Homeowners Renovate to Better Suit Their Tastes and Use Space Creatively

Over the past two years, we’ve spent more time at home than ever before and have utilized our homes in ways most of us never have before, including as schools and offices. So, it’s not surprising that many of us are now eager to renovate our homes.

In a poll conducted by HomeServe, 36% of respondents planned to renovate or upgrade their home to better reflect their own taste in 2022. Another 44% planned to make needed repairs and 10% would like to make changes but can’t afford it.

After many of us spent the last two years taking conference calls at the kitchen table or from our living room couches, many are looking for rooms that either serve more than one purpose or repurposing family or guest rooms into home offices that maximize productivity, including adding high-tech features like smart boards and projectors. Additionally, many homeowners crave the addition of ingenious, hardworking storage that maximizes small spaces.

Storage and multipurpose areas are also in high demand in kitchens, which have doubled as offices and school rooms during the pandemic. A kitchen remodel was the most desired renovation in HomeServe’s poll with 44% of respondents citing their aspiration to give their kitchen a facelift.

When it comes to our kitchens, experts say homeowners are trending away from all-white kitchens and toward color, with green, blue and grey leading the pack, and are making a statement with high-end hardware and distinctive backsplashes. Kitchen islands have proven so versatile that some homeowners are renovating to add a second island. ?

Many of us also have a touch of cabin fever, so trends are showing that people are extending living spaces outdoors and bringing elements of the outdoors into their homes. Shade structures and French or folding doors blur the distinction between indoor and outdoor, and outdoor dining and seating areas and kitchens are in high demand. Eleven percent of respondents in HomeServe’s poll said they want to upgrade their outdoor spaces and landscaping, as demonstrated by our outdoor living poll.

Inside, homeowner want banks of windows to let in natural light, organic materials like bamboo and cork, repurposed floors and trim, and natural elements and plants in a style that’s being dubbed “biophilic.” Homeowners also are tired of looking at the same boring four walls with new trends including the addition of points of visual and textual interest, from adding textured walls, wallpapers and fabrics to using wood, metal, tile, shiplap, beadboard, stone, bold colors, inlays and patterns.

These two trends of unique and natural materials and textures are coming together in innovative ways is the bathroom, which came in second in spaces homeowners wanted to renovate at 21%. Using unique materials in unconventional ways can add interest, depth and the perception of more space, while biophilic touches can elevate a bathroom into a spa-like experience. Homeowners also are looking for free-standing soaking tubs, low- or no-curb walk-in showers and heated floors.

Unfortunately, the skilled labor gap and supply chain challenges are making it more difficult than ever to schedule renovations. In HomeServe’s poll, 9% of respondents couldn’t find a contractor to complete a job and 7% simply weren’t able to schedule a renovation at all this year.

As Baby Boomers retire, they are not being replaced in the skilled trades. In 2020, it was expected that 31 million Baby Boomers would retire from the trades and would not be replaced. This means that, although many homeowners are looking to remodel, contractors often don’t have the skilled tradespeople to meet the demand, resulting in longer waits.?

However, cost is the highest hurdle to a remodel, and among those who would not be going forward with a remodel or repair, 64% cited cost as a reason.

Supply chain issues means that the cost of lumber has skyrocketed, with costs increasing by 89.7% over a year. The average cost of a midrange kitchen remodel is $66,196, and the national average for a bathroom remodel is $10,756.

Among those able to open their wallets, 23% expected to pay less than $5,000 for their home project; 31% expected to pay $5,000 to $10,000; 24% expected to pay between $10,000 to $20,000; and 22% expected to pay more than $20,000.

Despite these obstacles, homeowners still envision homes that are an oasis where they live, work and entertain. But as costs continue to rise and the labor pool shrinks, homeowners will need to be more innovative than ever to achieve the homes of their dreams.