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All that staring at the same walls has probably made many realize — it’s been a while since your home had a fresh coat of paint. If you’re considering a homerenovation, you might be looking for some insight on what other homeowners are doing. billion in the United States alone by the end of 2022.
WHAT TO KNOW ABOUT HOMERENOVATIONS IN 2023 In recent years, the world has undergone a multitude of changes, and the homerenovation industry is no different. Factors such as supplychain disruptions, project delays, and increasing costs have greatly impacted both new construction and ongoing renovation projects.
Renovations are a great way to boost home value and aesthetics. Here are some homerenovation truths to prepare you for such an undertaking. For example, major renovations may require temporary housing, which can be a significant expense. You may be ready for the hassles of renovation, but they’re not.
A common rule of thumb is to budget at least 1% of the home’s value each year for general maintenance and at least double that for older homes. About three out of four owners make at least one homeimprovement before selling – a wise decision. And for you procrastinators, those cost allocations will be even higher.
annually in homeimprovements across the U.S., Improvements include remodels, replacements and additions to homes. The $180B kitchen and bath market is leading the home-improvement charge and, despite economic headwinds for many households, industry experts see no end in this modernization movement.
The supplychain, already strained, may come under renewed pressure with threats to shipping lines and air travel. Similar fears exist for the energy supply, equity markets, currencies, electric and internet grids, and defense of nations aligned against Russia. The answer is “very likely, yes.”.
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