According to a study published by the Harvard University Press, expenditure on home improvement projects was projected to rise throughout 2022 and into early 2023. The Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University states that residential remodeling expenditure is set to reach a valuation of $450 billion by the end of the first quarter of 2023. This growth has developed as a result of the onset of catchy trends in this sector which have captivated homeowners, encouraging them to delve into a remodeling venture of their own.
Some of the residential remodeling trends taking over the market in 2023 include:
Outdoor Living Areas
Outdoor living spaces have grown in leaps and bounds over the past decade or so, The popularity of such settings has reached a pivotal role in 2023, with many homeowners seeking to improve the accommodation levels of their house while working on a budget. According to research published by the International Casual Furnishings Association (ICFA), over 80% of US households feature some type of outdoor living space. There are multiple options to consider when it comes to outdoor living spaces with decks and patios representing two of the leading projects Wellesley MA Remodeling contractors are hired to undertake. Patios, in particular, have gained a lot of traction in this sector, with the National Association of Home Builders (NAHB) reporting that 63% of the single-family homes built in 2021 featured patios, while 17.5% included decks. Decks and patios can feature great returns on investment (ROI) ranging from 70% to 85% depending on the fixture. Outdoor living spaces also greatly enhance the overall curb appeal of the house.
Improving Energy Efficiency
Another popular approach adopted by remodeling projects in recent years is the integration of energy-saving solutions with a house’s operations. Implementing an eco-friendly setting with your home’s functionality has been an aspect that has been constantly promoted over the past two decades as the world tries to create a symbiotic relationship between industrial activities and the environment. Some of the easiest ways to improve the energy consumption of your household include installing LED bulbs, enhancing your home’s insulation, and installing energy-efficient appliances to name a few. Taking this approach can significantly lower your utility expenses in the long run.
Smart Kitchens
The global technological advancements experienced in the appliance industry have significantly impacted kitchen remodeling trends. The rise of smart kitchens has come to the forefront of Wellesley MA Remodeling and interior design projects, especially in urban homes with tech-savvy residents. Smart kitchens refer to cooking spaces in which appliances and other equipment are remotely connected to other devices such as a phone or tablet, allowing the user access control via Bluetooth or WiFi. Leading examples include ovens, coffee makers, and related appliances that can be activated from other rooms, refrigerators that can take stock of their contents, and virtual assistants that can pull any needed information on recipes and related subjects. The integration of this smart technology network eases the burden of operations, improves accuracy and efficiency, and enhances safety levels. This approach also allows for bespoke solutions that allow an individual to instill their personality in the setup.
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