How the subscription economy is changing the way people view home improvements
· Citizen
Property owners are astutely juggling the upkeep and management of their homes with the financial pressures of everyday life.
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A recent survey illustrated the growing desire for a wide range of home improvement solutions, with homeowners tailoring how these solutions were delivered.
The survey was a snapshot of public opinion on municipal service delivery, with electricity and water topping the list of sought-after private safety nets.
A significant trend was the embracing of the subscription economy, where owners forego outright ownership of back-up systems in preference for the convenience of rented packages.
The trend suggests a growth in consumer choice, a fixation on financial flexibility, and the convenience of customisation.
Securing homes against utility failings
Conducted by Standard Bank’s home management platform, LookSee, in conjunction with BusinessTech, the survey provided valuable insights into what households want and general views on homeownership.
Over 90% of respondents were either homeowners or aspirant homeowners, while only 1.4% stated a preference for renting a home over owning it.
“What we’re seeing is that many people want to have a home that is protected during outages, has lower costs and is easier to look after,” said LookSee Executive Head Marc du Plessis.
While more standard chores like painting, plumbing and roofing were essential actions, homeowners securing vital services was a significant concern.
Home solar power solutions remained the most desired home advancement solution, with backup water tank setups making a surge.
At least 54% indicated an unmet desire to install solar and a further 39% stating a desire for a backup water solution, but 73% stated that financial obstacles were in the way.
However, when considering access to services, only 28% of respondents said that once-off payments were preferable to a monthly fee for a service.
“Going month to month can give you access to something you desire, without the financial pressure.
“When you don’t own the equipment, you don’t have to cover maintenance and services costs either,” said Du Plessis.
Embracing subscription models
LookSee is bridging the gap between desire and affordability through customisable installations with flexible repayment options.
Some solutions can be absorbed into home loans or financed separately, but the option of subscription models can reduce the anxiety of taking on further debt.
“Families want to own a home, but they don’t necessarily have to own the infrastructure that makes the home comfortable.
“Moving to that subscription approach for these bigger items, actually means that homeowners can access the services they want without having to make large, upfront investments,” said Du Plessis.
Subscriptions allow for a stretching of the budget while receiving a service without the long-term commitment of investing in the solution, satisfying a need otherwise considered out of reach.
Du Plessis stated that buying a home and renting the support infrastructure allows homeowners to get more value from their properties. This model is changing how people get onto the property ladder and make homeownership work for them.
“Before believing that something is out of reach, go and find out what the actual purchase or subscription costs are because that might surprise you,” Du Plessis urged.
System configurations and payment packages are as unique as the homes they are designed for, giving homeowners the power to shape their futures.
“When it comes to managing your home, or buying a home, knowing where you stand really gives you the power to make the best decisions for yourself.
“No two homes are the same and getting a free assessment can identify opportunities you didn’t know where available to you,” Du Plessis concluded.