2020 Home Renovation Trends
In 2020, for the first time in a decade, the home renovation market is projected to decline. Slowdowns in the housing market are leading to less spending on home improvement, according to the Harvard Joint Center for Housing Studies. So, what does this mean for your house and the types of projects you may be considering? As you make your plans, take note of these 10 trends that may affect pricing and services in the year ahead.
Surfaces Will Stay in the Spotlight
Research from the Joint Center for Housing Studies shows that carpets, floors, paneling, and ceiling tiles account for the largest expenditures in home renovation annually: 5.3 million homeowners spend an average of $3,282 a year on surface improvements.
Home Wellness Is on the Rise
Industry leaders at this year’s HIRI (Home Improvement Research Institute) Summit found that wellness-focused improvements are on the rise. Nontoxic materials are a big selling point for millennial homeowners, as are water and air purification systems and circadian lighting to improve sleep.
Related: Is Your House Ruining Your Health?
Saving Money Is the Focus
People won’t stop spending money on their homes just because renovation is expected to decline in the coming year. Instead, expect an uptick in projects tied to cost savings, including energy-efficient lighting, home insulation, and improved roofing.
Related: 12 Ways Your Home Can Save You Money This Year
Upgrades Will Have Smaller Budgets, But Bigger Impact
With savings the main focus of next year’s trends, homeowners will be more strategic with their funds, opting for smaller-scale projects with high impact, such as installing sleek new sink fixtures.
Paint Makes Everything Prettier
Paint companies like Sherwin-Williams continue to see strong growth, according to the Wall Street Journal. While the task may be time-consuming, repainting walls or doors in your home can yield outsize dividends in home value—and joy. Try sprucing up a single room with an accent wall or wallpaper.
Related: The 8 Painting Mistakes Almost Everyone Makes
DIY Is Here to Stay
With YouTube and Pinterest making DIY more accessible than ever, more consumers feel empowered to take on home improvements themselves. Homeowners are also using technology to become better informed about their purchases. According to Amy Anthony, senior director of customer insights at Lowe’s, "Seventy-four percent [of consumers] do research to get as much information as possible before making a purchase."
Climate Change Means More Climate-Proofing
Extreme weather patterns are spurring more homeowners to invest 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.
Related: The Right Way to Weatherstrip a Door
Expect More Emerging Brands and Custom Features
Want to remodel your kitchen or bath? Luxury projects are slowing, which provides an opportunity for emerging brands to gain more market share and for "luxury" features to appear in a greater range of products. For instance, features that were once limited to semi-custom or custom cabinetry, such as soft-close drawers and custom sizing, are now widely available for less.
Some Things Will Continue to Be Nonnegotiable
While some home improvements are planned for, others are surprises that have to be dealt with—or else. If your house is experiencing plumbing trouble or the roof has sprung a leak, you have no choice but to shell out the money to maintain your home’s integrity. This will be as true in 2020 as it is now.
Related: The Best Ways to Update a Bathroom for Only $20
Home Tech Is Getting Smarter and Safer
Expect to hear a lot more “smart” talk in 2020. Whether you crave robotic devices that make cleaning and upkeep easier, smart lighting, or smart systems with better voice recognition, the home of the future can be yours today. You can even protect your smarter home with an unmonitored security system, another rising trend.
Related: The 10 Biggest Security Risks in Today's Smart Home
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