Many homeowners found themselves spending more time at home due to the COVID-19 pandemic and the home office trending, which caused them to feel a range of discomforts. Many were forced to be quarantined and found new ways to relax, work, entertain, and create a better space in their homes.
During this time, home sales drastically increased in DFW. Although it was a great time for selling your home, buyers made it difficult to find another home. Some homeowners chose to stay in their homes and make them more livable while others started work on updating the homes they purchased.
It’s not surprising that home renovations will be again on the rise well into 2023, considering all that has happened in 2021-2022. Houzz reports that home renovation spending increased by 15% in the last year. What are the most popular projects among homeowners and why?
The bathroom was second in popularity for remodeling projects in 2022. What does a bathroom renovation entail? A bathroom remodel includes replacing the cabinets or vanity, countertops, shower, bathtub, and toilet. The average cost of a master bathroom renovation has remained steady, but smaller bathroom projects have increased by 20%-25% as homeowners strive to make their homes more efficient.
Lynn Schrage, Kohler’s manager of design services is not surprised by this, given how much time they spend at home. She explains that the bathroom was often the only space where people could go to get away from their family and children. “The need for a place that offers relaxation and respite increased nearly overnight.”
According to Houzz’s senior economist, the kitchen is often the first project homeowners tackle when renovating their homes. She explains that while the median kitchen remodeling spending has remained flat over the past three years it’s been fascinating to see the investment in large-scale renovations of large kitchens rise so much in the last year.
The cost of kitchen remodeling has been affected by a lack of labor and materials. We believe that the pandemic also played a part and made homeowners look for ways to maximize space. Kitchens have always been the command center of the house. They prepared more meals, and became a new place for schooling, work, entertainment, and other activities.
Exterior renovations are becoming more popular among homeowners. Sargsyan claims that outdoor projects have increased 6 percent in the past year. Homeowners will spend 25 percent more on terraces, decks, and patios in 2022 than they did in 2021.
Patios and terraces are becoming more popular for everything al fresco, from remote work to dining. Our clients are putting more emphasis on outdoor spaces and creating new outdoor experiences and rooms to enjoy and entertain, so we are seeing more of them prioritize adding patios and terraces to their outdoor renovations. These spaces can extend the flow from indoors to outdoors, and homeowners quickly realize that landscaping, furnishing, styling, and lighting can make a big difference in how they use their space every day.
