2024 could be a good year for home improvement

(WTTV/WXIN) — If you’ve been putting off a home improvement project, 2024 could be the year to pull the trigger.

Industry experts expect prices on home improvement work to be lower this year. In fact, a new study from the Harvard Joint Center for Housing Studies is predicting a slowdown in home remodeling activity in 2024.

The report, called the Leading Indicator of Remodeling Activity, indicates annual homeowner expenditures for home updates and maintenance will decline by more than 7% through most of this year. Part of that will be driven by ongoing weakness in the housing market in the shadow of higher interest rates, as well as general uncertainty about the economy.

The good news for homeowners is that the conditions could lead to lower quotes on home improvement projects through the basic law of supply and demand. If fewer homeowners are hiring contractors for jobs, contractors may offer lower prices.

However, before you rush out to get your project started, the Better Business Bureau has some good guidelines for hiring a trusted contractor.

  • Check the BBB’s website for a contractor’s reviews and ratings. The BBB has a huge directory of businesses listed on its website. The ones that are accredited by the organization have been vetted for values ​​and ethical practices.
  • Review the contractor’s previous work. That can include checking out the photos and descriptions on their website, as well as their profile and posts on social media.
  • Ask for references. Talking to the contractor about their work is fine, but don’t be afraid to ask them for local references that you can reach out to ask about their work.
  • Get multiple quotes. It’s always a good idea to get quotes from several different contractors or companies for the best possible price.
  • Get everything in writing. Home improvement projects are a big deal, and you should get everything involved in the project documented, including initial cost estimates.