I know it’s not as easy as Chip and Joanna make it look, but watching all that HGTV gives me some serious “demo day” fever – and I’m not alone.
According to the 2018 Houzz and Home Study, 58% percent of homeowners renovated at least one room in their home last year and spent an average of $15,000 to do it. The study also showed that homeowners are becoming more deliberate about financial planning for these renovations, and that 51% of Houzz users are planning to renovate in 2018.
Most Popular Home Renovations
We know people are renovating, but what are the trends leading the way?
Kitchens and Bathrooms Reign Supreme
If you’ve ever bought or sold a house, you probably heard that kitchens and bathrooms sell houses. Maybe that’s why they’re consistently the most commonly renovated homes in the house.
The Houzz and Home study concluded that the top three renovated rooms in the home are kitchens, guest bathrooms and master bathrooms.
Kitchen renovations lead the pack with 31% of renovating homeowners making changes in their kitchens. Interestingly, new homeowners were more likely to remodel their kitchen than long-term homeowners.
These renovations could be popular because these rooms add the most value to your home or because they’re rooms used daily that receive a good deal of wear and tear. Whatever the homeowner’s reason, they’re in good company when renovating these areas.
Kitchen and bathroom renovations probably won’t be going away anytime soon, but we did see some new renovation trends gaining ground in 2017.
Exterior Home Upgrades
The indoors weren’t the only areas of renovation focus last year.
According to the study, 59% of renovating homeowners chose to make upgrades to the exterior of their home. Exterior upgrades include projects like roofing, exterior painting, windows/skylights, siding and deck work.
As technology advances, so do homeowners. The study shows that 23% of home system renovations are focused on home automation – things like smart thermostats, lights and devices like Alexa and Google Home.
With the rise of smart home products, homeowners are transitioning to tech-forward home security systems. Security system upgrades have increased by 50% in the last two years.
What Do These Renovations Look Like?
It’s clear that homeowners across America are renovating their homes, but what do they look like when they’re finished? What are the design trends that have Americans running to the hardware store? According to Pots Planters & More’s Google search study, this varies by state and region, but there are a few trends that stick out above the rest.
Based on the Google search traffic, farmhouse interior design is most popular in the southeast. From Oklahoma to South Carolina and down to Louisiana, farmhouse décor is searched most often.
Farmhouse design combines the warmth of a rustic aesthetic with the charm of shabby chic. It’s an elevated country style. Ditch the sunflower wallpaper and ceramic roosters and instead opt for butcher block counters, sliding barn doors and unfinished or worn finishes.
Essentially, if it looks like it came out of the Hearth and Hand design book, you’re on the right track.
Scandinavian style is trending across the country, but is particularly popular on the west coast, in the Midwest and the northeast.
Scandinavian design hit its peak in the 1950s but is seeing a big comeback. This design style strays from the warmth of farmhouse design and leans more into clean lines, negative space and simplicity.
Hygge is an element of Scandinavian culture that has embedded itself into the décor styles as well. This concept priorities the little things that make you feel at home, like light, coziness and natural elements.
The design king in the northern central U.S. is boho.
Bohemian style is eclectic and a little wild. Colors, pattern and texture make this design style stand out and allow a homeowner’s personality to shine through. Artisan touches like hand-carved wood, intricately woven rugs and tapestries, and handcrafted ceramics are telltale signs of bohemian décor.
How Do People Pay for Renovations?
The Houzz and Home report indicated that many renovating homeowners are budgeting more intentionally for their home projects. Last year, 85% of home renovators used cash to fund their projects.
Even though most people used cash, 33% percent also used credit cards to supplement or cover the renovation costs. The least common (although more common with long-term homeowners who have more equity built up), were secured home loans.
If you’re looking to renovate but don’t have the cash on hand, a cash-out refinance could help you make your renovation goals a reality. Every situation is different, so we recommend talking to a Home Loan Expert who can assess your situation and see if it makes sense for you. If you have any questions, you can call our Home Loan Experts at (800) 785-4788.
Alternatively, a personal loan can also supplement your savings and help you cross the renovation finish line. Rocket Loans can even get you funded the same day!
Whether you’re renovating your kitchen or siding, if you’re going for a farmhouse style or something more minimal, and whether you’re using cash or something to supplement what you’ve saved, a home you want is just a reno away.
Did you finish a home renovation project recently or are planning on starting one? Tell us about it in the comment section.
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