The top home renovation values for marketers to capitalize on in 2015.
As building products marketers, it’s easy to get swept up in the features and benefits—or even just the aesthetics—of a new product. Beauty shots, clever copy and more all combine together to market a new product. But it’s important to remember the financial benefits these building products can provide customers, from pros to homeowners all the way down the channel. That’s what makes the 2015 Cost vs. Value report from Remolding Magazine such an important read for building products marketers: it helps us learn what payoffs can be gained from simple home renovations that use the very products we market.
Reminding customers that there is potential ROI to be gained from many home projects is a great way to move building products. Although not every home renovation project is done to add monetary value to a home (some are just for the homeowner’s own benefit), when it comes to prioritizing long lists of projects, looking at the cost vs. value of certain renovations can help. This year, the Realtors who contributed to the report increased the value of 17 projects by up to 11.6%.
So which projects offer the most payback?
- Entry Door Replacement (20-Gauge Steel)
- Garage Door Replacement
- Roofing Replacement
- Vinyl Siding Replacement
- Entry Door Replacement (Fiberglass)
These five projects are the only projects to see their cost-value ratios rise for 2015, while the other 30 projects declined. This means that homeowners wanting to add actual resale value to their home need to select their renovation projects carefully, and prioritize them. As marketers, this is a prime example where professionally-produced content is needed to aid them in making these kinds of decisions. (Think home renovation timelines, guidebooks, etc.)
The fact that all of these projects regard the exterior of the home is not that surprising, given the outdoor living trend that I covered back in March. As some of the traditionally-accepted value-boosting interior projects fall in ROI (master suites, large kitchen remodels, etc.), building product manufacturers (particularly in exterior doors, vinyl siding, roofing, and garage doors) that focus on exterior products are presented with a timely opportunity to capitalize on a growing trend towards outdoor living and curb appeal.
More importantly, this year’s numbers revealed that simpler and lower-cost projects drove higher cost-value ratios. In other words: building products manufacturers who specialize in simple replacement items like front doors could feasibly produce content straight down the channel to homeowners. Any building products manufacturers that don’t require highly specialized pros for the installation or use of their product should take advantage of this opportunity.
For more information about this year’s home renovation payoffs, read the full article here.
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