If you’re thinking about renovating your home, you’re not alone. In the last five years, a striking 94% of homeowners have embarked on significant renovation projects. From a fresh coat of paint to a complete bathroom overhaul, keeping up with the latest trends can help you make choices that enhance both the value and enjoyment of your space.
However, be mindful: 78% of these renovations exceeded their budgets, with many facing unexpected delays and regrets. In this article, we’ll explore the top renovation trends for 2024 and provide tips to help you approach your next project with confidence.
Renovation vs. Moving
With increasing home prices and mortgage rates, many homeowners are opting to invest in their current homes instead of relocating. According to Clever Real Estate, 63% of homeowners prefer remodeling over moving into an already updated property. Whether for comfort, repairs, or to enhance resale value, renovations allow you to adapt your living space to your changing needs.
But the desire to renovate isn’t solely practical; it’s also about personalization. Interestingly, 45% of homeowners choose to renovate simply for the joy of it, not out of necessity. From vibrant color schemes to contemporary kitchen designs, home improvements offer a chance to express your creativity.
Top Renovation Projects for 2024
1. Bathroom Remodels
Leading the pack, bathroom remodels are undertaken by 37% of homeowners. Modern designs now feature spa-like elements such as rainfall showers, freestanding tubs, and stylish vanities. Upgrading your bathroom not only enhances comfort but also promises a strong return on investment when it’s time to sell.
2. Interior Painting
A straightforward way to refresh your home, interior painting remains a favorite DIY project, with 33% of homeowners giving their walls a new look this year. While neutrals like white and gray continue to dominate, many are also embracing bold accent walls and vibrant statement colors.
3. Energy-Efficient Upgrades
With 30% of homeowners investing in more energy-efficient HVAC systems, these upgrades are increasingly popular. As energy conservation becomes more crucial, these renovations can enhance your home’s eco-friendliness and lower your monthly utility bills.
Budgeting for Home Renovations: 78% Exceed Their Budget
While renovations can enhance your home’s value and comfort, they often come with unanticipated costs. Nearly 78% of homeowners have exceeded their renovation budgets, with 44% spending $5,000 or more over what they planned. To mitigate this, it’s wise to include a buffer for unexpected expenses, whether you’re hiring a contractor or tackling the project yourself.
Deciding between DIY and hiring a professional is one of the biggest choices you’ll face. While hiring a contractor can save time and often yield better results, it may be pricier. Recent surveys reveal that 53% of homeowners who employed contractors exceeded their budgets, compared to 42% of DIYers. Regardless of your approach, thorough research and planning are essential to steer clear of common pitfalls.
Additionally, it’s crucial to maintain some savings for unexpected home maintenance or repairs. In 2025, 85% of homeowners reported spending money on unplanned repairs, with nearly half stating that these surprise costs exceeded their maintenance expectations.
Avoiding Renovation Regrets
While home renovations can transform your living space, not all projects unfold as intended. A notable 74% of those who remodeled in the last five years reported having regrets.
The most frequent regret? Overspending and delays. To avoid these pitfalls, set a realistic budget, manage your time effectively, and maintain clear communication with any contractors.
Younger homeowners, particularly Gen Z and millennials, often focus on projects that enhance resale value, but they are also more likely to experience regret, with 82% of millennials and 89% of Gen Z expressing some form of remorse. If boosting resale value is your goal, remember that smaller, well-executed updates can sometimes yield a better return on investment than extensive renovations.
Final Thoughts: Make Your Renovation Worthwhile
Renovating your home is a significant decision, but when done thoughtfully, it can be immensely rewarding. Whether you’re enhancing your forever home or preparing to sell, staying informed about renovation trends and potential challenges is crucial for success.
I have a list of trusted, preferred local vendors that are qualified and prepared to help you with any project that you may have in mind. Simply reach out if you need a recommendation.
Thanks for reading!
Brandon Yopp