What is the most valuable asset you own? If you are like most families in the US, you answered: your home. As homeowners, we are always thinking of ways of improving home value while also improving our living space. Throughout the years, homeowner data has continued to show that kitchen and bathroom remodels are still the most popular improvements made to a home.
The Most Popular Rooms to Remodel
According to data from Today’s Homeowner, we can see that bathrooms and kitchens (respectively) are the most common rooms to remodel. Why kitchen and bathrooms? These are often the focal points of any home, offering both functional and aesthetic benefits because, let’s face it, we tend to spend most of our time in one of these rooms. Because of that, potential buyers tend to place higher values on homes with modern and functional kitchen & baths.
Remodeling During a Recession: A Smart Move?
Economic recessions often lead to uncertainty in the housing market. However, data suggests that remodeling can be a strategic move during these times. In the 2008 recession, many homeowners decided to invest in remodeling rather than moving to a new home. This increased home value gave them an advantage over their neighbors when the housing market rebounded and began to boom. Similar trends were seen during COVID-19 with homeowners turning to remodeling projects. This chart from Harvard Joint Center for Housing Studies shows how much was spent on home improvements and repairs between 2019 and 2023. As we can see, the numbers only continued to climb, proving just how many homes have been improving their value since 2020.
Investing in Your Home's Future
Whether you are planning a minor update or a major overhaul, focusing on kitchens and bathroom remodeling can offer immediate satisfaction and long-term financial rewards. By carefully managing and improving these key areas, you can ensure that your home not only meets your current needs but also stands as a valuable asset for the future. However, while is important to keep the financial value of your home in mind, don't forget this is your home where you and your family spend most of your time. If you can improve your family's lives while making your home more functional with a remodel, you can be sure that future home buyers will appreciate the care and hard work you put into your home. For tips on preparing for a kitchen remodel, read our guide on 6 Kitchen Remodel Challenges to Overcome. If you are looking for more inspiration, view our bathroom remodeling gallery or our kitchen remodeling portfolio.
