13 Jan Home Renovation Trends for 2020
Home Renovation Trends for 2020
For the first time in a decade, the home renovation market is predicted to see a slowdown, according to the Harvard Joint Center for Housing Studies. However, if you are still making plans in the New Year to improve your home, here are ten trends that you will want to pay attention to.
Surface Improvements Still Top the List: still the largest cost in home renovation is carpet, flooring, paneling and ceiling tiles. 5.3 million was spent last year and its predicted that the average homeowner will spend $3282 on surface improvements.
Paint: A fresh coat of paint goes a long way in home improvement projects, and this trend is not going anywhere in 2020. Paint companies like Sherwin-Williams continue to see strong sales in paint, and its predicted to continue to rise. A paint project might be time-consuming, however it’s a relatively cost-effective way to boost a home’s vibe – and bring more happiness to the homeowner!
Better Home Wellness: the Home Improvement Research Institute Summit reported that wellness-focused improvement have been on the rise and will continue. Nontoxic materials are a popular choice among Millennial homeowners, as well as water and air purification systems, and circadian lighting to improve in sleep.
Focus on Saving: While a decline in home renovations is predicted, homeowners will not stop making improvements all together, instead we will see a rise in home projects that save money. We can expect to see an increase in home projects that relate to saving money on energy-efficient lighting, insultation and roofing.
Smaller Budget, Bigger Impact: With the focus on saving money, the main focus for home improvements for 2020 will trend to small-scale projects with big impact. For example, instead of Instead of renovating the whole kitchen, a more cost-effective approach might be installing new trendy sink fixtures.
DIY: Homeowners are feeling more empowered to take on their own home projects with YouTube and Pinterest making DIY more accessible. And homeowners are using technology to help. According to Lowe’s “seventy-four percent of consumers do research to get as much information as possible before making a purchase.”
Affordable Luxury Features: Luxury home projects are slowing, which provides a new opportunity for emerging brands to take up market share. Features that were once only for semi-custom or luxury homes, such as soft-close drawers and cabinets are now more affordable for the average home.
Climate Change: Change in the climate has homeowners looking to climate-proof their homes, with upgrades in disaster-resistant home improvements. “Eighty-two percent of millennials are anxious about how climate change will affect their children’s quality of life,” explains Suzanne Shelton, president and CEO of the Shelton Group, a marketing firm that specializes in sustainability.
Technology: As technology continues to evolve, we can expect to see more “smart talk” in 2020 in regard to home upgrades. Look for products like robotic devices to help with upkeep, smart lighting, and improved voice recognition technology, or unmonitored security systems which is another rising trend.
Home Maintenance: Some home improvement projects come up unexpectedly like a leaking roof or a plumping problem. As it is now, 2020 will be the same for those homeowners who have no choice but to spend money on home maintenance.
Whether you are looking to renovate your existing properties or break ground on a new real estate project, our team of experienced experts are ready to help you with all your construction and real estate development needs in 2020. We look forward to hearing from you soon!