Home remodeling costs may be declining in 2024

by Nov 14, 2023

Home deck renovation

Even a small remodeling project in your home will be a big commitment, but trends are indicating costs and lead times could be improving. Considering the benefits to your family and your home value, now may be the time to start that home project with Precision Siding & Construction.

A recently completed study by the Harvard Joint Center for Housing Studies has shown that while costs for many home projects are still higher than pre-pandemic levels, overall demand for home improvement services is declining, creating a better environment for homeowners seeking these services.

That’s great news if you are looking for a home remodeler in Akron or the surrounding Summit County area. Consider the advantages for those planning kitchen remodels, bathroom renovations, and basement remodels.

  • Contractors will be more available and able to get you on their schedule sooner.
  • Completion time will be shorter as material orders are processed with less lead time.
  • The Consumer Price Index shows appliance and furniture costs down in the last year – as much as 10% for appliances and nearly 5% for furniture.

Planning is still key for a successful remodel

Taking the time to work out details before your project begins is still key in this volatile economy, experts say. While core inflation (consumer prices excluding food and energy costs) has eased, some prices are still elevated and wait times for some supplies are still significant. By considering a remodel rather than a home addition in Copley and Fairlawn, you can put yourself in the best position to take advantage of contractor availability and lower prices.

Your Akron area home remodel can make a big difference for your family by improving kitchen flow, opening up a bathroom, or completing a partially finished basement without the cost of pouring footers or extending heating vents and plumbing.

Checklist for home remodel in Summit County

  • Settle on as many details as possible before approaching contractors so estimates for your project are accurate. There will be adjustments and change orders, but your goal is to stay within budget.
  • Set a firm timeline with your contractor to ensure windows, doors, appliances, and other supplies are ordered in time to accommodate the overall project.
  • Save time and money by protecting and using what you have for your remodel, including cabinets, hardware, and door and baseboard trim.
  • Take the time to price-match, especially for appliances. Many local shops and suppliers will match a lower price to get your business.
  • Communication is still key! Work with your contractor to establish how communication will be handled and on what schedule to minimize confusion or misunderstandings.

If you have put off your home remodeling plans in Fairlawn, Copley, and the Akron area, Precision Siding & Construction is ready to help you plan your project. We are your area specialists for Kitchen and bathroom remodels, basement refinishing, and home additions across Summit County. Call us today for a free estimate for your home remodeling project.

New garage for your home a good investment

Ask most homeowners and those looking to buy a home and they will agree – a garage is among the key features they value, and for good reason, according to home experts. A garage provides everything from needed storage and protection for valuable assets to overflow...

read more

Target summer with deck, porch, screened patio

Summer in Northeast Ohio means taking every activity possible outdoors, from relaxing and entertaining to remote work and dinner prep. You need a deck or porch that fills that need and provides all the extras that will bring your outdoor living to that level. Current...

read more

Large islands are kitchen focal point in 2024

While the kitchen has for years been the center of the home, the island is now becoming the center of the kitchen in more ways than one. Where the island once was primarily a food prep area, in 2024 it is quickly transforming into a multifunctional asset that has...

read more

Cost effective remodels for basement with bathroom

Remodeling your basement doesn’t have to cost a fortune or be extensive. Options abound for this underused space in many homes, and that includes a remodel that may not be entirely “finished” but includes everything you need. At Precision Siding & Construction, we...

read more