Winter is just a season away and the weather in many parts of the country is moving folks indoors. And it's a great time for a home improvement project!
However, despite the increased value and enjoyment it can bring to your home, cleaning up and removing all the debris can be hard in winter. But you have options.
The Future of Home Improvement in 2024
The last year or so has seen the impact of COVID-19 and its aftermath, and the often record-setting home sales and robust housing market. While all of these factors have diminished somewhat going into the end of 2023, there are some impacts that will linger into 2024.
And one of these is the projected decrease of homeowner spending on home improvement projects.
According to Fortune magazine,
The Joint Center for Housing Studies of Harvard University recently published its latest quarterly Leading Indicator of Remodeling Activity (LIRA) report, which predicted a 5.9% decrease in home renovation spending through the second quarter of 2024.
This report, which offers a “short-term outlook of national home improvement and repair spending to owner-occupied homes,” states that home improvement spending is predicted to drop by $29 billion from Q2 of 2023 to the end of 2024.
The article summed up the results of this report with the following highlights:
- Home renovation spending is expected to decrease from $486 billion to $457 billion in 2024.
- The main driving factors of this decrease include high and rising interest rates, lowering house price appreciation and a decrease in home sales.
- Smaller projects and projects with high ROI should be prioritized during this time.
So, a fair question to ask is, what are some recommended projects that I can start this fall to improve my home's resale value?
One source notes the following,
An HVAC electrification conversion is said to be the home improvement project with the highest ROI in 2023. As homeowners become more aware of the impact of natural gas on the environment and their health, HVAC conversions may grow in popularity. The cost of HVAC can vary depending on the project. However, it tends to be a relatively big investment compared to other projects.
And there are certain, once popular, projects that you may want to shy away from such as major kitchen and bathroom renovations. These may bring some increased sale value over time, but in the short-term they don't tend to generate much in the way of ROI.
Fixr.com stated recently that,
Although current material prices and increasing labor costs may cause a slight decline in the home remodeling market at the end of this year due to homeowners holding back on their home improvement and repairs spending, federal tax incentives of up to 30% for energy-efficient retrofits such as efficient HVAC and insulation may prevent remodeling expenditures from experiencing steep declines in the near future.
But it is still a great time - and great time of year - to launch some home improvement projects to both make your home life better as well as to improve your home's resell value.
Transforming Your Home in 2023: 5 Home Improvement Projects That Add Value
When it comes to enhancing the comfort, curb appeal, and energy efficiency of your home, home improvement projects can be a worthwhile investment.
And in most regions of the country, fall and early winter are often the best times to take on these types of projects. Here are five projects that can elevate your home's value and functionality:
Switching to an Electrified Heat Pump One of the most impactful home improvement projects you can undertake is electrifying your HVAC system by replacing a traditional furnace with an electrified heat pump. Heat pumps are incredibly energy-efficient, providing both heating and cooling in one unit.
By making this switch, you can significantly reduce your energy bills while also decreasing your carbon footprint. Electrified heat pumps are highly versatile, offering consistent indoor comfort year-round. They can be particularly advantageous in regions with moderate climates. Plus, you may qualify for tax incentives and rebates, further sweetening the deal.
Garage Door Replacement
Boosting Curb Appeal and Security Your garage door is more than just an entry point for your vehicles; it's a prominent feature of your home's facade. Replacing an outdated garage door with a modern one not only enhances your home's curb appeal but also improves security and functionality.
Today's garage doors come with smart technology options, such as remote control and Wi-Fi connectivity. They're also better insulated, helping to regulate the temperature in your garage and, consequently, in your home. The return on investment (ROI) for a garage door replacement is impressive, making it a worthwhile project for homeowners.
Stone Veneer Siding
Adding Elegance and Durability If you're looking to give your home's exterior a stunning makeover, consider replacing portions of your house siding with stone veneer. Stone veneer provides the timeless beauty of natural stone without the high cost and weight associated with full stone siding. It can be used to create eye-catching accents, such as a stone chimney or an accent wall.
Not only does stone veneer enhance aesthetics, but it also adds durability and weather resistance to your home's exterior. It's an investment that not only makes your home more visually appealing but also more resilient to the elements.
Steel Entry Door
A Secure and Stylish Upgrade Your front door is the focal point of your home's entrance and the first impression visitors have of your abode. Replacing your old wooden or vinyl entry door with a steel door is a smart choice for both security and aesthetics.
Steel doors are incredibly durable and offer excellent protection against break-ins. They also require minimal maintenance, ensuring long-lasting beauty. Many steel door options come with energy-efficient features and stylish designs, allowing you to improve your home's curb appeal while keeping it safe.
Newer Siding Materials
A Facelift for Your Home's Exterior Vinyl siding has been a popular choice for homeowners due to its affordability and low maintenance. However, newer siding materials such as fiber cement, engineered wood, and composite siding offer a compelling alternative.
These materials are known for their durability, resistance to weather, and enhanced aesthetic appeal. They come in a wide range of styles and colors, allowing you to give your home a fresh, modern look. Upgrading your siding not only improves your home's appearance but also its protection against the elements.
These five home improvement projects can bring a host of benefits to your home, including improved energy efficiency, enhanced curb appeal, heightened security, and increased durability. In addition, according to most reports, they can bring you as much as 100 percent ROI.
Whether you're looking to reduce your carbon footprint, increase your home's value, or simply enjoy a more comfortable and attractive living space, these projects are sure to deliver. Consider your specific needs and budget, and consult with a professional to get started on transforming your home today.
Junk King: Your Local Choice for Home Debris Removal
One major aspect of any home improvement project, whether it's indoor or outside of your home, is the need to remove and dispose of all the construction debris and waste materials. Someone has to pick up, load, and haul away all the junk.
And the best option is to outsource that job to someone else!
Once you decide to hire someone to come and haul away all the trash, junk, and debris from your winter home improvement or remodeling project, you need to figure out which firm is the right one for the job.
Of course, you can always find some guy with a truck willing to do the job for you, but choosing that alternative may end up costing you more than you hoped to save.
That's another reason why Junk King really is the junk removal firm of choice.
Junk King provides an efficient, safe and eco-friendly waste disposal service so you don’t need to worry about the pick up or disposal of all your junk when you're upgrading your home for sale.
Whether you need our services several times during your remodeling or renovation project, or just once after it is complete, our hauling professionals will ensure that the debris is out of your way so that you can get on with the job.
Our teams specialize in residential trash and junk removal. We can be at your home in mere minutes, so call us today! And our crews are fully insured and well-trained, so you can trust them to get rid of your debris and other unwanted items in a professional and courteous fashion.
One of the best things about hiring Junk King is that we recycle a much of the material we pick-up. This is proof of our commitment to being an eco-friendly removal service.
So, ready to remove home improvement debris? We make it easy!
Make an appointment today online or just give us a call at 1-888-888-JUNK (5865).