Evergreen Home Renovation Stats & Facts 7) Kitchen Renovations Yield Biggest Returns Living room and dining area from one of our many Manhattan apartment renovations. ![]() Per sources, 61% of Americans would rather renovate than move, citing their desire to avoid uprooting family and routine as the main deterrent of moving. 6) The Majority Of Americans Would Rather Renovate Than Move Whether they’ve been cooped up inside due to COVID or their kids are finally grown and moving out, people are ready to focus on seeing their dream home project to completion. Per home industry statistics in 2023, the leading reason renovations are on the rise is people have more time than ever. 4) Larger Renovations On The Riseĭespite rising costs, the NKBA found large renovations were up 15% in 2021, and rose an additional 13% throughout 2023, with double-digit growth expected until 2024. The NKBA suggests we should expect this trend to continue due to indefinite inflationary pressures. The main culprit? According to the National Association Of Home Builders, lumber and paint lead the price increases. Per Houzz & Home, 53-72% of construction and design-build firms expect construction costs to increase. 2) Americans Renovate Their Homes Roughly Every 3-5 YearsĪccording to sources, US residents are renovating their homes around 2-3 times per decade, with bigger renovations being slightly less common. USNews is reporting the price gap between renovated and unrenovated homes was widening nationally in 2023, meaning non-fixer-uppers are even more appealing in fierce, fast-paced real estate markets like NYC. Timely Home Renovation Stats & Facts For 2023 1) The Price Gap Between Renovated And Unrenovated Homes Is WideningĪs skilled trades professionals become more scarce and raw materials more expensive, homes that offer immediate gratification are more in demand than ever. ![]() It can be useful to mount these sorts of fittings on the wall to maximize floor space.Living room from a recent full Upper West Side pre-war co-op renovation. “Ensure there’s room to store bulky movable items, such as the ironing board and vacuum cleaner, too. “They’re great for accommodating laundry baskets and recycling boxes,” she says. Hoad recommends installing open cupboards. “Include an open shelf, and where possible add in space for two to three baskets for sorting laundry by color,” she says. Building custom cabinets up to the ceiling makes the most of vertical space, although remember that the storage right at the top is only really practical for infrequently used items.ĭorsch also cautions against overcrowding the room with storage, as this can make it feel oppressive. “We’ve seen many places where corners weren’t utilized.” “Add as much storage as you can and ensure that corner units are used fully,” Dorsch says. It can be easy to miss opportunities to incorporate helpful storage of all kinds. “My rule of thumb in a modest house is to locate the utility room toward the middle of the home, where it’s darkest and it won’t impede the relationship between the living spaces and the garden,” she says.įind design and remodeling professionals on Houzz This is usually straightforward if there’s a bathroom nearby.”Įva Byrne of houseology advises against using up valuable space and light next to a yard. ![]() “Perhaps a cupboard on the same floor with the washing machine and dryer in it would be better, if plumbing and drainage can be arranged. “For example, don’t put a utility on the ground floor if you plan to dry and iron everything on the top floor,” says Cat Hoad of Absolute Project Management. Be clear about how you want to use the space when it comes to deciding on its position. “It may need to move up or down in the house, depending on other needs and use of spaces,” says interior designer Claudia Dorsch. Not Being Flexible About the Room’s Locationĭon’t make the mistake of thinking your utility room has to be on the bottom floor or next to the kitchen.
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