Having ownership of the property you call home is truly bliss. It gives you the freedom to live in that place in any manner you want and allows you to make any amendments to it as per your taste. Many people love renovating their houses to make them more comfortable and functional based on their needs. Especially, after the pandemic that altered the existing life people once spent in their homes, it is expected that home renovations would also be influenced by how people view their homes now and the way they like spending their time in them.
Here are a few major and important trends related to home renovations expected in 2023.
Home Office or Study
The lockdowns during the pandemic showed us the potential of ‘work from home.’ As such, many companies still have people working from their homes rather than from an actual corporate office. People have realized that doing office work at home can only be productive by having a separate space designated for it. Therefore, it is expected that homeowners would add an extra room as a home office or study to work in peace. Renovations to an existing office space at home, making it more functional and accessible to work full-time are also expected. Such renovations would help those who do not follow a traditional 9 to 5 routine to feel excited and dedicated to working better.
Natural Outdoor Area
With the trend of living going more towards inhabiting the outdoors and the natural environment, homeowners are spending more time and effort in making their open spaces outside the homes more livable. Renovating the front and back yards, along with the patio or the garden would provide extra outdoor space for people to enjoy and relax with their families. People love spending the warm months outdoors, so having a fully functional outdoor living space with accessible amenities such as an outdoor grill, stove, or even an entire kitchen would enhance the quality of time people spend in their homes.
Simultaneously, it would also increase the market value of your property. You can then use the ARLO HECM calculator to evaluate the amount of money you would receive when getting a reverse mortgage on your house if need be. This added benefit would help you in times of financial need, during retirement, or for other necessary expenditures in the future.
Energy Conservation Plans
With the hike in inflation, many homeowners are tired of paying huge bills for electricity, gas, etc. Many people are moving towards making their homes more energy efficient while also helping conserve the environment. According to experts, the use of solar panels to generate solar energy would be in high demand due to its numerous benefits. Making renovations to your home catered towards conserving energy would help you save a lot on bills in the long run.
Modernizing Kitchen and Bathrooms
A home can be judged by the condition of its kitchen and bathrooms. The kitchen is the heart of the house, and homeowners want to upgrade it using high-quality materials and modern appliances. Customized cabinets, countertops, and pantries are expected to be amongst the most trending renovations being made in 2023.
Similarly, people also want to modernize their bathrooms, adding highly functional, practical, and easy-to-access bathroom appliances. Many people with small homes want to make the most out of their bathroom space by adding an area to do their laundry. Some people fond of saunas and steam want to incorporate such facilities in their bathrooms to avoid going out to use them. Thus, renovations that would modernize the kitchen and bathrooms are highly expected trends for 2023.
Budgeting using Multi-dwelling Spaces
The cost of real estate is skyrocketing. With such high rates, many people cannot afford to buy properties. Thus, people are interested in making renovations to their homes, dividing their property into separate, multi-dwelling areas that could be rented out to other people to live in. This would aid in extra income for the homeowners. Renovations adding separate home entrances, separate kitchens, extra bedrooms, etc. can be expected to rise. Such renovations are also expected to be seen in houses with joint families living in them so that the family members have their personal space yet are also connected.
Making home renovations is not a small deal. Regardless of what kind of projects trends in 2023, you should only get those renovations done to your home that is practical and functional based on your lifestyle and needs rather than what is trending in the markets.