Kathy Owen | Wealth of Geeks
In 2023, median home renovation costs soared to $24,000, a 60% rise from 2020, according to the annual Houzz study of United States homeowners engaged in renovation projects.
The trend is even more pronounced among the top 90th percentile of spenders, where budgets expanded by 77%. Just three years ago, homeowners spent $85,000. In 2023, that blossomed into a staggering $150,000.
More than half of 17 thousand homeowners Houzz interviewed invested $25,000 or more into their projects in 2023.
As Americans increasingly tailor their homes to serve as personalized sanctuaries, the home renovation industry is experiencing a notable boom. The aforementioned Houzz study spoke to a total of 32,615 individuals, unveiling key trends, financial investments, and underlying reasons fueling the uptick in home improvements.
Soaring costs
The data reveals a remarkable increase in home renovation spending over the past three years.
With the cost of materials and labor increasing, many Americans are looking for ways to improve their living spaces while saving money.
DIY home makeovers are a practical solution for homeowners looking to revamp their living spaces without overspending. By focusing on resourcefulness and creativity, individuals can transform their homes into stylish and functional havens.
Reduce, Reuse, Repurpose
Makeovers often involve repurposing materials, DIY projects, and selective updates that prioritize high-impact areas of the home. The goal is to achieve a fresh look and improved functionality while minimizing expenses.
One important part of executing a successful project is the strategic use of resources. Homeowners may opt for cost-effective alternatives instead of expensive materials and furnishings. Renovators also might find ways to refresh existing pieces.
Paint cabinets, rearrange furniture; focus on making noticeable changes without the need to undertake costly renovations. The clever integration of thrifted or second-hand items adds unique character to a home while keeping costs down.
DIY vs. Pros
Deciding between DIY and hiring professionals depends on skill level, complexity of tasks, and the value of time.
For instance, most simple painting or minor repairs can be done by homeowners with minimal experience, while complex electrical work or plumbing should be entrusted to certified professionals.
When choosing a DIY approach, be sure to weigh the risks and quality of the outcome. Will it really save money in the long run, or will a botched DIY project result in more sunk costs? Not to mention the possibility of additional damage or risk of physical injury or even death.
Assessing your space
Before making any financial commitment, homeowners should evaluate their existing space to maximize its potential. Creativity and objectivity are crucial here.
Looking at a room with a fresh perspective can reveal opportunities for upcycling existing furniture or repurposing spaces for better functionality.
Identify any unused corners or areas that could serve a new purpose. Envision ways to refresh walls or surfaces without complete overhauls.
Budget wisely
Before beginning any project, it’s important to create a budget. A simple breakdown may include materials, tools, decor, and contingencies for unexpected costs. Proper forecasting and cost tracking are imperative for staying within the budget.
Compare prices and see if discounts are available for bulk purchases or sales. Explore local thrift shops, online resellers, and online marketplaces for unique finds at a lower cost.
Also, keep an eye on seasonal sales and clearance events. Many stores offer coupons or discount codes that can help save big on purchases.
Incorporating cost-effective strategies can vastly reduce expenses while still achieving a fresh and updated look. Homeowners can transform their living spaces without breaking the bank by focusing on creativity and resourcefulness.
Harness the potential of existing items by repurposing and upcycling them to serve new functions. For example, an old ladder could be transformed into a bookshelf or aged doors could be converted into a unique headboard. The key is to see beyond an item’s current state and envision what it could become with a little innovation.
Small with impact
Transforming a home space doesn’t require a huge budget or professional expertise. From repainting walls to repurposing thrift finds, the possibilities are endless, allowing homeowners to inject new life into familiar spaces.
If painting is too much work or if DIYers need a renter-friendly option, Zillow home trends expert Amanda Pendleton expects wallpaper murals to be big in 2024. “In a weekend, you can apply a floral wallpaper mural to your home office for a stunning Zoom background or add a large landscape to the dining room to dial up the drama,” she states.
Simple projects such as this can be easily achieved in a short amount of time and for relatively little money.
Budget-conscious improvements often hinge on a willingness to learn new skills. Home improvement blogs and social media platforms, such as YouTube and TikTok, provide a wealth of ideas and tutorials that assist DIY enthusiasts in tackling projects big and small. These resources have democratized home design, making interior updates easy for those who once viewed hiring a professional as the only viable option.
DIY home makeovers combine creativity and practicality. Focusing on upcycling and smart material choices, these projects refresh spaces and foster an environmentally conscious approach to living. Homeowners are finding that sustainable practices can align with aesthetic goals, resulting in stylish and responsible interiors.
