Did you know the home improvement market in the United States is worth $538 billion?
According to research from Statista, homeowners over the last few years have spent more time and money on home renovation efforts than ever before. The primary reason was the pandemic. Since people were forced to social distance and stay home, they had time to focus on home improvement projects they had put on the back burner.
Other than the COVID-19 effect, homeowners were also driven by increasing real estate prices. With real estate prices outpacing wage increases, many homeowners have decided to upgrade their residences rather than buy new homes.
When considering home improvement projects, you should consider exterior in addition to interior projects. Yes, your basement, kitchen, and master bathroom are vital. But exterior projects can enhance your property by increasing curb appeal and ramping up functionality.
Here are three exterior home improvement projects to consider adding to your to-do list.
1. Outdoor Kitchen
The global outdoor kitchen market is growing as more and more homeowners see the benefits of outdoor living spaces. According to Skyquestt, the outdoor kitchen market was worth $20.1 billion in 2021 and is on pace to expand from $21.81 billion in 2022 to $38.6 billion by 2030. That represents a compound annual growth rate of 8.5% during the 2023-to-2030 forecast period.
An outdoor kitchen is a worthwhile investment for various reasons. It’s not just about boosting home valuation, either. Yes, that’s nice. But there are far more benefits than that. When you invest in an outdoor kitchen, you’ll make better use of your property.
According to one source, an outdoor kitchen can cost anywhere from $6,000 to $50,000, while most homeowners pay in the range of $12,000 to $14,000. Consider outdoor kitchen ideas to ensure you weigh all your options and get the perfect one.
While a DIY project might seem tempting, hiring a professional contractor makes sense. When spending tens of thousands of dollars on an outdoor kitchen, you ought to hire an expert to install it properly.
2. Patio Cover
If you have a back deck, you should get a patio cover. According to Grand View Research, the global outdoor living structure market was worth $1.8 billion in 2020 and will grow at a 6.1% compound annual growth rate from 2021 to 2028.
Investing in a patio cover is another way to improve your outdoor living space. In fact, it’s the perfect option if you decide to buy an outdoor kitchen. With a patio cover overhead, you can eat outdoors even if it’s raining cats and dogs. Mother Nature won’t cancel your plans to eat outside.
A patio cover is also a good idea if you want to set up an outdoor den, complete with outdoor furniture, and need overhead protection.
A roof can last an average of 25 to 50 years, depending on the roofing system material, the quality of installation, and the climate in your environment. Investing in a steel roof can increase the life expectancy to well beyond 50 years. But at some point, roofs need to be changed.
One report notes that the roofing segment could reach $342.8 billion by 2033. That’s up 4.5% from 2022. A new roof will do the following:
- Improve energy efficiency and savings
- Make your home more aesthetically appealing
- Boost the value of your home
If it’s time to replace your roofing system, it’s best not to dilly-dally unnecessarily. You don’t want to take chances with such a vital component of your home.
These are three exterior home improvement projects to consider for your property. Investing in your home is always a good investment. So, consider whether any of these options — or others not mentioned above — are worth pursuing.