Americans have gotten on the home renovation bandwagon in 2021. The pandemic has changed how we live, and homeowners are reevaluating their living spaces to make them more functional and fun. In fact, according to a recent survey by Houzz, the amount that homeowners are spending on renovations has increased by 15 percent in the last year. These dollars are primarily going toward kitchens, outdoor spaces, and smart home technology. Whether you’re looking to renovate so that you can enjoy your home more or because you’re getting ready to list, here’s what you should know about making the most of your investment.
The kitchen is king
Since dining in restaurants has been restricted due to Covid, more and more people are cooking at home — and discovering their kitchens could use some updates. Spending on kitchen renovations has increased 14 percent over the last year with a median investment of $40,000. One of the biggest trends has been a movement away from open-concept layouts as homeowners look for ways to increase privacy. White has also been dethroned as the top color for kitchens as more people move toward dark and earthy tones.
Home offices are more important than ever
Spending on home office renovations is also up, and this probably comes as no surprise. As working from home becomes the norm, homeowners need spaces that truly function as work environments. In fact, many home buyers are now adding home offices to their must-have lists. For those who want to add a home office to an existing home, it’s important to know that you don’t need to add square footage. Many are creating home office spaces from a rarely-used closet – often called a “cloffice”. Others are moving interior walls to create more space for working. But if you are building a new home, then consider adding a dedicated home office, as it seems to be the wave of the future.
Outdoor spaces are being optimized
Outdoor living spaces also saw an increase in spending, particularly for upgrades to porches and decks. People are looking for new ways to spend their leisure time at home, and many are turning to the outdoors for this. More of us are exercising, dining, and socializing in our outdoor spaces because of the pandemic. Pools are becoming more popular, as are outdoor kitchens or even fire pits. In addition, more homeowners are looking for ways to bring the outdoors in, like installing new windows that capitalize on a great view.
Homes just keep getting smarter
Updating home technology has also been a big trend over the last year and one that will appeal to home buyers. This includes technology for outdoor spaces, such as smart speakers and light fixtures as well as security systems. Other popular additions include smart locks, smart televisions and soundbars, and smart thermostats.
Contact Keller New York today!
Whether you’re buying or selling a New York home, it’s important to have a team of experts on your side. Contact the Keller New York Bronx office at 718-697-6800 or the Eastchester – Scarsdale office at 914-713-3270 today to speak with one of our agents. We’re always available to answer your questions and help you through every step of the real estate process.