Due to home prices high and mortgage rates more than double that of last year, fewer Americans are planning to buy homes these days. However, they would like to stay put – repairing, renovating and improving the properties they already have to better fit their lifestyle and needs.
Actually, according to data from home services platform Thumbtack, about 90% current homeowners are planning to improve their property in some way over the next year. Another 65% have plans to turn their existing house into their “dream home.”
Here’s what home improvement projects experts say will be trending in 2023.
1. Energy updates
The updates to improve a home’s energy efficiency are primed to surge in 2023 for two reasons. First, these home improvements reduce energy and utility bills – offering a much-needed reprieve during times of high inflation. Second, there’s the Inflation Reduction Act to think about.
The legislation passed in August offers up a slew of tax credits and other incentives for Americans who go green, so many homeowners will be expecting capitalize on these money-saving opportunities before they run out.
For those looking to increase their home’s energy efficiency, experts say the options run the gamut. Some homeowners prefer to put better insulation, better windows or smart thermostats as first option, while others will choose to install electric vehicle chargers or solar panels. In the last year, Thumbtack alone has seen a 33% spike in solar panel installations booked through its platform.
2. Kitchen and bathroom updates
Kitchen and bathroom updates have long been renovating favorites. Not only do they deliver high returns on investment, but also they’re impactful updates that improve a home’s look and function.
“Renovating a home’s kitchen is always a fan favorite, because it’s a space that we occupy often – no matter if we’re busy preparing food during the holidays or gathering with family for Sunday brunch,” says one homeowner in Chicago.
Kitchen renovations have also been particularly popular in the post-pandemic period, as more and more Americans will continue to work at home.
3. Cosmetic remodeling and necessary repairs
Many consumers are cash-strapped due to high inflation, so high-dollar projects aren’t possible for every homeowner.
For those who do not have enough budgets, experts say a main home improvement trend in 2023 will be about making repairs – often, ones that were put off or delayed due to contract backups or supply chain delays.
Homeowners will also spend money giving their homes small facelifts – making small but impactful updates that improve the home’s aesthetic and feel.
4. Coping with natural disasters and climate changes
From hurricanes and wildfires to floods and earthquakes, the number of disaster events has risen rapidly in recent years, putting more and more homeowners and their properties at risk.
Unfortunately, climate change and global warming are driving more maintenance and repair projects than before. Experts say “From extreme weather to natural disasters, 42% of homeowners say they have undertaken a home improvement project due to climate challenges.”
In 2023, experts predict consumers will continue making home improvements to protect their homes from these events and make them more resilient for the long run. This might include raising properties located in flood zones, adding hurricane windows in coastal communities or updating landscaping with fireproof options.
5. Expanding more outdoor space
Lastly, experts say, homeowners will look forward to maximize their outdoor spaces and make way for more useful, functional spaces there.
A lot of homeowners are seeking outside experiences after spending a few years at home. They’re not only seeing more money spent on travel but also a continued interest in renovating exterior spaces of the home. This might include the addition of a deck, patio or porch for entertainment and relaxation purposes.
Fire pits, hot tubs, outdoor kitchens and entertaining areas are also popular options. Small, habitable sheds are big, too – particularly ones with a dedicated purpose.
Experts say that they expect this trend to continue into 2023 as people are modifying their existing homes to find new ways to love them and get more utility out of overlooked space.
Post time: Mar-21-2023