Home Improvement Trends

Home improvement

The home improvement industry, which includes the sale of building materials, appliances and decor as well as contractors and other professionals who help make homes more comfortable, attractive or functional, has posted excellent growth results in recent years. This market benefited greatly during the COVID-19 pandemic, when homeowners spent freely to renovate their living spaces. Although spending on home improvements may slow down in 2024, many consumers are continuing to upgrade their homes for satisfaction and increased enjoyment of their living environments.

The most popular home improvement projects involve sparking up bathrooms and updating kitchens. However, these projects can have a lower ROI than other types of remodels. It is important to consider how long you plan on staying in your home before committing to costly renovations. It is also helpful to compare your home to similar homes in your neighborhood to see what improvements are most desirable and cost effective.

In addition to high-impact projects, there are several small upgrades that can add value and improve curb appeal. For example, replacing the doorknob with a modern model or adding a decorative doorbell can create a fresh and inviting first impression. Organizing tools and supplies using everyday household items, such as mason jars or spice containers, can be an inexpensive way to tidy up the garage or a cluttered workshop.

The best home improvement projects are those that provide a solid return on investment, or ROI. This is usually measured as a percentage, based on research that looks at home characteristics and sales prices to determine how much of the project cost homeowners can expect to recoup when they sell their homes. However, it is important to remember that the value of a home is determined by what buyers are willing to pay for it. So while a new bathroom or kitchen can boost your house’s resale value, it is not likely to cover the costs of the renovation.

While the most popular home improvement projects involve the inside of the home, there is a strong surge in outdoor activities such as landscaping and deck construction. These projects can increase the curb appeal of a property and provide an appealing space for entertaining guests. It is important to choose the right plants and flowers for your yard, as these can have a significant impact on a home’s resale value.

During the economic downturn in the mid-2000s, home remodeling became more affordable for homeowners, as interest rates decreased and contractors were willing to work with less money. This led to an uptick in the number of home improvements, with many Americans relocating furniture and other possessions in order to make their homes more suitable for their lifestyles. The popularity of the hit TV show Home Improvement helped fuel this trend, as did the fact that rock-bottom interest rates made financing these improvements an attractive option. During its eight-season run, the show garnered numerous awards and nominations, including Golden Globe Awards, Kids’ Choice Awards and Primetime Emmy Awards for stars Tim Allen and Richard Karn.

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