Home Improvement Trends in 2022 and 2022
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Home improvement refers to any renovation or repair that makes a house more pleasant to live in. It can include work to improve the structural integrity of the building, or cosmetic work to make it look more attractive. Many homeowners undertake home improvements to increase the value of their property and enjoy the satisfaction of a job well done. Others may be motivated by the need to repair a damaged part of their home or simply want to update their living space. Some improvements also qualify for tax credits, which can offset some of the costs.
Choosing which home renovation projects are worth the cost often depends on personal preferences and how long a homeowner plans to remain in the house. “A good rule of thumb is that needs should trump wants,” says Courtney Klosterman, senior home insights expert at the home insurance company Hippo. “For example, a new kitchen is a big improvement that can really boost your home’s resale value. But if you’re remodeling your entire house just for resale, it might not be the smartest move.”
In 2022, when the pandemic drove more people to stay put and spend time at home, there was a surge in renovation activity, according to the National Association of Realtors’ Remodeling Impact Report. The growth in market spending involved households at all income levels, with disproportionate surges among middle-income homeowners doing moderately priced upgrades. Those upgrades included improving worn-out surfaces, finishes and materials (28%), adding features and improving livability (27%), and upgrading the look and feel of a home (16%).
A recent NerdWallet survey found that 3 in 5 homeowners have undertaken some sort of home improvement project since March 1, 2020. Some of the most popular projects include renovating a kitchen, bathroom or master suite; adding outdoor living spaces like patios and decks; or updating flooring and fixtures.
Other popular upgrades include resealing the driveway, replacing old windows and doors, installing energy-efficient lighting, and upgrading the HVAC system. Improvements that help a household maintain independence and security also have been in demand, such as adding handrails and grab bars to stairs and bathrooms. Installing smoke and carbon monoxide detectors that flash lights or emit louder warnings can help protect older adults and those with hearing or vision impairments. Grading the ground around a home to lessen steep slopes and create ADA-friendly pathways can improve accessibility for those with disabilities, too.
Homeowners’ appetite for major improvements appears to have cooled, though. The NAR’s report and other data indicate that the current pullback in remodeling is likely due to rising prices. Consumers are choosing lower-cost, DIY improvements they can do themselves over larger, more costly projects.
When selecting a home improvement loan, consider the loan amount, monthly payments, and repayment terms. You can also review fees, penalties, and other features that vary by lender. A lender can provide a preapproval before you start your project, which can help you manage your budget and timeline.