Exciting Trends in Home Renovation
As we adapt to the changes caused by the pandemic and economic difficulties, our views on home, work, comfort, and relationships have changed. This makes 2024 a great time for home renovations. Refreshing our living spaces can bring new life into our daily routines and bring a sense of positivity. So, what should homeowners focus on this year? From creating spaces that are meaningful to you, rather than worrying about resale value, to embracing smart home technology, here are five key trends to keep an eye on.
1. America is Gearing Up For Home Makeovers
With high housing costs, fluctuating interest rates, and limited options for buying homes, the housing market has slowed down this year across the country.
However, as the saying goes, when one door closes, another one opens. In this case, the new opportunity seems to be a growing interest in home renovations. Let's explore the two main reasons behind this trend:
Firstly, the rise in interest rates is leading many homeowners to stay in their current homes. For instance, a recent Zillow survey shows that homeowners with mortgage rates below 5% are more likely to stay where they are.
Moreover, there are many older homes on the market. Houses that are between 20 and 39 years old are reaching the age when homeowners typically think about making updates. The National Kitchen & Bath Association (NKBA) predicts that by 2027, there will be a peak of 24.2 million homes in this age range.
So, even though you might see fewer homes for sale in your neighborhood this summer, don't be surprised if you start seeing more contractor vans parked around the block.
2. Dealing with the Climate Crisis
The growing concerns of climate change and the increase in severe weather are having a big impact on homeowners. Maintenance costs for homes are going up, and insurance prices are rising, which is putting more financial stress on individuals. It's also making it harder for people to decide where to live. Experts have even coined terms like "climate migrants" (those who move to avoid extreme weather) and "climate havens."
"Climate havens" are places considered less likely to experience extreme weather events. Some examples are Duluth in Minnesota, Ann Arbor in Michigan, and Madison in Wisconsin. However, as more people show interest in living in these areas, the demand could drive up prices. This might make it more costly for these "climate migrants" to buy homes in these stable climate regions.
3. Smart Homes: The Future of Connected Living
Technology and artificial intelligence have advanced rapidly in recent years, offering enhanced efficiency, comfort, and convenience for our homes. While we may not have robot butlers just yet, AI-powered home gadgets are becoming more common. These gadgets can learn our routines and preferences, providing personalized assistance while seamlessly fitting into our daily lives. Smart homes can control things like temperature, lighting, air quality, and even sounds and scents, creating a fully immersive living experience.
