FED SIGNALS POSSIBLE END OF TIGHTENING CYCLE

May 12, 2023

It’s not hyperbole to say that in 2020, everything changed. And this includes how Americans are thinking about, using, and remodeling their homes. With many of us spending more time at home, we have gotten clear on what matters to us. Current remodeling trends prove that we are asking our homes to work harder, be smarter, and offer us more comfort than ever before.

Today, many homeowners have shifted from tackling DIY projects to hiring professionals. Life is busy and people are finding other ways to spend their downtime besides taking on home improvement projects. As baby boomers are retiring and millennials are taking their place in the working world, more people are willing to spend money to make their homes exactly what they want them to be. Assisting in this is the emergence of high-quality digital renderings of plans. It’s possible now to see exactly what your remodel will look like, making adjustments and changes before work even begins.

#1. The Kitchen: The Heart of the Home

Kitchens remain one of the most commonly remodeled areas. With more people cooking and eating at home, cooking and baking as a hobby, and inviting friends over more than going out, the kitchen is–more than ever–the heart of the home. Current kitchen trends include

opening the kitchen up to other rooms of the house to facilitate traffic flow, make it a gathering place, and include the cooks in what’s going on in the rest of the house.
making more prep spaces to accommodate multiple cooks. This includes building a bigger island, adding a second sink, and installing better storage to free up counter space.
adding technology to make the kitchen work smarter, not harder. People are adding charging stations, smart appliances that are voice-activated or that allow you to order ingredients from the fridge door, or built-in speakers to stream music or their favorite true crime podcast.
building large pantries and other built-in storage solutions, especially with unstained wood finishes.

#2. Bathrooms: Comfort and Convenience

Bathrooms topped the list as the most renovated area of homes in recent years. Homeowners want their bathrooms to be relaxing retreats with soaker tubs or jetted tubs, indoor plants, and beautiful tilework in showers. Technology in the bathroom is on the rise, too, with speakers to play music, heated tile shower floors, and remotely-controlled temperature and bathtub filling options.

Many people are modifying their homes to support aging in place. In fact, more than 87% of older people say they want to remain in their homes as long as possible. And one of the areas that often needs modification to make it more accessible is the master bathroom. Aging in place plans often require

widening the doorway to allow for wheelchair access.
installing a curbless shower with grab bars and a bench.
lowering the vanity and raising the toilet.

#3. Supporting the Environment

With more people considering their personal impact on the planet, it shouldn’t be surprising that environmentally conscious trends are on the rise in residential remodeling. Homeowners want to use more sustainable materials like bamboo and even hemp in construction. Water conservation is becoming more important, with people installing low-flow toilets and showers. And micro homesteads are rising in popularity as suburban homeowners and even city dwellers learn to grow some of their own food, keep chickens, and more as a way to save money and become more self-sufficient.

#4. Improving Life at Home

Perhaps the biggest overall trend in residential remodeling can be categorized as generally improving life at home. As we learn to be more centered at home, we are realizing what we want our homes to do and be for us. We need them to function as offices, schools, retreats, and more. Homeowners are focusing on

wellness, asking remodelers to install hot tubs or even saunas for health and relaxation, or making space for a home gym.
outdoor living, with the installation of pools, outdoor kitchens, porches, and decks.
adding lighting and technology that makes their homes more welcoming and make daily tasks easier.
making their homes work for them with multi-use spaces like guest bedrooms that double as home offices.

Bonus: Overall Trends

Homeowners who have owned their home for six or more years are more likely to undertake major renovations, but they also spend less–about 50% less than those who have only recently bought their homes. Last year, the top three remodels in homes were interior painting, bathroom remodels, and the installation of smart home devices, according to Ruby Home.

Not everyone is interested in making their home customized to themselves. Many home remodels are by people who are interested in getting the highest ROI (return on investment), in order to add value to their home and sell in the future. The home renovations with the highest ROI are

replacing garage doors,
installing fiber cement siding or even vinyl siding,
replacing windows,
putting in new front doors (steel doors rank as the best in terms of ROI, with fiberglass doors in second place), and
adding outdoor features such as decks, porches, or outdoor kitchens.

Home improvement and remodeling searches have doubled since the pandemic, proving that people are placing more value on having their homes suit them than ever before. Covid changed remodeling priorities. Whereas people used to use their homes primarily to rest in the evenings and on weekends, now they are hubs of family life. People want their homes to do double- or triple-duty as places to work, rest, and have fun.

Home remodeling and renovation is an ever-growing industry and at BOLT Builders, we are growing along with it. We specialize in new home construction, home additions, remodels, and renovations. So whether you

are ready to build your dream home,
need more space for your family to thrive,
are eager to embrace life outdoors with a new porch or outdoor kitchen, or
want to remodel your kitchen, bathroom, or living room, we are here to help.