After a year of volatile markets, homeowners are feeling burned and many are choosing to stay in their homes rather than move. Whether it’s because they aren’t ready to put their houses on the market or because they don’t want to face the financial burden of moving, many home owners are leaning into remodeling projects in 2023.
Top Trends in Home Remodeling for 2023
A flurry of renovation activity fueled a pandemic surge in homeowner remodeling and repair spending this year, but that growth is expected to slow next year. According to the Leading Indicator of Remodeling Activity (LIRA) released by the Joint Center for Housing Studies at Harvard University, homeowner remodeling and repair spending is projected to peak at 16.1% this year before slowing to 6.5% in 2023.
In the meantime, more homeowners are opting to stay in their current homes and update them to meet their needs, according to a recent study by Houzz. In fact, among those who planned to renovate in the near future, 73% chose to stay in their homes and improve them instead of moving.
One of the most common reasons that people decide to remodel is that they are looking for a better living space. This may include updating a kitchen, bathroom or bedroom. However, it can also mean adding a new outdoor living area to their homes.
With more homeowners turning to the outdoors, outdoor living spaces are becoming increasingly popular in home remodeling. This can involve building new decks, extending outdoor patios or even creating new gardens and landscaping to give homeowners a place to relax in their backyards and enjoy the beauty of nature.
Besides improving the outdoor living space, these renovations will help homeowners increase energy efficiency and save money on their utility bills in the long run. In addition, this type of home reno project can increase the value of your home if you ever decide to sell it in the future.
Another way to increase energy efficiency is to add insulation. This is a cost-effective and easy way to keep your home warmer in the winter and cooler in the summer.
In addition, this can make your home more comfortable and reduce the number of times you need to open and close doors or windows.
You can also add extra insulation in your attic or basement. These improvements will reduce your heating and cooling costs by up to 65%, according to St. Petersburg home remodeling experts.
The latest trends in home reno are all about making the most of your space and maximizing your home’s potential. For the best results, you should consult a reputable general contractor and design professional to get input on what will work for your needs.
Curved Walls, Doorways & Architectural Features
Arches aren’t something you see a lot in interior decorating or architecture anymore, but in 2023, homeowners will begin to notice this style reappear everywhere. This includes not only doorways, but walls, wallpapers, painting effects and window treatments as well.