Home Improvement Industry Trends For 2023

Thinking about making an update to your home, but stuck on where to start? Whether you’re looking for a complete remodel or trying to make upgrades on a budget, the latest home improvement industry trends may be a good place to find inspiration.

Home improvement projects have become even more popular in recent years. As home prices continue to rise, it can often make more financial sense to renovate your current home to suit your needs and desires than to move to a new one. Check out the top industry trends for 2022 – and get ready to feel inspired.

2022 Home Improvement Industry: Quick Facts

According to the American Institute of Architects’ (AIA) Home Design Trends Survey, there are a few home improvement industry trend statistics for 2022.

• Average home sizes are continuing to increase.
• Entry level home sales are decreasing while upper-end home sales are increasing.
• Accessibility for aging in place is becoming increasingly important to homeowners.
• Outdoor living spaces and indoor/outdoor blended aesthetic remained popular and prioritized in home remodels.

Most of these trends can be traced back to the larger issue that home prices are rising exponentially, interest rates are on the rise, and the cost of moving has become unaffordable for many. Instead, many homeowners are making plans to make their current home remodels a long-term investment for their family.

Top 9 Home Improvement Industry Trends For 2022

Home improvement is an incredibly broad category, encompassing everything from simple DIY projects to expansive contracted remodels. Either of these categories can range greatly in cost and time based on the scope of the project. But regardless of the scale of the project, there’s no question why home improvement is so popular today – as homeowners grow and change but stay in the same spot, they long to create a space that can grow and change with them.

In 2022, home improvement trends will lean into the increasing call for sustainability and functionality at home. But which projects are right for you? To find the answer, let’s dive into the top home improvement industry trends for the coming year.

1. Outdoor Renovations

Backyard and landscaping projects will remain the biggest home improvement trend in 2022. For the last couple of years, people have been looking to get outside of their home in a safe way, and this starts in their own backyards. This could include adding a deck or porch, installing a stone patio, hardscaping, or landscaping. Indoor-outdoor living has become a priority for many homeowners, and they are often willing to invest in getting a space that flows and works well for them.

2. Preparing To Age In Place

Many baby boomers are either purchasing long-term homes or deciding to stay where they are for the long haul. This has led to an increase in accessibility upgrades aiming to help them age in place. These projects include widening doorways, installing ramps, shower and bathtub modifications, flooring updates, and smart home devices, all with the goal of preparing for any needs that may arise as they age. These are updates that often don’t translate to an increase in home value – and can even cause a burden when it does come time to sell – but are essential to helping homeowners stay in their beloved homes.

3. Simple Paint Projects

Painting trends have focused on white, gray and neutral colors for over a decade. However, current trends are leaning more toward warm, bold color throughout the home. This is a great time to repaint, especially if a room’s color is looking worse for the wear. Interior paint projects can be hired out, but are one of the easiest and most budget-friendly DIY home improvements out there.

4. Resale Renovations

Some homeowners have taken one look at the current real estate market and seen dollar signs. Even though the market is hot, there are some certain remodeling options that can be done to maximize resale value. Consult with a realtor to determine what would be a good return on investment in your specific home. Popular resale renovations include minor kitchen and bathroom makeovers, neutral paint, flooring replacements, updating light fixtures, and essential home repairs. These types of renovations are considered ones that will have a higher return on the sale of the home compared to the cost to do the project.

5. Smart Home Technology

Home automation technology has grown in popularity in recent years, quickly becoming an industry standard as homeowners seek products that make their lives easier, their homes safer and home ownership a lower-maintenance task overall.

But smart technology can do far more than make your life easier – it can also protect the environment. With increasing calls for sustainability, implementing things like a smart thermostat, lights or blinds can make your home more energy-efficient, helping your wallet and the environment at the same time.

6. Kitchen Remodel

Kitchens and bathrooms continue to be the most popular interior rooms to renovate. These are spaces that are heavily used by families, and the cabinets, countertops and fixtures are often some of the first things to become dated in a home. From new backsplashes to cabinetry and lighting upgrades, kitchens have long been a prime target for home renovators. When it comes to giving your home a facelift, remodeling your kitchen can be one of the best options, especially if you spend a lot of time cooking, eating and hanging out in this space.

If your kitchen is feeling cramped or closed off, consider knocking down a wall or two or even shuffling your layout to open the kitchen and let it flow into your living area. Small upgrades like changes in lighting or a fresh coat of paint can also make an old kitchen feel new again with a more current look. Full renovations will involve changing the layout and look and feel of a space – and are much more costly to the homeowner, but can often be worth it if you plan to be in the space a long time.

7. Bathroom Makeover

Another impactful renovation to consider is a bathroom makeover. The modern homeowner looks for roomy open spaces with touches of luxury, so a spa-like experience in the comfort of the home has major appeal.

If you have the budget for it in your bathroom remodel, consider incorporating a new and bigger tub. Freestanding tubs are particularly popular, as they make a strong visual statement and can feel more luxurious than a built-in tub. Depending on what style you’re going for, you can find tubs that are sleeker and more modern, or you can go for a classic clawfoot look. But don’t think you have to break the bank to make upgrades. Some new paint or wallpaper, stick-on title or statement art can transform your space without busting your budget. Small makeovers can update colors and materials for a more current look.

8. Sustainable Design

Both sustainable materials and energy-saving add-ons are still very popular home renovations. Sustainable materials might include reclaimed wood, bamboo flooring, plant-based foam insulation, clay brick, or recycled rubber. Decorating with vintage decor is another way to redo your home in a more sustainable way.

Energy saving add-ons could include installing LED lighting, smart thermostats, energy efficient appliances, low flow toilets, or efficient windows. These updates can be big or small and can be done as a part of a larger renovation or on their own.

9. Multifunctional Spaces

In 2022, multifunctional spaces are crucial. People are spending more time at home than ever before, so finding convenient ways to balance work and play in the same space is important. As homeowners are deciding to stay in their homes long term, many people are deciding to invest in multifunctional spaces. Packing several purposes into one room allows for homeowners to get the biggest possible value from their space. This could be a mudroom that doubles as a craft space, a home office nook in a dining room, or a playroom that doubles as a guest bedroom. Using one room for multiple functions at different times of day can be super smart and efficient, especially as your family changes priorities.

The Bottom Line

There has never been a better time for home improvement. As we continue to spend an increased amount of time at home, homeowners can benefit from upgraded and rejuvenated spaces. But if a full on kitchen remodel isn’t in your budget, don’t worry – there are many changes you can do by yourself to look on trend without breaking the bank.

If you’re looking at financing options, consider the cash-out refi. Cash out refinances allow you to use home equity you have built up in your home to further increase your home’s value, which, on top of improving your quality of life and raising your home’s retail price can, in turn, raise your home equity once again. If this cycle of value holds appeal, why not start the process to get a cash-out-refinance today?