Whether it’s making major or minor updates, or introducing a fresh new look into home spaces – more people are deciding to invest in their existing home for a variety of reasons. One reason for a renewed focus on home improvement stems from the recent trend in employers allowing staff to work from home more, as a result of the recent COVID-19 pandemic. Another is that there is a newfound appreciation for and focus on what’s most important in life – family, health, and home. Still another is that with a nationwide shortage of housing and record-high home prices, more homeowners prefer to stay in their properties versus move or upgrade to new ones. Whatever the reason, the surge in home improvement has sparked some interesting trends and facts that are real eye-openers. These trends also offer those with an entrepreneurial mindset some terrific opportunities to own their own home-based home services franchise. But before you explore a specific home services franchise industry, let’s look at some trends that are driving the upsurge in what is now, according to iProperty Management, an industry that is stronger than it has been in more than 10 years, clocking in at an annual $350 billion in expenditures.
Trending: More homeowners are staying in the first home they purchased.
With super tight home inventories and record-high home prices, more homeowners are electing to stay in their current home, rather than move or upgrade to new ones. And the low supply of inventory doesn’t just impact owner-occupied properties- the rental housing market is also increasingly tight as well. The result is that nearly half of all American homeowners are living in the first home they purchased. And of those who have lived in their home for longer than six years, over 60% will choose to renovate or remodel rather than move. In essence, homeowners are staying in their homes longer, and investing considerable resources on remodeling, renovations, and redecorating. From discretionary to essential upgrades, consumers are spending significantly more on their homes than in years past.
Trending: Large scale home renovations are more popular than ever.
The home remodeling industry is benefiting from both small, (under $5,000) and larger projects, such as kitchen and bath upgrades. In general, industry experts agree that in recent years about 25% of homeowners spent between $10,000 and $25,000 on their home improvement and renovating projects. This underscores the significant opportunity for those considering owning their own home services franchise, such as those offered through Home Franchise Concepts®, (HFC), a leading home service franchisor in North America. With 25 years of proven experience and several home service brands, HFC has established a solid track record of success, and boasts several of the top brands in home service franchising, including Kitchen Tune-Up and Bath Tune-Up. Concrete Craft, is another HFC brand and the leading decorative concrete provider. With more people turning their outdoor spaces into outdoor living spaces, investing in a Concrete Craft franchise is something to consider. Tailored Living® is another home services brand of HFC, and creates thoughtful, well designed whole home organization and storage solutions for homeowners who want to capitalize on maximizing space in their home and garage.
Trending: Security and “smart” home enhancements.
Although home automation is nothing new, recent advancements in technology have made home security and automatic window coverings more popular and affordable than ever before. Budget Blinds®, the largest window covering franchise in North America, offers consumers such solutions. So called “smart” systems and devices are designed to automate or remotely control home systems and functions such as thermostats, lighting, security systems- even vacuum cleaners. These are managed through an app on a phone, on a computer, tablet, or another interface. Recent figures show that nearly half of all renovation projects undertaken by homeowners include smart technology. Home security “smart” systems in particular are popular for an array of reasons.
- 67% of homeowners are looking for enhanced protection against would-be intruders.
- 52% are looking for home monitoring when homeowners are away.
- 28% desire natural gas and fire notifications.
- 16% like the benefit of lower insurance costs.
From a demographic/target market perspective, millennial property owners tend to spend more on smart technology and place a higher value on the high-efficiency and performance of their home’s systems. As an example, a recent study showed that 77% of millennials invest in smart and security technology vs. 25% of baby boomer homeowners.
Fact: On average, one in three homeowners complete an emergency improvement in each year.
With the dramatic climate change conditions we’re experiencing, weather is becoming more extreme in many parts of the country. This can cause severe precipitation, resulting in flooding and water damage for many homeowners. These and other natural disasters are just one reason behind the increased volume of work that remediation and restoration services franchises, like AdvantaClean, are experiencing. Many homeowners are also taking advantage of long-term insurance savings too, since many insurance companies offer incentives and discounts to homeowners who add certain upgrades to their homes. For example, a homeowner in coastal Florida might receive a discount on their homeowners’ insurance policy if they install storm shutters, or property owners in hail-prone states may receive a discount by upgrading the roof on their home.
Yes, the home improvement and remodeling industry is stronger than ever!
The momentum is here, and now is a great time for those who are thinking of exploring a new direction in their career to consider the many benefits of owning your own home services franchise business. And there’s no better time than now to start your new home-based business as a valued franchisee with Home Franchise Concepts, which is owned by JM Family Enterprises. By partnering with Home Franchise Concepts you are provided with the support and backing of a dynamic, successful company that is highly regarded, and one that’s consistently ranked on Fortune Magazine’s “100 best companies to work for” list. Take control of your future and get educated about franchising by selecting a company that is best for you and your family’s future. Call us today at 800-420-5374 or go online to Home Franchise Concepts and learn more about franchise ownership with a leading home service franchisor in North America. One of our franchise licensing advisors will be happy to answer any questions you have, and you’ll see why we like to say, “There’s no place like HFC™!”