With home prices high and mortgage rates more than double that of last year, fewer Americans are buying homes these days. Instead, they’re choosing to stay put – repairing, renovating and improving the properties they already have to better fit their lifestyle and needs.
In fact, according to data from home services platform Thumbtack, 9 out of 10 current homeowners are planning to improve their property in some way over the next year. Another 65% have plans to turn their existing house into their “dream home.” As David Steckel, home expert at Thumbtack, puts it, “Home renovations seem to be top of mind right now.”
According to US News, one of the top home improvement trends for 2023 will actually be outside the home, specifically maximizing outdoor spaces in order to make way for more useful, functional spaces there.
“After spending a few years at home, a lot of homeowners are seeking outside experiences,” Krueger says. “We’re not only seeing more money spent on travel but also a continued interest in renovating exterior spaces of the home. This might include the addition of a deck, patio or porch for entertainment and relaxation purposes.”
Fire pits, outdoor kitchens, hot tubs and entertaining areas are also popular choices. Small, habitable sheds are big, too – particularly ones with a dedicated purpose.
“During the pandemic, we saw a surge in requests for what we call modern sheds – sheds that are purpose-built for functionality like a creative studio, work-from-home office, kids’ play area or wellness space,” Messner says. “We expect this trend to continue into 2023 as people are modifying their existing homes to find new ways to love them and get more utility out of overlooked space.”
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