Homeowners’ attitudes and behaviours are always changing. That’s why in 2019, we began publishing our annual Reno Report, a comprehensive survey designed to gauge homeowners’ appetites and intentions regarding home improvement projects.
Recently, we unveiled our 2021 Reno Report to help pros strategize for the coming year. Our findings challenged the conventional wisdom — that COVID-19 continues to be the primary motivation for homeowners’ renovation decisions — and they signal a shift back towards 2019 trends. The full 2021 Reno Report can be accessed here, but you can read a summary of the report’s most interesting findings below.
Homeowners’ Appetites for Renovations Surged in 2021 and Aren’t Slowing Down
According to data from Statistics Canada, homeowner spending on renovations jumped an impressive 66% from February 2021 to June 2021. Interestingly, our survey revealed that homeowners are likely to maintain the same level of spending over the next 12 months. This means that it’s time to get your HomeStars listing ready for an opportunity-filled year.
81% of Respondents Had the Cash on Hand for Renovations
Decreased travel and leisure costs have left homeowners with more cash on hand than they had prior to the pandemic. Add to this the fact that they’re spending more time at home than ever, and it’s not surprising that they’ve been funneling a lot of their newfound savings into home renovation projects. More cash on hand means spending on home renovations can remain consistent, despite recent increases in the costs of raw materials. Capture your piece of this pie by building your reputation on HomeStars so you can compete on quality not price.
Renovations are Moving Back Indoors
In the early stages of the pandemic, homeowners were nervous to bring pros into their homes, so they focused their attention and dollars on the outer parts of their properties. Now, into the second year of the pandemic, homeowners have shifted back towards their earlier patterns. According to our survey, 77% of respondents plan to do interior renovations over the next 12 months, while 51% plan to do exterior renovations over the same period. Whether you’re a pro who focuses on interior jobs or a contractor who specializes in exteriors, you can expect a busy year ahead.
Homeowners’ Motivations for Renovating Might Surprise You
Despite many experts predicting that the pandemic would continue to be the number one factor influencing homeowners’ renovation decisions, our survey found that 58% of homeowners list improving the overall appearance of their home as their primary motivation. Meanwhile, 35% of respondents indicated that their primary motivator was to perform small jobs and address household wear and tear resulting from increased usage. The pandemic isn’t behind us, but pros can breathe easy knowing homeowners are no longer considering it in their renovation decisions.
Nearly All Homeowners Read Reviews Before Hiring
While this isn’t an insight from our 2021 Reno Report, a survey we conducted earlier this year indicated a staggering 98% of homeowners read reviews before hiring. As you gear up to take advantage of the healthy homeowner demand for renovation projects uncovered in our Reno Report, it’s important to keep this in mind. The best way to position yourself for success is to collect homeowner reviews. Log in to request a review today.