Creating a personalized, comfortable home has long been a priority for homeowners across the country. In recent years, there has been a large increase in spending on home improvement projects. There are many reasons for this increase, including a cool-down in the housing market, but what it also points to is a shift in what homeowners prioritize.
These new priorities, in turn, lead to some new trends in home improvement that we expect to see more of in 2024. Let’s explore the top three home improvement trends for 2024, and how starting a home improvement business now can help you capitalize on these trends and build a profitable, fulfilling future as a home services business owner.
Home Improvement Trends to Expect in 2024
Current and future home improvement trends are in many ways responding to current economic conditions. They also signify that homeowners are thinking differently about their property, which is often one of the biggest investments they will make. For these reasons, the top 3 home improvement trends to watch for in 2024 include:
Painting Over the Gray
If you bought a house built in the ‘90s and early 2000s, chances are that it is covered in “Millennial Gray” paint. Even homes built or remodeled in recent years feature an aesthetic that centers on shades of gray.
Preferences have started to shift away from these ubiquitous neutrals. In fact, The National Association of REALTORS® has data that shows that gray is no longer the most popular color choice, and that homeowners — and buyers — are starting to prefer more vibrant colors. That means some significant home updates for homeowners looking to sell their homes or just wanting to keep up with the current trends. It also means that there may soon be a measurable increase in people looking for businesses to help them switch up their interior and exterior paint colors.
Projects With High ROI
A second top trend for 2024 is home renovation with an eye toward maximizing a homeowner’s return on their investment. With housing prices still at historic highs in many markets, more people than ever before are choosing to stay and upgrade their current property rather than move. At the same time, homeowners want to upgrade their homes in ways that will help increase future resale value. In fact, 22% of homeowners say return on investment (ROI) is their top motivation for remodeling their homes, and in general, people are better at identifying the kinds of home projects that would increase it.
For example, even homeowners on a limited budget understand the impact of replacing old light fixtures. New, modern fixtures can produce a measurable bump in ROI, especially if the old lighting is upgraded to LED lights. Other relatively budget-friendly home improvements that tend to increase ROI include installing energy-efficient glass (windows and doors), replacing an old HVAC system, and replacing old garage doors. When it comes to getting the biggest bang for every buck, homeowners are eager for home project guidance from knowledgeable professionals in the home services industry.
Repair or Restore Not Replace
The third top trend we’re seeing for 2024 is a preference for repairing or restoring appliances, furniture, and other elements of an inviting home. Economically, many people are feeling squeezed by the rising prices of just about everything. To combat those rising prices, many homeowners are choosing to repair and restore their home needs because it can allow them to both lower costs and maximize value.
Of course, along with this renewed interest comes a need for qualified professionals to provide these and other home services.
How To Capitalize on Home Improvement Trends
If you have been thinking about starting a home improvement business, the top trends of 2024 make it a great time to get started. The home services industry is poised to experience healthy growth in the next few years (and likely beyond). What that means for new business owners is that you can choose a business that caters to the trending needs of your customers while also achieving stable business growth.
Start a Home Improvement Business
More easily said than done? Not necessarily! One of the most attractive aspects of the home services industry is the ease and accessibility it offers to entrepreneurs and others looking to start a business. Consider the following examples:
Starting a Painting Business:
While many homeowners may wish to update their interior or exterior paint (or both), or finally get other painting jobs done, they may not have the time or expertise to get it done right. For this reason, savvy entrepreneurs may want to start a painting business. A painting business gives you the opportunity to help these individuals and build a satisfied customer base. You can also cater to homeowners who are looking for eco-friendly options or are looking for a high ROI on exterior painting projects.
Click here to find out more about starting a Five Star Painting franchise.
Starting a Handyman Business:
The same thing holds for household improvement and repairs. Few homeowners have the training or skills to repair major breaks, patch drywall, or hundreds of other household repairs and updates.
All these homeowners will need someone they can trust to help them. And that demand will only increase going forward. Starting a handyman business now can help you meet one or more of these needs from day one. You can also focus on specific services, such as hanging televisions, that can give homeowners the high ROI they need.
Click here to find out more about starting a Mr. Handyman franchise.
From Home Improvement Trends to a Home Improvement Business
Whether you are an experienced entrepreneur or have only thought about the possibility of owning your own business, starting a home improvement business could give you the financial freedom and stability you’ve always wanted. And for 2024, starting a business that caters to home improvement trends can help ensure a successful future.
So perhaps the question you should be asking yourself is whether starting a painting business is right for you, or is a handyman business more your style? Or are there other options that appeal to you? Chances are, given the vast home service industry, there is something here for anyone with the motivation to succeed.
To see what business may be the best fit for your personality and goals, take our online quiz.
