By Hannah Connolly
hen renovating a home, there are countless ways to make changes that will add value - from knocking down walls and adding extra bathrooms to restoring character features; the list goes on. Yet, often, the most surefire way to add the 0's is to extend the square footage. But what are the emerging trends in 2023, and why are we all a bit obsessed with the idea of a fixer-upper?
For anyone glued to TikTok, you may have found yourself on reno-tok. This fast-growing genre of the social behemoth output sees creators from the most amature of first-timers to the most experienced document their experiences with renovating their spaces.
In fact, to date, the hashtag #homereonnvation has amassed more than 6.5 billion views on the platform, and the appetite for following along with the journey is growing.
If you want to embark on your renovation rather than watch others, you must ask yourself a critical question. According to the experts, the first place to start is to identify how much you are willing to spend and that budgeting will be your top ally.
Though this question is nuanced and hinges on your intentions with the property, the best tactic is slow and steady if you want to stay put for five years or more. However, for those looking to 'flip' (buying to sell), think more about broad-stroke investments with a quicker payoff.
In 2022 Uk residents spent a staggering £ 40 billion on home improvements, according to new research from the independent inspection body the RISA. The study also identified that two-thirds of homeowners said there are elements of their home they wish to change, which prompted two in five to get started.
The biggest spending category is typically lower-impact cosmetic changes like new carpets, fences or a fresh paint application. The next most popular category is improvements to rooms like kitchens and bathrooms, with over a quarter of the survey respondents identifying these spaces as their focus. Regarding budget, the average expense was around £6,700, whilst on-in-six intend to spend more than £9,000.
A separate study conducted by the UK's largest flooring supply firm Flooring Superstore, which analysed Rightmove listings in collaboration with property experts, recently revealed which improvements had the most significant impact on a homes valuation, with the top five here:
In another study, the Rated People Home Improvements Trend Report, the most significant trend to emerge in 2022 was the growing demand for eco-improvements. The study examined around 1.1 million home improvement jobs, which were analysed alongside anecdotal insights from tradespeople, homeowners and buyers.
Based on the research, it appears that nearly 90% of homeowners plan to undertake renovations to enhance the energy efficiency and eco-friendliness of their properties.According to the findings, around nine-in-ten property owners will be looking to carry out changes to make their homes more energy efficient and environmentally friendly.
The eco-centric direction also comes alongside soaring energy costs, making homeowners consider how and where they access energy. According to the report, biomass boiler installations are up by 225%, and solar panels have increased by a similarly staggering 222%.
The pandemic has led to a surge in the home improvement market, with people spending more time indoors. However, Proper Builders' trade journal suggests that the trend of seeking more space has become less prominent lately. Nonetheless, it's a well-known fact that having more space can increase the value of a property.
TikTok trends, to the race for space, what do home improvements look like in 2023?
By Hannah Connolly
