A couple with a contractor in their Scottsdale home

Thinking about sprucing up your living space? You're in good company. Home renovations have become increasingly popular over the past few years, with homeowners looking to update their living spaces and add value to their properties. In the past five years, an overwhelming 94% of homeowners have embarked on significant renovation projects. Whether it's a fresh coat of paint or a comprehensive bathroom overhaul, being in tune with current trends can guide you in making informed decisions that enhance both the value and your enjoyment of your home.

However, with so many options available, it can be challenging to know where to start. That's where staying on top of the latest trends comes in handy. By understanding what's popular in the world of home design, you can make informed decisions that not only suit your personal taste but also add value to your property.

But tread carefully before you jump into your next renovation project, it's important to be aware of the potential pitfalls. Unfortunately, 78% of homeowners who have completed a renovation in the past five years have encountered budget overruns, unexpected delays, and, occasionally, regret. Whether it's a contractor who fails to deliver on time or a design decision that doesn't quite pan out, there are many factors that can derail a renovation project. This can be a significant source of stress and frustration, especially if you're working with limited funds.

Despite these challenges, there are many compelling reasons to consider a home renovation in 2024. For one, renovating your home can be a smart financial move, especially if you're planning to sell in the near future. By updating key areas like the kitchen and bathroom, you can increase the value of your property and attract potential buyers.

But even if you're not planning to sell anytime soon, renovating your home can still be a worthwhile investment. After all, your home is where you spend the majority of your time, and it should be a space that reflects your personal style and meets your unique needs.

We Have Always Updated Our Homes Before Selling

New floor in kitchen

We have always renovated or at least spruced up our homes prior to selling. We had already done some updates and a bathroom renovation in our first home decades ago. It looked like a little red schoolhouse when we bought it and we waited until we were getting ready to sell it before we painted it a cream color. It looked so much better. We also planted some beautiful flowers and bushes in front of the front porch and on one front side of the home. What a difference!

On another home, we redid two bathrooms. My teenage son loved them and asked why we waited so long to remodel them. I replied, "Then we wouldn't have been able to advertise them as 'two brand new bathrooms' to potential buyers." We still got to use them for a short period of time.

On our last sale, we redid the original floors. We replaced the old tile with new on the upper-level hallway and replaced the tile on the family room level with laminate wood. We also redid the laundry room - paint and floors. My favorite change was putting new laminate wood on the main level which was the living room and kitchen (it was a quad-level home - picture is above). I loved the new look and that is one thing I wish we had done sooner (we had already remodeled the bathrooms when we moved in). We even redid the dining table which was in good shape except for the table top. I've shown homes where the ugly furniture took away from the house itself. The table turned out beautifully and we ended up selling it before moving.

Updating Your Home Versus Relocating

Showing a couple making updating their Scottsdale home with Renovate and a girl with a box with Relocate

As home prices and mortgage rates continue to climb, many individuals are opting to improve their existing properties rather than seeking new ones. According to a study by Clever Real Estate, 63% of homeowners prefer to remodel their homes instead of purchasing one that’s already updated. Whether the goal is enhancing comfort, repairing damage, or increasing resale value, renovations allow you to mold your living environment to better suit your evolving needs. This way you will get the updates you want vs. updates someone else decided to make.

Other people will look at homes that are priced lower because they need updates and work done. This way, the new owners can make sure repairs are done properly and the renovations are what they actually want - not someone else's choices.

Yet, practicality isn't the sole driver behind these choices; renovations offer the exciting opportunity to craft a distinctly personalized space. In fact, 45% of homeowners admit that their remodels stem from desire rather than necessity. By experimenting with bold color palettes or crafting contemporary kitchen layouts, home improvements present a chance to unleash creativity and make a home truly yours.

What are the Top Renovation Trends for 2024?

I already wrote a blog titled Upgrade Your Home With These 2024 Design Trends. It's a more in-depth post that goes into much more detail with different design trends. Check it out!

Updating Bathrooms

Remodeled bathroom in a Scottsdale home for sale

This is on my list of remodels, and this time I don't want to wait until we sell, as that will probably be quite some time. According to industry experts, bathroom remodels are at the top of the list, with 37% of homeowners planning to tackle this space in the coming year. Modern bathroom design is all about creating a spa-like atmosphere, with features like rainfall showers, freestanding tubs, and modern sleek vanities taking center stage.

That's not quite what I have planned. For my shared bathroom on the main level, there is a nice large tiled area around the tub. But the owners before us left marks/dents in the tub finish. They tried repairing one of the spots with a thick ugly epoxy layer. I'm considering getting either a full tub surround (we did that in a prior home and it turned out great - and that was many years ago), or at least a new tub. I can live with the vanity, but I want to refinish the wood and it definitely needs a new top and sinks. We're also going to repaint it.

For the basement bathroom we're going with a walk-in shower. I'm not sure what I want to do with our primary bathroom. It needs a new shower and the current one is built up against one of those huge, useless soaking tubs that are water wasters. I'd also want to redo the countertop and sinks.

Painting the Inside

A mother and daughter painting inside their home in ScottsdaleAnother popular trend for 2024 is interior painting, with 33% of homeowners planning to give their walls a fresh coat of paint. I read a recent article that states neutral colors like white and gray remain popular choices, but many homeowners are also experimenting with bold accent walls and statement colors to add a personalized touch to their living spaces.

Just be careful if you're painting to sell your home. Stick with the neutrals, and in my opinion, white doesn't necessarily mean stark white. There are many different hues to choose from. Benjamin Moore states that White Dove is their popular white, while Sherwin Williams touts Pearly White.

I personally feel that gray has seen its time and I would lean more towards a taupe. Pantone's Color of the Year is Peach Fuzz, but I don't think it's a good color if you're planning on selling your place.

If you are selling, you might think that the buyers will repaint the house, so you don't have to worry about it. I don't agree unless you have a neutral palette. If you have bright or very deep dark colors that don't match people's furniture, they might bypass your home to find another where they don't have to paint.

If you're staying in your Scottsdale home and need a change of pace, or maybe you never liked your wall colors, consider this as one of the updates you do. Painting the interior of your home can be an incredibly transformative experience, not just for your space but for your mood as well. There's something deeply satisfying about seeing a fresh coat of paint breathe new life into a room. It’s like hitting the reset button.

Every time you walk into the room, you feel a small surge of pride, knowing you had a hand in creating that feeling of warmth, coziness, or even energy. It’s more than just a visual upgrade; it’s a shift in how you feel in your own space—like a personal refresh that energizes your everyday life.

Energy-Efficient Upgrades to Boost Your Home's Value and Save Money

Smart Home Energy on an app on a phone

As a REALTOR® I would only suggest an upgrade like this if your HVAC system is broken or your windows really need replacing. If it's currently all working fine and will pass the home inspection, then you might want to make one of the other remodels mentioned here. That's because buyers are "sold" on a house mainly by things they can see and visualize.

So creating an energy-efficient home is more for you. And it's usually something you'd only do if your current system isn't working at its best or has shut down.

Energy-efficient upgrades are also gaining traction, with 30% of homeowners investing in eco-friendly heating and cooling solutions. As energy savings gain importance in today's world, these improvements not only make homes more environmentally conscious but also contribute to lower monthly utility bills. I'm sure with Phoenix's record heat recently this is happening more and more.

Before installing solar panels on your home, it’s important to do your homework to ensure you make informed decisions. While solar energy can reduce electricity bills and lower your carbon footprint, not all systems or financing options are created equal. Factors like your home’s location, roof structure, and energy needs play a huge role in determining whether solar panels are a smart investment for you. Researching different providers, understanding tax incentives, and calculating potential savings will help you avoid surprises down the road and ensure you get the best return on your investment. It’s all about making sure solar works for your home and budget.

Kitchen Remodeling

Men remodeling kitchen cabinets and countertops in a Scottsdale home

Bathroom remodels are expensive, but an entire kitchen remodel is one of the highest-priced updates you can do. I wouldn't do a full kitchen remodel if I was trying to sell a home. I would just try to spiff up whatever I feel needs it. 

In one of our last sales we already had quartz countertops that we put in when we bought the home. I wrote above some other updates we did, one of which was new flooring since we did that entire level. In our Scottsdale townhouse we sold in 2020 we already had updated flooring. All we added was a new stainless steel refrigerator to match our other S/S appliances. 

On the other hand, if you're planning on staying in your home for a while, it might be worth remodeling your kitchen. Instead of getting all new cabinets, my sister-in-law just got new doors and doorfronts. A couple friends turned their cabinet doors around and repainted them and they looked like new shaker cabinets.

Navigating the Costs of Home Renovations

A woman sitting on the living room floor of her Scottsdale home with tools and a calculator

While renovating your home can enhance both its value and your comfort, it often leads to unforeseen expenses. A significant 78% of homeowners reported exceeding their budget during their most recent renovations, with 44% overspending by $5,000 or more than anticipated. To prevent this issue, it’s crucial to include a contingency fund for unexpected costs, whether you hire a professional contractor or choose a DIY approach.

One of the key choices you'll need to make is whether to opt to do it yourself or enlist a professional. You can hopefully save money by going it alone but as they say, "Time is money." While DIY projects can be a great way to save money, they can also be time-consuming and challenging, especially if you lack experience or the necessary tools. And I'm sure professionals have a lot of stories of how they came in after a DIY project went sideways, costing the homeowner that much more.

Although hiring a contractor might save you time and yield superior results, it can also come at a higher cost. A recent survey indicated that 53% of homeowners who hired contractors paid more than they expected, in contrast to 42% of those who pursued DIY projects. Regardless of the route you take, it's important to do your research and choose a reputable contractor who has experience with the type of project you're undertaking.

In addition to renovation expenses, it’s wise to keep a reserve for unanticipated repairs or home maintenance. In 2024, 85% of homeowners encountered unplanned repair costs, with almost half reporting that these unexpected expenses surpassed their maintenance budget forecasts.

How to Prevent Renovation Regrets and Love Your Remodel

Blueprint for a Scottsdale home kitchen remodel

Another factor to consider when planning a renovation is the potential for regrets. According to a recent survey, 74% of homeowners who have remodeled in the past five years have some form of regret. A predominant lament is overspending, paired with extended timelines.

To avoid these regrets, it's important to set a feasible budget and timeline for your project. This may involve making some tough choices and prioritizing certain aspects of your renovation over others. It's also essential to communicate clearly with your contractor and ensure that everyone is on the same page regarding your expectations and goals.

If you're updating because you're planning on selling your home, it's important to keep in mind that sometimes smaller, well-executed updates can offer a better return on investment than large-scale projects. For example, a fresh coat of paint and some updated light fixtures can go a long way in making your home more attractive to potential buyers.

Wrapping Up: How to Maximize the Impact of Your Renovation

A contractor in a Scottsdale home envisioning a kitchen remodel

Ultimately, the key to a successful home renovation is careful planning and execution. By staying informed on the latest trends, setting a realistic budget, and working with a trusted contractor, you can transform your living space into a beautiful and functional home that you'll enjoy for years to come.

Whether you're looking to create a more personalized space or simply want to update your home to better suit your needs, a renovation can be an exciting and rewarding experience. With the right approach and mindset, you can navigate the challenges and pitfalls of the renovation process and emerge with a home that truly reflects your unique style and personality.

So if you're thinking about updating your home in 2024, don't be afraid to take the leap. With careful planning and a willingness to embrace the latest trends, you can create a living space that you'll love coming home to every day.

If you want to make some updates to a home you're selling, give me a call first at 480-906-1500. I can tell you what you should do that will make sense, attract buyers, and cost you the least amount of money.

Posted by Judy Orr on
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