Why Customer Financing Can Grow Your Home Improvement Business

The average American's liquid savings can vary widely depending on factors such as age, income, and region. However, according to recent studies, many Americans have relatively little in liquid savings. 

A 2021 Bankrate survey found that 58% of Americans had less than $1,000 in savings, while only 21% had more than $10,000 in savings. Another survey by the Federal Reserve found that 37% of American adults would not be able to cover a $400 emergency expense without borrowing or selling something. 

These statistics suggest that a significant portion of the American population may have very little in liquid savings, which can make it difficult to cover unexpected expenses or plan for long-term financial goals. It's important for individuals to establish a savings plan and build an emergency fund to help provide financial stability in case of unexpected events. 

Why This Matters For Your Home Improvement Business?

The cost of home improvement projects in America can vary widely depending on the scope of the project, materials used, and location. However, according to HomeAdvisor's 2021 State of Home Spending report, the average homeowner spent $13,138 on home improvement projects in 2020. This figure includes a wide range of projects, for example, a minor kitchen remodel can cost around $20,000, while a major kitchen renovation could cost upwards of $50,000. Similarly, a simple bathroom remodel might cost around $10,000, while a high-end renovation could cost over $50,000. 

 All this is to show that the majority of homeowners are unable to pay the cost of their projects upfront if only 21% of Americans have over $10,000 in savings, and even fewer want to be putting their entire savings into a project. The majority must consider their budget and priorities when planning home improvement projects. Pure Finance Group is the piece of the puzzle that alleviates this financial barrier and makes home improvement projects economically feasible for homeowners, helping your contracting business book more work. We can partner with your business to provide financing to your customers and provide training and support to your team to ensure you are getting the best service for your business and your customers.

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