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.”
Now, bathroom and kitchen updates have always made the list of renovators favorites, and 2023 is no exception. Not only do they deliver high returns on investment (minor kitchen remodels have the third-best renovation ROI of all projects, according to Remodeling Magazine), but they’re also impactful updates that improve a home’s look and function.
“Renovating a home’s kitchen is always a fan favorite, because it’s a space that we occupy often – whether we’re busy preparing food during the holidays or gathering with family for Sunday brunch,” says Elizabeth Krueger, owner of Elizabeth Krueger Design in Chicago.
Kitchen and bathroom renovations have also been particularly popular in the post-pandemic period, as more and more Americans continue to work from home.
As Koda Wang, co-founder and CEO of renovation platform Block Renovation, explains, “The pandemic has fundamentally shifted lifestyles. When working from home, people are spending more time in their kitchens and using their bathrooms more often. We’re seeing more and more people transform their bathrooms into relaxing spa-like spaces where they can unwind after a long day and kitchens into increasingly social spaces where they can host – and maybe take the occasional Zoom.”
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