Home Renovation in 2023: 10 Facts & Stats to Consider Before Renovating

Home renovation is an exciting project, but it requires a lot of planning to ensure that your ideas come to life. It also requires a lot of research to determine what works and what doesn’t, and looking through available statistics can help before you make any decisions. Let’s look at ten facts and stats to consider before renovating that might help you out.

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1. Most Americans Prefer to Renovate than Move
Uprooting your family and adapting to a new routine can be challenging, which is why 61% of Americans prefer renovating rather than moving.

2. Kitchen Renovations Yield the Biggest Returns
If you’re considering a home renovation, you might want to start with the kitchen, especially if you’re considering selling the home. The returns will depend on the location and whether it’s a major or minor kitchen remodel, but they can go up to 92%.

3. Renovating Requires Patience
Timelines are not always accurate, and they’ll change from time to time, so you’ll need to be flexible and patient throughout the renovation process.

4. Smart Homes are Increasing in Value
If you’re considering a home renovation, you might want to focus on built-in technology and eco-friendly solutions. This market is expected to show an annual growth rate of 10.22%, according to Statista.

5. Renovation Costs are Increasing
As construction materials such as lumber and paint increase, so will the renovation price. Before you start your next project, take time to window shop and find out the prices of the materials, and set a budget that works for your project.

6. More People Prefer Larger Renovations
Small renovations may end up costing more, so more people are considering larger renovations. This has caused an increase in large renovations, which is expected to continue up to 2024.

7. Majority of Houses in the U.S. Were Built Before 1980
This might explain why renovations are on the rise. Most homes need remodeling solutions because the houses are quite old and need an upgrade.

8. Younger People Lean More Toward DIY Projects
More than 30% of young people under the age of 34 prefer to make DIY home projects compared to the older demographic aged 45-54, which is less than 20%. However, these projects must be small renovations that don’t require a professional to avoid making costly mistakes.

9. Consider These Five Areas if you Want to Decrease Your Home Insurance
If you want to lower your home insurance, consider adding a home security system, upgrading the fire system, or improving the plumbing system. Other home improvements include re-roofing the home and updating electrical wiring.

10. Choose Your Desired Home Appliances Early
Home appliance searches may be increasing among homeowners because they are an essential part of the home renovation process. As you renovate your home, you need to incorporate the appliances earlier into the design to ensure that nothing looks out of place.

If you’re thinking about taking on a home renovation project, consider these facts and stats and prepare and plan accordingly. Taking time to make a plan after doing your research will save you a lot of disappointment and ensure that you avoid unnecessary mishaps along the renovation process.

Further information needed?
Chapter renovation expert is here to help.