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Are you putting off quality renovations to your home because of the 2020 coronavirus pandemic? Well, according to masteredhomerenovations.ca, 2024 is a great year for luxury home renovations.
There are multiple reasons why you should proceed with your plans. We explore some of those reasons, below.
What Makes 2024 a Great Time for Luxury Home Renovations?
To start, homeowners are expected to continue spending on home improvements and repairs throughout 2024, just as they did in 2020.
No longer is the home renovation industry worried about a pandemic-related downturn, according to the Leading Indicator of Remodeling Activity (LIRA).
In fact, at Harvard University, the Remodeling Futures Program at the Joint Center for Housing Studies just released the latest LIRA that predicts growth in renovation for 2024.
They project a 4.1 percent increase in spending in this sector in the first three months of 2024 and a 1.7 percent increase through July.
This data shows that the renovation market is bouncing back from the pandemic without delay. Experts suggest this is happening because we are all spending so much time in our homes.
We are seeing where our homes need improvement for better functioning and comfort. The same experts are anticipating that large improvements will drive strong growth as the year progresses.
Harvard forecasters are predicting stronger home prices and home sales in 2024, including among buyers looking for second homes.
One of the trends the experts note is greater investment in existing homes that will continue sustaining the remodeling industry. This is because the refinancing industry is surging during the pandemic.
Because people are spending so much time in their homes for work and among their families, they seek more improvements for functional workspaces, entertainment, kitchens, and fitness.
Luxury improvements are in high demand.
Dedicated Home Offices and Learning Spaces
With the kids learning at home and adults working in the same spaces, chaos has reigned supreme in many households. For this reason, more luxury renovators are seeking to establish dedicated home offices and learning spaces.
Home offices are taking on a new level of luxury because of the time we are spending on them today and, likely, in the future.
More Clearly Defined Spaces
Open floor plans have been the rage for the past several decades. Now, many homeowners are rethinking the open floor plan.
Some are seeking to close the once highly coveted open spaces to establish cozier environments and privacy. In luxury homes, it is even common to see the greater delineation between “his spaces” and “her spaces.”
The pandemic has shaped this trend of wanting nooks, pockets, and rooms specifically designed for conversations, exercising, or just lounging.
Homebuyers are also seeking houses with private spaces, so you can expect this type of renovation to pay off when putting your home on the market.
Getting out into nature became harder during the pandemic. As a result, many luxury homeowners seek the addition of indoor gardens and spaces designed with natural materials.
These rooms specifically designed for growing houseplants and indoor gardens focus on adding natural light, exposure, and plumbing.
In the new luxury kitchens, wood-grain cabinets and counters are taking over. Designers are employing minimalism with organic and natural materials, particularly wood grains.
This style change from all-white and other recently popular schemes comes from our growing desire to connect with nature.
Luxury renovations are not exclusively indoors. Being stuck at home means not being able to go to the park or playground for many kids, leaving families feeling inexplicable and cooped up.
As a result, one of the hottest new trends for luxury homes is equally next-level play areas. Custom-designed playgrounds incorporate zip lines, adventure courses, and climbing walls, in addition to the staples of swings and slides.
Many adults are getting in on the playground action and designing luxe play areas where they can participate alongside their kids.
Not being able to leave home makes us want to use all of our property to the fullest. This is why outdoor kitchens are trending among luxury home remodelers.
More homeowners are seeking to incorporate year-round outdoor features, regardless of where they live. Popular additions include outdoor fireplaces, fire pits, heated patios and deck areas, screened-in porches, and outdoor kitchens.
A Long List of Luxury Renovations
Besides the hot trends above for 2024 luxury renovations, others making the list include:
- Smart bathroom innovations
- Luxury fitness rooms and home gyms
- Prep and show kitchens
- Video conferencing rooms
- Quarantine quarters
- Recording studios
- Grander staircases
Whatever home renovations you seek in 2024, this is the year to get them done. With so many people being stuck at home around the clock, it is easier to manage these projects than ever before.
Home is also now more than just where your heart lives. It is also your workplace, learning hub, fitness center, and recreational site. You deserve a space that more fully meets your needs and carries the value forward when you decide to sell.