In the first quarter of 2024, homeowners invested $463 billion in home renovations. Projections suggest that home renovation spending will decrease by $12 billion in the first quarter of 2025. According to USA Today, despite home renovation statistics and spending trends signaling a pending decline post-pandemic, many homeowners plan to invest in their home. The home renovation industry has quickly surpassed the $400 billion threshold within the last two years, according to reports from the Joint Center for Housing Studies of Harvard University (JCHS) Leading Indicator of Remodeling Activity (LIRA).…
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Top Home Renovation Projects to Boost Resale Value
Planning to list your properties this spring? If you’re a company involved in real estate or renovation, you’re probably preparing to enhance your properties, whether through simple cosmetic touch-ups like repainting or more substantial renovations such as replacing cabinets or upgrading bathroom fixtures. But before you proceed, consider this. According to Boston, you may be surprised to learn that not all home improvement projects add value when you sell your house. To find out which add the most value for your remodeling buck, the annual “Cost vs. Value,” or CVV,…
Read MoreRenovators’ Guide: High-Value Kitchen and Bathroom Upgrades
Confronted with the uncertainties and potential complications of large-scale renovations, many people shy away from purchasing fixer-uppers. A recent study by Frontdoor reveals that offers for fixer-uppers halved between 2022 and 2023. However, the high risk can yield significant rewards. Frontdoor found that, on average, those who undertake the renovation of a fixer-upper earn a 27.5% return on their investment. This is in addition to the personal satisfaction of designing a home to suit their tastes. According to Real Simple, of course, without the appropriate planning and strategy, budgets tend to…
Read MoreHome Renovation Market 2024: Key Players and Investment Strategies
The latest research study released by Worldwide Market Reports on the “Home Renovation and Refurbishment Market 2024” offers a comprehensive and precise analysis of both global and regional markets. The report’s analysts and researchers provide an in-depth competitive analysis of the Home Renovation and Refurbishment market, including detailed company profiles of leading market players. This study utilizes extensive primary and secondary data sources, examining various parameters impacting the market environment, competitive landscape, historical data, current trends, technological innovations, upcoming technologies, and advancements in related industries. According to Open PR, in…
Read More12 Home Improvements That Don’t Add Value
According to Angi’s annual State of Home Spending report, the average American household allocated $9,542 to home improvement projects in 2023. However, not all home renovation endeavors guarantee an increase in a home’s resale value. According to USN, before you invest in a swimming pool or new addition, you should consider whether the project will pay itself off by getting prospective buyers in the door when it’s time to sell. Here are some common home improvement projects that could decrease the value of your home: Too much wallpaper. Built-in electronics.…
Read MoreHome Remodeling Projects Offer the Highest Return on Investment
Home renovation enthusiasm has dialed down from the frenetic pace of the pandemic era, but homeowners continue to make significant investments in their spaces, especially with the spring housing market gaining momentum. According to CNBC, and when it comes to the return on investment, some projects now offer the highest return values in history — with a few home upgrades averaging returns of nearly 200% for the first time ever — according to the 2024 Cost vs. Value report from Zonda Media, a housing market research and analytics firm. Garage door…
Read MoreTop Home Improvement Projects to Boost Value
According to new survey findings from Realtor.com, although home improvement expenses remain high, 70% of American homeowners intend to renovate their homes within the next year. Furthermore, the survey highlights that nearly 75% of homeowners express a desire for clearer insights into the potential return on investment (ROI) for any renovations they undertake. According to Fox News, would-be renovators can now find out the home improvement projects that have the best ROI as Realtor.com launched a renovation calculator tool. Homeowners pick a room and enter project details to get estimated renovation…
Read MoreResearch Reveals Which States Have the Most Eager Home Remodelers
If remodeling leads to increased home furnishings purchases, then retailers in Illinois, Colorado, Maryland, Florida, and New Jersey can expect a boost in business. Research conducted on behalf of the self-storage company SpareFoot reveals that homeowners in Illinois are the most dedicated to enhancing their homes’ appearance. Illinois residents topped the list with the highest number of online searches related to home renovations—470 per 100,000 residents—using terms like “bathroom remodel,” “kitchen remodel,” and “home remodel.” According to Furniture Today, the search for “bathroom remodel” alone averaged more than 11,000 monthly…
Read MoreThis Invention Could Reduce the Carbon Footprint of Old Buildings Without Displacing Residents
In the area of upstate New York, resident Dason Motayne feels the affects of his straining air conditioning unit as the summer heat outcompete’s the mid-century apartment’s system. “I think [my AC] is about to die,” he said. “It’s an old building, so it’s hard to regulate it in the summertime.” According to AccessWire, That old building – the 418 Fabius senior public housing complex in Syracuse, New York – is far from unique. It was built in the 1950s, a time when the U.S. government authorized a huge influx of some…
Read MoreBuilding Material Prices Remain Relatively Unchanged in May
According to the most recent producer price index (PPI) report published by the U.S. Bureau of Labor Statistics, inputs to residential construction, goods less food and energy, fell 0.09% over the month. This was the first decrease in the index since October of last year. While the index fell over the month, it was 2.91% higher than May of last year. According to Eye On Housing, The seasonally adjusted PPI for final demand goods decreased 0.78% in May, after increasing a revised 0.41% in April. This was the largest decrease…
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