Experts: Here Are 8 Home Renovations Buyers Want the Most in 2024
Across the United States, many homeowners are saying yes to renovating their homes in 2024.
Key findings from Opendoor’s 2024 Home Decor Report reveal that Americans plan to spend an average of $5,635 on home remodeling projects this year. This money will be invested to breathe new life into their existing spaces.
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What are Americans prioritizing with their home renovations? GOBankingRates spoke with several experts in the renovation business to learn more about homeowner ideas for improving their spaces in the year to come.
Updated Kitchen Appliances
Investments are being made in the kitchen this year, especially when it comes to updating appliances. According to Opendoor’s report, updated kitchen appliances may potentially help with resale value when and if homeowners decide to sell their homes.
When deciding which appliances to replace, Stephanie Duncan, senior home designer at Opendoor, recommends opting for sleek, stainless-steel appliances. These appliances, like a new refrigerator and stove, should inspire potential buyers to imagine life in that kitchen — and encourage them to make an offer right away.
As an additional shopping pro tip, Duncan said you don’t need to buy the most expensive appliances on the market.
“While it is important to have updated appliances, it is not necessary to buy the top-of-the-line options. Not overspending on the most luxe brands will ensure people see a return on their investment,” said Duncan.
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Stained Wood Makes a Comeback in the Kitchen
Stained wood tones are making a comeback in kitchens as more homeowners move away from head-to-toe white kitchens. Julie Hampton, interior designer and project director at Freemodel, said some of the popular stains she sees range from light cerused oak to inviting medium hickory shades.
The good news for buyers is that it’s cost-effective to shift cabinet finish from paint to stain. According to Hampton, homeowners who choose stain over paint can save $3,000 to $5,000 on their project.
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Upgraded Kitchen Cabinet Hardware
The spotlight is on kitchen cabinets and cupboards this year.
Buyers trying to avoid overspending on their kitchen renovations are recommended by Duncan to upgrade knobs and handles on their cabinets or cupboards. Switching the hardware out is an effective way to upgrade these spaces without needing to buy new pieces.
Storage as a Decorative Element
Buyers this year are getting inspired by organization-themed TV shows, Instagram Reels and TikTok when it comes to kitchen storage for specific purposes.
Amber Shay, national VP of design studios at Meritage Homes, has seen everyday items, like snacks and supplies, being organized into specific pantry containers. Shay said there’s also storage being used as a decorative element with containers in fun colors and designs to match the décor scheme.
For the full kitchen, Hampton said buyers can expect to spend $3,000 to $6,000 on customizing cabinet interiors. Other options to explore, if you have a big budget to work with, include appliance garages or pantries with pullout shelves.
Those on a budget can still customize their cabinet interiors. “Homeowners should budget $150 to $1,200 for each cabinet to add options such as drawer pullouts, appliance lifts or converting a cabinet with doors to drawers,” Hampton recommended.
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Sanctuary Bathrooms
The primary bathroom is getting a makeover as a relaxing retreat inside homes.
Buyers seeking to create a luxurious, spa-like atmosphere in their bathrooms are recommended by Shay to explore the following investments:
Adding vintage rugs, art and other décor to make the primary bathroom look and feel like a welcoming place of respite. (Opendoor’s survey notes Americans spend an average of $1,599 per year on home décor.)
Embracing matte black. “A matte black faucet seamlessly blends with on-trend iron and aged brass light fixtures in a bathroom,” said Shay.
Using plants as accessories. This helps bring the outside indoors.
Hotel-Style Living Rooms
Buyers don’t need to spend a lot of money to create a stylish living room that they love.
“Think of items like upscale hotel-style bedding, monogrammed towels, cozy throw pillows or a stylish mirror. You can keep your eye out for original art when you’re on the hunt for furniture at thrift stores,” said Shay.
“Also, consider investing in a high-quality area rug that’s designed to look like a priceless heirloom — it can set the tone for the entire space,” she added.
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Eco-Friendly Laundry Room Solutions
More homeowners are prioritizing eco-friendly solutions in their laundry rooms.
Hampton uses the example of homeowners choosing to air-dry clothes instead of putting them into the dryer. This choice is both environmentally friendly and causes less damage to garments.
“Laundries may include pullout drying racks that are hidden in the cabinets to maintain the aesthetic,” said Hampton. “Popular systems with installation cost around $1,500.”
Interior Painting Is the Second Remodeling Priority
According to Opendoor’s survey results, kitchens are the number-one remodel priority for homeowners with the number two slot going to interior painting. (New lighting fixtures and new floors take the third and fourth priority spots, respectively.)
As far as which colors are popular with buyers, Duncan said subdued greens and blues are emerging to the forefront. Both shades offer grounding and stability to homeowners.
Shay also agrees with Duncan’s color assessment, adding in her color recommendations of sea blue and darker, moody blues for interior painting.
Buyers who choose sea blue will be able to complement any marble and other natural stones in a space or use it as a fun accent while a moody blue is ideal for a sophisticated and dramatic space. If you dare create a bolder look in your home, Shay said to use dark blue as an interior wall or ceiling color or for painted cabinets and furniture.
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