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2024 Home Design Trends and Potential Tax Credits

Serj Markarian - Real Estate Advisor Broker in NYC
Colorful interior design - Serj Markarian Real Estate Broker Advisor NYC

With spring just three weeks away, the eagerness among residents for home improvements and renovations is mounting, if not already underway. Whether gearing up to sell their homes or simply craving change, this time always brings a surge in DIY enthusiasm. As is my tradition each year, I'm offering tips and suggestions to assist those diving into these projects, ranging from simple design projects to ambitious undertakings.


Panelists at the New York Build’s conference last November outlined three key residential interior design trends for 2024: 1) embracing bold colors and larger centerpieces; 2) creating warm, sustainable spaces; and 3) incorporating personal touches into design. Since the pandemic, designers have been focused on making spaces multi-functional, prioritizing versatility, a trend expected to continue into 2024. Additionally, there's a heightened emphasis on cultivating inviting atmospheres in residences, by introducing vibrant colors, personalized decor, and sentimental pieces to enhance coziness and warmth.


Ideal Home curated 2024 home renovation trends from a panel of architects, recognizing varying budgets and properties among homeowners. While some trends, such as reconfiguring rather than extending, creating connected spaces, and prioritizing sustainable materials and recycling, are specifically applicable to New York residences, others may not be as relevant. Additionally, the article addresses a common question: "Should I wait to renovate my home in 2024?" Experts weigh in on factors like property location, construction and material costs, and timing.


Another consideration that could impact your decision to renovate and the extent of the renovation is the availability of home improvement tax credits. Some home improvements come with tax benefits that can mitigate costs and facilitate upgrades. Thanks to the Inflation Reduction Act (IRA) of 2022, you may be eligible for up to 30 percent in tax credits on environmentally friendly, energy-efficient home improvements and appliances, providing significant savings opportunities.


Finally, it's worth noting to anyone looking to sell their home that Brown Harris Stevens’ Curate program, frequently utilized by clients, allows sellers to defer renovation and staging costs until after the sale has been finalized.


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