Hot Trends in Home Improvement in 2023

Home improvement, also known as house renovation, is the process of repairing or improving the interior and exterior of a home, including but not limited to the kitchen, bathroom, basement, attic, roof, and garden. This practice is performed for a variety of reasons, such as increasing comfort and safety, adding to property value, or updating for a more modern look.

According to a recent study by Harvard University, last year more than 24 million homeowners completed at least one home improvement project. The study found that the average homeowner spent just over $567 billion on home improvements and repairs. With housing prices high and mortgage rates rising, many potential homebuyers are choosing to stay put and renovate instead of buy a new home.

Regardless of the economic climate, home improvements continue to be a popular pastime for American homeowners. In 2023, experts predict that energy-saving upgrades will be one of the hottest trends in home improvement. These projects not only lower a home’s carbon footprint but can help save money on utility bills as well.

Another trend that experts say will be hot in 2023 is maximizing outdoor space. This includes building entertainment areas, such as fire pits and outdoor kitchens. It also means installing functional storage spaces like sheds. Experts say that with the rise in natural disasters, home improvements that make a house more resilient will be on trend, as well. This might include raising properties in flood zones, adding hurricane windows in coastal communities, and upgrading landscaping to include drought-tolerant plants.

For those who prefer to do their own work, stores such as Lowe’s and Home Depot offer a variety of DIY home improvement projects. In addition, a large number of books and online “how-to” videos are available for those who want to learn how to do home improvements themselves.

However, not all home improvements are created equal. Some can actually decrease a home’s resale value by turning off potential buyers. For example, a home recording studio might appeal to an owner with a particular interest in music, but it may turn off a family with young children who is looking for a suitable living space.

With the high cost of home improvements, it’s important to choose wisely. If you’re unsure of what projects will add the most value, ask a real estate agent or real estate attorney. They can provide recommendations based on experience and data from local real estate markets. Those who decide to finance their home improvements can use personal loans or credit cards with low interest rates, or they may opt for a line of equity or FHA loan. Whatever the case, borrowers should always compare lenders and loan terms to find the best rates. Homeowners are also recommended to carefully vet contractors, and check the company’s credentials, insurance coverage, and business references before hiring them for work. Homeowners should also consider using a service aggregator, which connects consumers with multiple contractors and provides a free, no-obligation estimate for the work.