Hardware Retailing The Industry's Source for Insights and Information
As the DIY trend continues to grow, new homebuyers are visiting your stores and tackling projects on their own. In fact, according to the National Association of Realtors, over half of homebuyers completed a home improvement project within three months of purchasing their houses, spending an average of $4,550 on those projects. About 5.1 million existing homes sold in 2013, and homebuyers spent an estimated $23.2 billion on home improvement projects.
The data below, gathered by Porch, an organization that aggregates home improvement statistics, takes a closer look at what often happens once the moving trucks leave. The projects listed are the most popular in each region for homebuyers to complete after purchasing a home. . Porch analyzed 675,000 projects finished between January 2011 and March 2014 and calculated average costs and returns on investment for the projects, as seen in the chart below.
Applied to Retail: Provide a discount to new homeowners that visit your store within the first months of their move. Make a “Welcome to the Neighborhood” kit that is distributed to new neighbors, which not only welcomes them to the area, but also familiarizes them with your store. Get other local retailers involved by asking them to add promotional material to the kit. Once new homeowners are in your store, use the Return on Investment data to show them that investing in projects provides high returns and adds to the overall value of their house.
To view the Porch report, click here.
