Home Improvement Trends
Home improvement refers to any renovation, remodeling or repair project that improves a home’s interior or exterior. Home improvement projects can include a wide range of things from painting walls to building shelves to complete kitchen or bathroom remodels. The goal is to make a home more livable and functional for the homeowner.
Homeowners spent a record amount on home improvements in the past few years. However, a slowing housing market and rising construction and financing costs are expected to cause remodeling spending to decrease in 2024. The article explores industry reports and research on how home improvements have evolved, what projects are most popular and which will provide the best return on investment when it’s time to sell.
Many projects, including sparkling bathrooms and basement remodeling, don’t offer great returns when it comes to resale value. In fact, homeowners can expect only about a 60% return on their kitchen and basement renovations, according to the Cost vs. Value report from Zonda Media, a real estate data firm.
Homeowners who renovate based solely on resale value risk overspending and having a “showplace” that isn’t in line with the style of homes in the neighborhood. Instead, focus on improving the home so it functions better for the owner and is in line with neighborhood standards. It’s also wise to talk to a local real estate professional before starting any major renovations. This will help ensure the renovations are in line with market expectations and will be attractive to potential buyers.