With sustained high interest rates and rising real estate costs over the past year, homeowners are likelier to stay put in 2024.1 Instead of moving, many first-time home buyers and experienced homeowners want to improve their existing space to increase their home’s value and improve their quality of life and enjoyment of their home.
Here’s a preview of the biggest home improvement trends for 2024:
1. Energy-efficient upgrades
Homeowners are upgrading their living spaces to be more energy efficient. The benefits include lower monthly energy bills, increased home value due to updated appliances, and improved comfort and durability.
Key takeaway: Energy-efficient upgrades may increase a home’s value and help reduce a home’s carbon footprint.2
2. Bathroom renos
One of the areas of a home that has evolved a lot in recent years is the bathroom. So, remodeling an outdated bathroom has become a popular way to upgrade a home.
Today’s trending bathroom upgrades include:3
- Replacing a tub and shower curtain with a walk-in shower and glass door
- Installing a modern quartz-top vanity
- Upgrading the toilet with a newer model
- Installing neutral colored ceramic tile
Key takeaway: According to Zillow, renovating a bathroom is one of the remodels that can yield the most in terms of boosting your home’s resale value.4
3. Adding more kitchen storage
A streamlined, tidy-looking kitchen is a goal for many homeowners in 2024, so adding smart storage areas, such as appliance garages to store toasters, coffee makers, and blenders, is on the list.5 Optimizing storage can not only help reduce visible clutter but also increase productivity in the kitchen.
Key takeaway: With today’s open concept living, a 2024 kitchen reno trend is building increased storage to help declutter countertops.
4. Backyard upgrades
The importance of connecting to the outdoors remains a top priority for homeowners. In 2024, homeowners are predicted to focus on improving both the design and functionality of their outdoor space.6
Popular outdoor upgrades include adding:7
- Firepits
- Outdoor kitchens and pizza ovens
- Gazebos and pergolas
- Pools
- Fencing
Key takeaway: Popular backyard renos are focusing on increasing connection to the outdoors and creating enticing spaces for families to gather.
5. Wellness at home
Rising health and wellness trends are influencing home renovation considerations in 2024, as people learn more about the environment’s influence on their health and well-being.
Common wellness-centered home reno projects include the installation of:
- Home saunas
- Cold plunges
- Meditation rooms
- Steam rooms
- Fitness studios
Key takeaway: The demand for affordable and accessible health and wellness spaces has resulted in more homeowners planning wellness-inspired renovation projects.
Learn how Aqua’s competitive consumer financing can help you fulfill your clients’ home improvement needs. Contact us today at:
800-234-3663, option 4, ext. 6094
[email protected]
