Home improvement is a popular hobby for many homeowners. Over the past few years, homeowners have developed a renewed interest in improving their homes, helping drive a rise in home improvement spending and industry revenue. This article explores some of the latest home improvement trends and findings, including an analysis of the most popular projects.
Homeowners are also focusing on improving their outdoor spaces. This is likely due to the heightened threat of natural disasters and a desire to create a more comfortable, safe living environment. In addition to making the home more livable, adding an outdoor space can also increase property value. This is particularly true for projects that focus on curb appeal, such as a new front door, landscaping, or a patio deck.
In 2023, it is expected that homeowner home improvement spending will continue to grow. However, the types of projects may shift, with an increased emphasis on smaller updates and repairs instead of major renovations. This is likely due to the fact that many homeowners are still recovering from the impact of Hurricanes and other natural disasters, and are seeking ways to make their homes more comfortable and safe.
The most popular home improvements include sparkling bathroom overhauls and kitchen upgrades. However, these projects typically only yield a low return on investment. In contrast, small DIY improvements like painting and re-grouting tile can have a high return on investment and often require less time and money.
Another way to improve the overall feel and look of a home is by replacing outdated appliances with energy-efficient models. This can not only add value to the home, but it can also help reduce utility bills.
In addition to these pricier home improvement projects, homeowners are also spending more on simple facelifts. This is likely because of the heightened sense of security and safety that has arisen from the pandemic, as well as the need to fix damages caused by storms and other events.
A new exterior paint job can significantly improve a home’s curb appeal and make it more appealing to potential buyers. Additionally, other easy and affordable home improvement projects that can add value include a new garage door, installing a smart thermostat, or replacing old windows with new energy-efficient options.
Ultimately, it is important for homeowners to find the right balance between cost recovery and their happiness with their home. While it may be tempting to renovate solely based on what will add the most value to the home upon sale, doing so could result in a space that does not feel like a true home. It is also important to remember that a good quality of life cannot be measured by monetary values. The Joy Score of a home can be much harder to quantify, but it should never be ignored. Considering both these factors will help homeowners plan their next home improvement project.