Considering the difficulty of the current housing market with inventory low and prices relatively high, why not think about renovating instead? While it may get confused with remodeling, where the structure or purpose of a space can be altered, renovating refers to more cosmetic changes to update or modernize your house. This can include repainting, updating cabinetry, or replacing front doors. Keep reading to understand the benefits of home renovations and current trends.
Benefits
One of the biggest reasons for a renovation is the return on investment you can get without spending a lot of money on a remodel. However, not all renovations are created equally. Make sure to do your research before putting money into your reno. For example, according to the National Association of Realtors, some of the top interior renovation projects that receive the highest cost recovery include refinishing your hardwood floors and upgrading your kitchen and bathroom. As for the exterior, replacing a garage door and windows will reap the most cost benefit. Low-cost landscaping efforts, such as a fresh coat of paint and upgraded lighting, are simple endeavors that will do wonders for curb appeal.
Renovations are also a great way to ensure a consistent feel and enhanced comfort around your home. By modernizing different rooms or areas around your home, you can stick to a theme that works with your style and makes the house function cohesively. Also, if you choose to invest in rewiring projects, you will increase the safety of your home. Plan ahead before investing in renovation projects to avoid supply chain delays or added costs.
Trends
The pandemic is still shaping home renovation trends, with a particular emphasis on multi-functional spaces and outdoor areas. Here are some trends to watch:
- Sustainability. A big trend this year is a focus on sustainability. For example, investing in landscaping that protects the house and installing solar panels can improve environmental impacts while cutting utility costs.
- Luxury Bathrooms. As many families continue to work from home and share spaces, there is still a great demand for privacy. Renovating a bathroom to feel more luxurious or provide much-needed privacy and relaxation is a big trend this year.
- Home Offices. Again, due to work-from-home policies, investing in your home office may be a priority. This is especially true since the layout or ambiance of a room is proven to affect productivity.
- Outdoor Spaces. Since many homeowners are hosting friends and family outside, there is a trend to bring the indoors out. This can include changes like adding outdoor rugs or a firepit area for colder nights. Make sure there is enough space with large sitting areas or outdoor couches to make your guests feel at home.
- Adding Personal Flare. Lastly, it is important to ensure that your style is not lost in the renovation. While making sure you’re adding value to your home, you don’t want to spend the big bucks on a renovation project that doesn’t feel like you. This can be seen through bold wallpapers, which are making a comeback, accent walls, a fun style for new closet or cabinet doors, or an out-of-the-box kitchen countertop.
Unsure about where to begin? Contact us today for guidance from our experienced team of professionals.
