With mortgage rates skyrocketing and house prices refusing to budge, the real estate market is in a real bind.
It’s no wonder, then, that experts are predicting a DIY boom, with homeowners investing their money in a renovation project rather than attempting to move.
The global home improvement market was valued at $342 billion in 2022 and is expected to reach $575.5 billion by the end of 2030, according to DoneMR.
But homeowners need to be careful about where they spend their money. A recent study by home services website Angi revealed how investment returns can vary widely from project to project.
And interior designers say expensive renovations can lead to serious regrets. DailyMail.com spoke with two experts about the biggest renovation regrets they’ve seen among homeowners.
Texas interior designer Nikki Watson, who runs The Design Quad, warns that open shelving has become increasingly trendy over the years.
Texas interior designer Nikki Watson, who leads The quadruple design, says open shelving – cabinets without doors – have become increasingly trendy over the years. But she warns that owners realize they are impractical for everyday life.
Watson told DailyMail.com: “A cool trend that is still valuable in vacation rentals so you don’t have to hunt down cooking utensils or drinking glasses, but not as popular to live.
“When homeowners renovated their homes with open shelving to keep up with trends, they quickly realized they were reducing their real storage options.
“Keeping the dishes neat, clean and dusted was a task. So it was a quick regret.
Interior designer Ben Gold said homeowners often regret installing kitchen islands that are too large for the space.
Oversized Kitchen Islands
Ben Gold, Philadelphia interior designer, founder of Recommended Home Buyers, told DailyMail.com that homeowners tend to miss kitchen renovations that focus on aesthetics rather than functionality. This included installing oversized kitchen islands.
He said: “Many homeowners opt for large kitchen islands which look great but can hinder the flow and functionality of the space.
“They often regret not considering the impact of island size on travel and convenience during daily activities.”
Watson said dark, even black, floor coverings were trendy but often difficult to clean.
Interior designer Nikki Watson, founder of The Design Quad, exposed the biggest mistakes homeowners make.
Watson says dark flooring also affects the practicality of maintaining a home.
She said: “Ten years ago when I was a flooring sales representative, dark floors were the number one request from homeowners and this was due to the current trend. Some would even ask for black floors.
“As they lived with these soils, they discovered it was a huge mistake. Every speck of dust, dirt, pet hair or footprints can be seen on these floors, especially when the sun shines inside.
“We’re returning to lighter colored flooring these days, and for good reason. »
A Japanese shower room is a bathroom where the shower and bathtub are combined in a single glass-enclosed room. But experts say they’re hard to clean
Japanese shower room
A Japanese shower room is a bathroom where the shower and bathtub are combined in a single glass-enclosed room. Watson says such designs are becoming increasingly popular, but cautions that they can also prove impractical.
She said: “I have recently heard complaints about keeping this space clean. Cleaning behind the bathtub proved difficult and if you took a shower the entire window in the room was covered in stains.
“I think these pieces are beautiful and I hope a better cleaning solution can be found.”
Solar systems are made using photovoltaic (PV) panels that convert sunlight into electrical energy.
Figures show it would take homeowners about 11 years to repay the cost of a $20,000 solar panel system.
Ignoring Energy Efficiency
Gold once again says that homeowners tend to regret not thinking more about the functionality of their property, particularly when it comes to heating.
He said: “With the growing emphasis on sustainability, many homeowners regret not incorporating energy-saving features into their renovations.
“Failing to invest in energy-efficient appliances and practices can lead to higher utility bills and environmental problems.”
The White House is putting pressure on households to improve their energy efficiency.
By 2035, President Joe Biden wants 40% of the nation’s electricity to come from solar power and half of new car sales to be electric.
Improving efficiency can add value to a property and reduce your bills.
For example, Kraig Edelman, CEO of Illinois-based Edelman Electric Company, estimates that solar panels save households about $1,200 a year in bills. Meanwhile, real estate portal Zillow estimates that equipped homes sell for an average of $15,000 more than those without them.