According to a recent Houzz study, consumers aren’t planning on trading spaces as much in 2023. More likely, they’ll continue to elevate the homes they currently live in. Citing the economy, housing shortages and rising interest rates, more consumers are planning to stay put in 2023. More than half of homeowners surveyed (67 percent) want to stay in their current homes, 34 percent in their current neighborhoods, and 23 percent perceive renovations to be more affordable than moving, as well as a better return on their investment (22 percent).
Renovation Plans
So what renovation plans are on the agenda?
According to the Houzz survey, among those planning to start renovations in the next 12 months, 67 percent want to stay in their current home/lot rather than buy a new home that fits their current needs.
More than half of this group will kick off their project in January 2023 or earlier (58 percent), with top projects including bathrooms (37 percent) and kitchens (33 percent).
To tackle these substantial projects, 91 percent plan to hire a professional, including general contractors (46 percent), electricians (27 percent) and cabinet makers (25 percent), among others. The planned median spend on these projects is $25,000, meaning that half of homeowners plan to spend more than that amount, while the other half has a smaller budget in mind.
Home exteriors also look to be getting a refresh. Among those currently updating their home exteriors, respondents noted that windows or skylights top the improvement list (43 percent), followed by exterior doors (42 percent), exterior paint (36 percent), porches or balconies (32 percent), and decks (31 percent).
System updates are also key. With an aging housing stock nationwide, systems updates are common with electrical (49 percent), plumbing (48 percent), heating
(34 percent) and security (34 percent) topping the list among those currently updating their homes.
Road Blocks
As expected, renovation challenges are likely to spill over into 2023 as well,
although some of these have eased in recent months.
When asked about the biggest renovation challenges, those who completed projects in 2022 (37 percent) pointed to supply chain with over a third citing trouble finding the right products and materials (37 percent). Other top challenges were finding the right professionals (35 percent) and staying on budget (27 percent).
