Top 4 ways we show our home some love
February 16, 2023
- Home improvement is a prime topic for many homeowners who want to keep their low mortgage rate.
- Even homeowners who already love their homes want to show their love of the place with some indoor or outdoor improvements.
- Among the top spaces to improve are outdoor living spaces, kitchens, bathrooms, attic conversions and basements.
- A home warranty provides an extra layer of protection – and love – for a home.
The soft sound of the word “home” brings comfort to most people and a feeling of love. When someone loves a person or a pet, they want to show them how they feel – and it’s not that different if they want to express their affection for their home. Many homeowners like to show their love of home by decorating or design, through careful maintenance inside and out, and by making improvements.
During the pandemic, people quickly discovered what they loved about their homes – and didn’t. That led to a ramp-up in home improvement projects so people could enjoy their homes even more.
In 2023, home improvement will be a hot topic. Now that mortgage rates are higher, many homeowners plan to stay in their homes longer to take advantage of the rates they locked in at historic lows. Those homeowners intend to make their homes more livable and functional and improve the way they look.
As an agent, you can help your buyers visualize potential home improvements they can make to increase the functionality and value of their home. In addition, your sellers may want to know about remodeling trends to decide what type of improvements to entice buyers.
Top 4 home improvement and design trends people love today
The 2022 Remodeling Impact Report, a joint study from the National Association of Realtors® and the National Association of the Remodeling Industry, identified projects most likely to have a greater return on investment and those that provide the highest “joy” score. A perfect “joy score” of 10 reflects a project that increases homeowner satisfaction with their home. The 2022 Remodeling Impact Report identified the following top trends among homeowners:
- Paint sparks joy: A fresh coat of paint inside and out generates a perfect 10 “joy” score, according to NAR’s research. This is also one of the easiest and least expensive home improvements buyers and sellers can make. Even painting just one room earns the top “joy” score.
- Homeowners love to improve internal spaces: Finishing a basement, converting an attic to a livable space, adding a home office, installing new flooring or refinishing existing flooring, and closet renovations are among the top remodeling projects for the best cost recovery.
- Expanding outdoor space is ideal: Whether it brings a good return on investment or not, homeowners love to improve or add to their outdoor living space. Popular projects include adding a roof, enclosing a patio or expanding a deck to increase the footprint of a house and to create outdoor living spaces for relaxing and entertaining.
- Kitchen, bathroom and primary bedroom improvements also offer good ROI: Whether they plan to sell anytime soon or not, most homeowners like to know the money they invest in renovations will add to their home value. Kitchen upgrades and renovations are among the top home improvement projects with the best return on investment, according to the NAR study. Adding a new bathroom and creating a new primary bedroom suite was also near the top of the list.
One of the best ways buyers and sellers can show their homes love is to make sure a Cinch home warranty covers their systems and appliances. It’s easier to love a home when you’re less concerned about finding the right pro to care for it and not worried about repair costs.
After a home improvement project such as a kitchen update, homeowners can gain piece of mind by protecting their home with a home warranty. Learn more at cinchrealestate.com.