Home Renovation Trends You Should Look At this 2023

By
Real Estate Broker/Owner with Arizona Resource Realty BR518926000

Owning a home brings the rewarding opportunity to personalize your living space, whether it involves renovating the bathroom, adding a fence, or upgrading essential systems like plumbing and HVAC. Home renovations can significantly impact our daily lives, and these trends can shape home design for years to come.

 

Entering 2023, experts identify several factors influencing renovation trends. The pandemic has altered how people work and spend time at home, and these shifts are expected to manifest in the priorities of homeowners' renovations. In a climate of rising material costs and a competitive housing market, experts anticipate that homeowners will prioritize renovations aimed at enhancing comfort and functionality.

 

Mallory Micetich, a home expert at Angi, suggests that "optional projects" may take a back seat in 2023. She believes that due to ongoing inflation, most people will be cautious about pursuing entirely discretionary projects. Instead, homeowners are likely to focus on essential projects, such as fixing broken fences or repairing burst pipes. If optional projects are undertaken, they are expected to be executed alongside related repairs or necessary upgrades, such as combining a tiling project with a bathroom pipe repair.

 

Given these complex factors, it's worth exploring the home renovation trends that experts predict will dominate in 2023.

 

Home Offices

As an increasing number of individuals shift to regular remote work, experts predict a surge in home office renovations for 2023. Nathan Singh, CEO and managing partner at Greater Property Group, explains that this trend encompasses a spectrum, from establishing a dedicated home office to enhancing the comfort and functionality of existing workspaces.

 

Emily Cassolato, a Real Estate Broker at Coldwell Banker Neumann Real Estate, concurs with this forecast and observes a particular trend among her clients. She notes the rising interest in constructing or converting sheds and garages into home office spaces, enabling those with non-traditional work hours or professions like physiotherapists, psychologists, artists, or music teachers to work conveniently from home without the need for commercial space leases.

 

Outdoor Living Spaces

With an increased amount of time spent at home, homeowners are actively seeking ways to optimize their living spaces, even extending their focus to outdoor areas. As spring arrives and the weather becomes more inviting, experts anticipate a surge in outdoor renovations. Singh anticipates that in 2023, projects such as decks, patios, and gardens will be particularly popular as homeowners aim to establish inviting and functional outdoor living spaces. He further suggests that this trend may involve the installation of outdoor kitchens and entertainment areas.

 

Energy Efficiency

In 2023, homeowners will place a strong emphasis on energy efficiency, aiming to reduce energy expenses and enhance the eco-friendliness of their homes. The recent passing of the Inflation Reduction Act in the United States will provide an added incentive for homeowners to invest in energy-efficient home enhancements, thanks to the Energy Efficiency Home Improvement Credit that subsidizes eligible improvements. Notably, solar panel installations fall within the purview of this credit, leading experts to predict a significant surge in the adoption of solar energy during 2023. 

 

Bathroom & Kitchen Upgrades

As the year 2023 anticipates a growing emphasis on practical and functional renovations, kitchens and bathrooms, being high-traffic zones in the home, are poised to become top priorities for many homeowners, according to Singh. The forthcoming year will likely feature projects such as cabinet updates, countertop replacements, the addition of new light fixtures, faucet upgrades, and the replacement of outdated appliances as focal points.

 

Accessory Apartments/Multi-Dwelling Residences

Another consequence of the surging interest rates and real estate expenses is the growing demand for multi-dwelling properties. Cassolato notes that many of her clients are adopting a strategy to enhance their purchasing capacity by buying homes with friends or family members. Their aim is to subsequently divide the property into multiple living units or add an accessory apartment.

 

Final Thoughts

No matter the projected renovation trends for 2023, experts unanimously stress the importance of focusing on projects that align with your home and family's needs. While trends may ebb and flow, your home's functionality for you is paramount. If a trend doesn't match your lifestyle, there's no obligation to follow it simply to conform.

Comments (5)

Edward Gilmartin
CRE - Boston, MA

Unfortunately high interest rates have pretty much killed the idea of adding solar to a home since most homeowners borrow to Do the project

Nov 03, 2023 02:28 AM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Great information, thanks for sharing.  I hope you have a great day.
Nov 03, 2023 03:10 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Tamra. Improvements are for personal comfort or increasing value. Some do both. Choose carefully. Enjoy your day.

Nov 03, 2023 04:20 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks Tamra for sharing some great information on home renovations!!!

Experts unanimously stress the importance of focusing on projects that align with your home and family's needs. While trends may ebb and flow, your home's functionality for you is paramount. If a trend doesn't match your lifestyle, there's no obligation to follow it simply to conform.

Nov 03, 2023 04:33 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

High rates have put everyone's plans on hold. Thanks for sharing, enjoy your weekend. Bill

Salvatore Arizona Elite Properties.

Nov 03, 2023 05:52 AM