spending the winter months, including home improvement plans.
Some of the survey results include:
- 76 percent of homeowners will not travel this holiday season
- 55 percent of homeowners plan to begin or continue home improvement projects this winter
- 28 percent will conduct exterior home improvement projects
- 48 percent of survey respondents expect to spend between $1,000 and $10,000 on their projects
- 11 percent of homeowners budget more than $10,000
- 39 percent of respondents are prepared to pay for their home improvement projects with cash
- Of those seeking financing, 96 percent will try to borrow 50 percent or more of expected project costs
“Enthusiasm for home renovation projects appears higher than usual as winter approaches,” says Cassie Morien, homeowner insights analyst for Modernize. “With many avoiding travel during the pandemic, consumers may shift funds away from plane tickets and hotels and into improving their homes for comfort and energy-efficiency.”
A free, downloadable ebook, “Weathering the Off-Season,” summarizes COVID-19’s impact on homeowners, projected holiday spending on home renovations, marketing during the off-season, remarketing to cold leads, and staying safe while working indoors in the off-season.
A recent webinar, hosted by Jamie Smith, director of client acquisition services, along with home improvement expert, Gregg Hicks, vice president at Modernize is also available to view.