After years of double-digit increases, home improvement, and repair costs are expected to grow modestly in 2023. According to LIRA, there is a projected steep decline in annual gains from home remodeling projects from 16.3% to 2.6% by the end of 2023. A general decline in home sales, appreciation of property prices and mortgage refinancing, and the general concerns surrounding economic recession will decrease home remodeling activities this year.
Homeowners will most likely pool back on high-end projects and focus on smaller projects and vital replacements. Nonetheless, pandemic-induced lifestyle changes fueled specific remodeling and repair projects, which will likely maintain the pace. Below are home renovation trends that will top homeowner’s priority lists in 2023.
1. Swimming Pool Remodels with Additions
The popularity of pool maintenance and renovations picked up in 2021 and doesn’t seem to drop. Initially, homeowners, especially those who switched to remote work models during the pandemic, had challenges finding the best swimming pool chemicals and adhering to maintenance schedules. Lockdown measures meant that they couldn’t hire professional pool cleaners. While this has changed post-pandemic, homeowners are addicted to the joy of having a clean and well-maintained pool.
Swimming pool maintenance is part of a larger plan to improve outdoor appearance. Unlike before, most homeowners have appreciated the importance of improving their homes' outdoor functionality. However, pool renovations for 2023 primarily focus on lowering utility bills, boosting functionality, enhancing pool deck visual appeal, and integrating technology. Meaningful additions to consider in your pool include a tanning ledge, fire bowls, and water features.
2. Design Kitchens As a Distinctive Personal Space
According to renovation experts, kitchens are becoming a place for homeowners to show off their unique designs and styles. Kitchen spaces have evolved from what was traditionally a utilitarian space to a curated, personal space. Below are key kitchen renovation trends for 2023.
- Extending kitchens' reach – Homeowners hope to extend the reach of their kitchens in many ways. This includes incorporating an open-kitchen concept and additional spaces like a mudroom, half baths, pantry room, and dining room.
- Expansive windows – Windows are increasingly becoming a focal point for most homes. Whether you are designing a new kitchen or updating the existing space, kitchens with huge windows are a notable trend.
- Subdued countertops – Kitchen palettes are shifting towards earthy and richer tones that complement rich woods and dramatic kitchen colors. Expect modern countertops to feature soft-muted shades with finishes that greatly differ from the previous busy patterns.
3. Energy Efficiency
Energy efficiency is among the priority inclusions for homeowners planning to renovate their homes in 2023. The effects of global warming have made homeowners aware of the importance of cutting energy costs and making their homes eco-friendly. Besides, the recent passing of the Inflation Reduction Act, which gives homeowners extra incentives for making energy-efficient installations in their homes, is a motivating factor.
Besides saving on energy costs and the environment, energy-efficient upgrades also improve your comfort, indoor air quality, and home value. Below are the most prioritized energy-efficient upgrades homeowners should consider:
- Upgrading home insulation
- Installing an electric air-source heat pump
- Upgrading to a smart thermostat
- Installing solar panels
- Upgrading to energy-efficient windows
- Replacing old home appliances
- Switching to heat pump water heater
4. Home offices
The popularity of home office additions is still high, with more people switching to remote and hybrid work models in 2023. Home office renovations include creating a dedicated home office space or upgrading an existing workspace to a comfortable and functional one. Renovation experts attest to the increase in renovations involving garage conversion and adding new rooms to function as home offices. Professionals, such as music teachers, physiotherapists, and psychologists, can work from the convenience of their homes without incurring the expenses of leasing a commercial space.
Among the many perks of owning a home is the ability to renovate and tailor it to fit your style and preferences. A few years back, homeowners remodeled to achieve a decorated and aesthetically pleasing home that is both modern and beautiful. There are endless home renovations to achieve this. However, modern renovations are influenced by several factors, including the pandemic, sky-high housing prices, and rising material costs. As such, homeowners planning to renovate in 2023 tend to prioritize the projects mentioned above.