Month: June 2024

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.…

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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…

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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…

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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…

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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…

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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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The cost of home repairs and remodeling in Q1 of 2024 continued to increase, rising by 0.59% from the prior quarter, and just over 4% from the first quarter of 2023, according to the findings in the Q1 2024 Verisk Remodel Index. Setting a new high for the past decade, costs have risen approximately 61% from Q1 of 2014. “Repair costs rose in each of the 31 categories of home repair that are included in our Index, but the rate of increase continues to be slow down from the more…

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The home remodeling market is continuing to be fueled by homeowners choosing to remain in their current homes as their mortgage rates are too good to give up in today’s real estate landscape. U.S. News & World Report ran a nationwide study of 1,202 homeowners between May 23 and 30 who are undergoing home improvement projects. This study was conducted through PureSpectrum. Homeowners were asked a series of questions about their renovations, including how they plan on paying for them and why they’re deciding to make improvements to their home.…

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