The New Homeowner database offers home improvement companies entree to an amazing market. That group is individuals who purchased older homes.
Our new homeowner database can be segmented by New vs. Resale transactions. This is in addition to home purchase price and date of purchase. By using this information, marketers can refine their prospect list to the best group. For that reason, Resale new homeowners are an important group for lead generation.
Regardless of whether they purchased new construction or resale homes, New Homeowners are great home improvement leads. They are buyers of landscape and lighting, closets, and swimming pool + patio offers. Other important purchases include water conditioners, security systems, blinds & window treatments. But, when it comes to the home improvement industry, buyers of older homes are huge!
Buyers of Resale Homes
Those new homeowners who purchased resale homes are a huge market for companies in the Home Improvement industry. Resale New Homeowners want to personalize their new homes. Sure, the home probably came with window treatments. But a new homeowner will want to replace them. Hence, they should be contacted 3-4 months after they purchased their new residence.
According to a recent Scarborough USA+ Study, New Homeowners spent over $19 billion dollars on home improvements in 2018. This was on improvements ranging from furniture, appliance and electronic purchases to heavy remodeling projects. The latest study from the National Association of Home Builders (NAHB) offers additional insight.
There is so little new construction inventory. Many people are buying older homes and retrofitting them to make them perfect for their families. Therefore, many new homeowners are investing in upgrades and replacements.
Top Home Improvement projects for 2020
- Bathroom Remodeling
- Kitchen Remodeling
- Closet Overhauls
- Accessibility Remodeling
- Master Bedroom Suites
- Mudroom Additions
- Eco-Friendly Remodels
- Luxury Finished Basements
- Smart Home Technology & Automation
Home Improvement Spending by New Homeowners
In terms of Home Improvements, new homeowners who bought new homes / new construction spent almost as much ($3,729) as buyers of existing homes ($4,085). They also outspent non-moving, existing homeowners ($2,232) on property alterations and repairs.
However, the specific types of remodeling projects are quite different across the groups. No surprises here. Marketers can select resale buyers from the new homeowner database. New Homeowner buyers of resale homes and existing homeowners spend more on repairs and replacements than new construction buyers.
Resale new homeowners also outspend new home buyers on kitchen/bathroom additions or remodeling. Other big purchases include HVAC, electrical and security systems, paneling, flooring, siding, windows and doors.
This means that companies who sell these types of home improvement products should market to buyers of resale homes. The best way to do this is selecting resale new homeowner transactions using the Dataman New Homeowner database.
Interestingly, when it comes to outside additions and alterations, including a new driveway, walk, or fence, new home buyers outspend existing home buyers and non-moving owners by far.
Through the study, we know that existing homeowners spend more on repairs and replacements than new homeowners. Certainly, businesses that specialize in roofing and HVAC replacement should market to existing homeowners on an on-going basis.