Six Home Improvement Trends That Should Continue to Drive Industry Revenue in 2024

Home improvement refers to renovations or improvements of the interior and exterior of a residential property. The industry includes the sale of building materials and furnishings and the construction or installation of structures, such as decks, fences, or appliances and features like security systems. Home improvement also encompasses the services of contractors and tradespeople who carry out these projects. The industry has enjoyed strong growth results in recent years. It benefitted from a booming housing market and low mortgage rates, which allowed homeowners to make updates without moving. It also received a boost from COVID-19, which led to a surge in time spent at home and increased interest in making homes more comfortable and livable.

Homeowners are putting those extra hours at home to good use, tackling remodeling projects that improve their living space and add value to the property. Whether it’s a fresh coat of paint or an energy-efficient upgrade, homeowners are finding satisfaction in upgrading their living spaces. Despite some predictions of a downturn in 2024, these six home improvement trends should continue to drive industry revenue.

Biophilic design — the integration of natural elements into a home’s decor — has become a popular trend in recent years and will likely continue to gain traction in 2024. The CDC reports that biophilic design has the potential to reduce stress and boost happiness, so it’s no wonder more homeowners are choosing to incorporate these design elements into their homes.

It’s no secret that the housing market is cooling down, but the home improvement industry remains a solid investment for many homeowners. While it’s no longer as profitable as it once was, homeowners are still willing to spend money on projects that can help them keep up with rising mortgage rates and increase their home’s resale value.

While some home improvement projects are better than others when it comes to boosting your home’s resale value, there are plenty of do-it-yourself upgrades that can increase your property’s curb appeal and offer a great return on investment. From installing a new front door to power washing the outside of your house, these affordable projects can add a big impact on your home’s value.

Before taking on a major home improvement project, consult with a real estate professional to determine what upgrades will have the greatest impact on your property’s resale value. Also, remember to never go into debt to finance a home renovation. Even with the lowest mortgage rates in decades, borrowing can quickly erode your financial freedom and put you in a precarious position when it’s time to sell. Instead, consider these other financing options, including a secured loan backed by your own equity or a line of credit that’s tied to your home’s value, like a HELOC. This will give you the funds to complete your home improvement projects without racking up hefty credit card bills or running out of available cash. This can save you thousands of dollars in interest and fees and help you get the most out of your home’s resale potential.

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