As people alter their spaces to be more long-term functional, home remodeling is still a popular trend. The boom of remodeling still exists. In fact, according to the 2023 US Houzz and Home Study, remodeling activity increased to a record high last year. More than half of homeowners questioned said they plan to renovate this year as well, so the trend is likely to continue. According to a survey conducted by Cinch Home Services, homeowners were concerned about selling their home in its current state, saying it needed too many repairs or was outdated.
Homeowners are updating their existing homes in order to be more functional in the long run due to the shortage of housing stock and high-interest rates. Many homeowners renovating aren't planning to resell their homes right away, but are considering the future value of their homes as the housing market swings. Another survey found that 60% percent of homeowners are motivated by the prospect of increasing their home's value when renovating. There are several remodeling trends to look out for here are a few trends
Increasing Space: It is becoming increasingly common to find homeowners renovating their homes and adding square footage as part of the process because Homeowners might seek to improve the functionality of their living space. Kitchens, bathrooms, and living rooms are the most popular rooms for expansion because they are the most used. Also, expanding living space can significantly increase the value of a property. Additional square footage and well-designed spaces are attractive features for potential buyers, which can translate to a higher resale value.
Energy efficiency: The energy efficiency of homes will increase in 2023. During the expansion, homeowners often have the chance to upgrade insulation, windows, and other energy-efficient features. This can lead to long-term savings on energy bills and contribute to a more sustainable living environment. Due to high inflation, homeowners are giving importance to energy efficiency.
Aging in Place: It is not uncommon for homeowners who plan to live in their current home as they age to decide to expand or remodel in order to make their living space more accessible, safe, and suitable for their changing needs as they age.
High Demand for Contractors: As a result of the high demand for contractors, some areas may continue to face a protracted waiting period. In 2022, homeowners used specialized service providers, such as general contractors and bathroom remodelers, more frequently. The most challenging part of home improvements for homeowners is finding the right service providers, followed by choosing the best projects and staying within budget.
Kitchen & Bathroom Remodel: Homeowners often renovate their bathrooms and kitchens for several reasons, as these are two of the most frequently used and functional spaces in a home. Bathroom and Kitchen renovations are often driven by a combination of factors, including a desire for improved functionality, aesthetics, property value, safety, energy efficiency, and personal comfort. These spaces play crucial roles in daily life, making their renovation a worthwhile investment for many homeowners.
Loans for Expensive Projects: Homeowners often turn to loans for pricier home improvement projects due to the substantial upfront costs involved. Renovations such as major kitchen upgrades, room additions, or extensive remodeling can require significant financial resources. Loans provide homeowners with the means to access the funds needed to undertake these projects without depleting their savings. Additionally, loans offer the advantage of spreading the cost over a manageable repayment period, making it easier to budget and manage cash flow. This financial flexibility allows homeowners to enhance their living spaces, increase property value, and create the home of their dreams while maintaining their financial stability.
Home Office: Homeowners are increasingly drawn to renovating their houses to create dedicated home office spaces. This trend has been fueled by the rise of remote work and the need for adaptable living environments. By renovating to include a home office, homeowners can carve out a productive and comfortable workspace that fosters concentration and efficiency. This transformation not only accommodates the practical demands of remote work but also adds value to the home, reflecting the evolving lifestyle needs of modern living.
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