Home renovation spending this year is expected to reach $450 billion, down from $481 billion in 2023. Higher renovation expenses and interest rates are among the reasons for the expected decrease, but homeowners in the U.S. are still poised to spend on their homes.
Now that spring’s in the air, you might be interested in pursuing home renovation projects. It can be more cost-effective to renovate or remodel your current home than sell it and buy your “dream” home. You can get your dream home by investing in home improvement projects.
Don’t just focus on the interior of your residence. You can increase the functionality and enjoyability of your home by focusing on exterior projects to create outdoor living spaces.
Consider these five projects that can offer the outdoor living space you didn’t know you needed.
- Outdoor Kitchen
The outdoor kitchen market was worth $21.11 billion in 2022. Grand View Research expects the space to grow from 2023 to 2030 at a compound annual growth rate of 8.4%.
An outdoor kitchen can provide an outdoor living space that increases the value of your property and boosts the overall functionality and enjoyability of your home’s exterior.
If you want to entertain more and require more space to cook, eat, and socialize with family, an outdoor kitchen will provide options. You’ll wonder why you never got one before.
- Patio Cover
A patio cover is another addition to your home’s exterior that’ll add value. It’s also the perfect complement to an outdoor kitchen. You, your family, and your guests will, if there’s no patio cover, have to retreat indoors whenever Mother Nature throws a tantrum. A patio cover means your outdoor kitchen will be useable whether the sun’s out or it’s raining cats and dogs.
Your back deck will be like an extension of your home’s interior — making it the perfect spot if you have a lot of people over and can’t accommodate everyone inside your residence.
- Propane Fire Pits
Business Research Insights reports that the global fire pits market was worth $194.93 million in 2022 and could grow to $313.03 million by 2031. That works out to a 4.85% compound annual growth rate. One kind of fire pit to consider is a propane fire pit.
If you buy a propane fire pit, you won’t have to store wood like you would with a traditional fire pit. It’s also easier to clean a propane fire pit than a wood fire pit, so it’s a relatively low-maintenance piece of equipment. Propane firepits can create a functional outdoor living space where people can gather to chat, eat dinner, or roast marshmallows.
- Landscaping
Don’t underestimate the value of a well-manicured lawn, flower and vegetable gardens, brick walkways, and retaining walls to add aesthetic and functional elements to the landscape. You can transform the overall look of your home’s exterior and make spending time outside more fun. When doing landscaping, go all out or make a few changes here and there. It’s your choice.
- Lighting
Another way to improve your outdoor space is by adding some exterior lighting. The party doesn’t have to end after the sun sets. With exterior lighting elements, you’ll have enough lights for you, your family, and your guests outside.
If contemplating ways to spruce up your home’s exterior, these five recommendations are some food for thought. Your home is likely your biggest overall financial investment, so it makes sense to invest in improving the inside and outside of your residence. Doing so won’t just make spending time on the back deck or in the backyard more fun; it’ll boost the value of your home.
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