Home renovations continue to be popular for many homeowners as they try to make their current residence more suited to their lifestyle and needs. However, it’s important to note that while the trend towards remodeling continues, there are a number of industry reports and research findings that suggest a pending decline in home improvement spending in 2024. This article will explore some of the most interesting home improvement trends in real estate, statistics regarding the most popular projects, and tips for improving your house in ways that maximize return on investment.
The most popular home improvements in the United States have centered around kitchens and bathrooms, although other renovation projects such as refinishing hardwood floors offer better return on investment than upgrading to granite countertops. According to the 2022 National Association of Realtors Remodeling Impact Report, the return on investment (ROI) for kitchen renovations averages around 75 percent while bathroom renovations come in at 63 percent. Also read https://www.anchoragehomebuyers.com/we-buy-houses-alaska/
As more and more people work remotely, many homeowners are choosing to incorporate flexible space into their homes to accommodate changing family dynamics. Other popular home improvement projects include adding a laundry room, updating windows, installing smart appliances, and upgrading flooring. These upgrades can be more cost-effective than moving to a larger house or even buying a new home altogether.
During the coronavirus pandemic, some homeowners found the time and motivation to finally tackle long-postponed home improvement projects. A Houzz study found that the top reason for renovating was “finally having the time to do it,” followed by fixing damage from the pandemic and preparing their house for sale.
One of the biggest trends in home renovation is energy efficiency. It’s no secret that electricity and utility bills have increased as a result of the pandemic, so more and more homeowners are investing in upgrades to improve their home’s energy efficiency. This could mean installing solar panels, replacing old appliances with energy-efficient models, or implementing insulation to reduce heating and cooling costs.
Another popular home improvement project is installing a butler pantry, which provides an additional storage area in the kitchen where food can be stored and prepared. It’s also a great way to add more counter space without taking up valuable floor space.
Homeowners are increasingly opting to use their homes as a refuge from the chaos and insecurity of our times, leading to a shift towards wellness-oriented design features. These design trends, including biophilia, mindfulness, and life-centered design, aim to counteract the ongoing social, political, economic, and environmental issues through a more peaceful and holistic approach to interiors.
Regardless of the current housing market, it’s always a good idea to stay up-to-date on the latest home improvement trends in real estate. This will ensure that your home is as up-to-date and appealing as possible, which may help it sell faster when the time comes to move on. And if you’re looking to purchase a new home in the future, these low-budget projects may help you get your foot in the door with mortgage rates still relatively low.
