Home Renovation Trends to Watch in 2024: What You Need to Know Before You Start

Thinking about renovating your home? You’re in good company—94% of homeowners completed a major renovation project in the past five years. Whether you’re planning to refresh a room with a new coat of paint or embark on a full-scale bathroom remodel, staying on top of the latest trends can help you make smart decisions that enhance both your home’s value and your enjoyment of it.

But here’s the catch: 78% of those renovation projects went over budget, and many homeowners faced unexpected delays, stress, and regret. In this post, we’ll explore the hottest renovation trends for 2024 and share tips to help you complete your next project with confidence—while keeping your budget in check.

Why More Homeowners Are Renovating Instead of Moving

With home prices and mortgage rates on the rise, many homeowners are choosing to stay put and invest in upgrading their current property rather than moving. In fact, 63% of homeowners say they’d rather renovate than move into an already updated home, according to a survey by Clever Real Estate. Whether it's adding personal touches or improving functionality, renovating offers a flexible and cost-effective solution.

And it's not just about necessity. A significant 45% of homeowners renovate simply because they want to, not because they need to. From bold interior designs to energy-saving upgrades, renovations can turn your home into a custom living space that fits your evolving needs and tastes.

Top Renovation Trends for 2024

#1—Bathroom Remodels
Bathroom remodels continue to be a favorite project, with 37% of homeowners prioritizing this space in 2024. Spa-like features such as rainfall showers, freestanding bathtubs, and sleek vanities are popular upgrades that not only enhance comfort but also add value. If you’re considering selling in the future, a modern bathroom can offer a significant return on investment.

#2—Interior Painting
Fresh paint remains one of the simplest and most impactful home updates, with 33% of homeowners planning to refresh their walls this year. Neutral colors like whites and grays are timeless, but 2024 also brings a rise in bold accent walls and vibrant statement colors that allow homeowners to inject personality into their spaces.

#3—Energy-Efficient Upgrades
In an era where sustainability is increasingly important, energy-efficient home upgrades are on the rise. About 30% of homeowners are opting for HVAC improvements, insulation upgrades, and smart thermostats to reduce energy costs and improve comfort. These updates can significantly lower utility bills while making your home more eco-friendly—a win-win.

The Hidden Costs of Home Renovations—How to Avoid Budget Overruns

While home renovations can improve your living space and add value, they often come with unexpected costs. A staggering 78% of homeowners went over budget on their last renovation, with 44% exceeding their budget by $5,000 or more. The key to avoiding this is simple: planning.

Whether you decide to DIY or hire a contractor, ensure you have a solid financial plan. DIY projects can save money upfront but may lead to costly mistakes down the road. Contractors, on the other hand, can deliver professional results, but 53% of homeowners who hired a contractor reported going over budget, compared to 42% of DIYers.

Building a buffer into your budget for unexpected expenses and thoroughly vetting contractors can help you avoid these common pitfalls.

Renovation Regrets—Learn from Others’ Mistakes

Renovations can be rewarding, but they don’t always go as planned. A recent survey found that 74% of homeowners experienced some level of regret after their project. The most common complaints? Overspending and renovations taking longer than expected.

The best way to avoid regret is to set a realistic budget, carefully manage your timeline, and communicate clearly with your contractor. For younger generations like Gen Z and millennials, the focus often leans toward resale value, but they are also the most likely to experience regret. In fact, 89% of Gen Z homeowners and 82% of millennials reported wishing they had done things differently. Remember, smaller, well-executed updates can sometimes deliver better returns than large, expensive renovations.

Final Thoughts: Make Your Renovation Count in 2024

Renovating your home can be a big financial and emotional investment, but with careful planning, it can also be incredibly rewarding. Whether you’re updating your forever home or making improvements to boost resale value, staying informed about renovation trends, costs, and common challenges will help ensure your project is a success.

So, take the time to plan, budget, and dream big for your home in 2024!