Home Improvement Trends in 2023

Home improvement is a broad term that encompasses the sale of building materials, appliances, decor and other home enhancements, along with the services provided by contractors and tradespeople. The home improvement industry is a lucrative market, and there are many opportunities for businesses in this sector.

Homeowners spend a lot of money on home improvement projects. That’s one reason why it’s a good idea to know what kind of work you need done and how much it will cost.

The average homeowner will spend about $7,746 on repairs and improvements over the next two years. That figure is up from $6,251 in 2020.

Most homeowners plan to do small home improvement projects, such as painting a room or updating light fixtures. However, a growing number of them are considering larger projects like renovating a bathroom or kitchen.

If you’re planning a major renovation, consider using a home equity loan to cover the cost of your project. This type of financing is available for up to 85% of your home’s value, and it can be repaid over 5-30 year terms.

You may also choose to pay cash for your home improvement project, but you should have a budget in place to make sure you don’t exceed it. In addition, make sure to factor in closing costs and origination fees.

In 2023, experts say consumers will continue to invest in home improvement projects that protect their homes from disasters, such as raising properties in flood zones or adding hurricane windows in coastal communities. Additionally, they’ll continue to look for ways to maximize their outdoor spaces, such as fire pits and outdoor kitchens.