Published: Improvement Projects That Can Raise a Home’s Value

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Published: A Look at Overnight Childcare Services

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Home Renovation Trends to Watch in 2024

 

The median cost of home renovations in the United States was $22,000 in 2022, according to home improvement resource Houzz. This is a marked increase from $14,000 in 2018, and the top 10 percent of spenders on home renovations invest $140,000 or more in a typical renovation project. Spending on renovation projects can improve the overall value of a property.

There are several home renovation trends to monitor in 2024 and beyond. Spending wisely on renovation is especially important for first-time buyers who purchased a starter home during the period between 2020 and 2021, when lower interest rates were available. Rising interest rates have turned these starter properties into forever homes, with owners interested in spending on improvements that provide immediate comfort and function, along with long-term value, as opposed to moving into a larger home.

For some homeowners, this means multi-generational renovation projects, such as turning a young child’s playroom into a multi-purpose mudroom. This trend will also be influenced by the fact that more family members are living together than in the past, whether it be adults moving back into their parent’s homes or older parents moving in with their property-owning children. These types of moves may require the addition of separate entrances or basement remodeling projects.

Age-appropriate bathroom additions are another renovation trend to watch. An all-time high number of Baby Boomers will own homes in 2024, and these homeowners will need to invest in safety and comfort. Renovation projects in this area range from walk-in tubs and showers to stair lifts. While some homeowners may be interested in a complete bathroom remodel, a simpler approach involves the installation of walk-ins that can be fitted into the same space as the previous tub or shower. Others will invest in luxury renovations and spa-like amenities, including soaking tubs and oversized showers.

Wall paneling has enjoyed a resurgence in recent years, a trend expected to continue in 2024. Wall paneling, which peaked in popularity during the 1970s, is a relatively simple renovation that can bring immediate warmth and style to a room. Paneling projects are most common in foyers and antechambers, but may be included in bathroom renovations.

Homeowners transforming a starter home into a forever home will need to undertake renovations that ensure their house can stand the test of time, such as protecting a home against extreme weather. Summers are getting hotter, winters are colder, and extreme weather events are more common, ranging from floods to wildfires. Relevant renovations include the installation of weather-resistant windows and improved insulation. Solar-power systems and whole-house generators can provide a home with energy during powerful storms. This can be particularly important for older individuals who require power for home oxygen systems, CPAP machines, and other medical equipment.

Finally, Americans are more health conscious than ever. With this in mind, health-based home renovation projects include indoor cold plunge pools and upgraded home gyms. Other home renovation trends include earthy textures, such as terracotta finishes, and swapping out plaster walls for tiles, which add character to kitchens and wet bars. Homeowners can further transform their living spaces by taking inspiration from the latest interior design trends. Popular interior design trends in 2023 included bold colors, statement lighting, and Art Deco furniture and features.