As we look further into 2023, home renovation projects are likely to be highly influenced by current economic and social factors. From taking steps to protect their wallets against elevated heating and cooling costs to focusing on adding functional living spaces to their current homes rather than purchasing a new home in a market with high interest rates, we could see several renovation trends emerge throughout the year.
1. ENERGY EFFICIENCY:
Rising energy prices will likely serve as a strong motivator to homeowners to undertake renovations that focus on making their home more energy efficient, and cut heating and cooling costs. To minimize the impact of potential changes in energy prices have on bills throughout 2023, energy saving projects are almost certain to remain popular.
According to the Government of Canada, windows and doors can account for up to 25% of total house heat loss, while walls can account for another 20%. Updating windows and doors, and ensuring walls are properly insulated are great places to start fighting rising energy costs.
2. HOME OFFICES:
Work from home is here to stay for many people. In response, many homeowners will be looking to upgrade their current makeshift home offices. This could mean converting an existing room into a comfortable office, or creating a new room altogether, permanent home offices are sure to become a fixture in many homes.
3. BACKYARD SPACES:
Backyard additions have become exceedingly popular in recent years as a result of people spending more time at home, and 2023 will likely be no exception. Decks, patios, and pergolas are all excellent projects to undertake for anyone looking to enjoy more time outdoors. Taking it a step further to include a wooden fence in yard renovations will provide the privacy needed to create a peaceful retreat.
4. BASEMENT DEVELOPMENT:
As a viable alternative to purchasing a larger home in a market with elevated interest rates, homeowners can expand their functional living space in their existing home. Unfinished basements are an untapped space that can be designed for a multitude of purposes.
Turning unused basements into a rental unit, or into a space for parents or children to move in is a worthwhile investment for many homeowners. A basement could be the perfect place for that permanent home office, home-based business or a space to spend time as a family.
Unfinished basements represent countless possibilities, but one thing is for sure – a finished basement is sure to add value and functional space.
Detached garages are functional for more than simply storing vehicles. Similar to how a developed basement gives homeowners more living space, a garage provides a storage building, workshop, and general functional space to properties. A detached garage is an effective way to add value to any home.