In today's challenging economy, home renovations are becoming a savvy choice for their cost-savings over purchasing a new home. However, the remodels you make to your home are only as good as they meet the demands of potential buyers for the best return on your investment, which several reports show have changed from just a few years ago to now. 

Hence, if you are looking to make upgrades to your home or if you are wondering if you should use your experience to start a renovation franchise to help others achieve their dream home, you need to be aware of following the top trends for the future.

Top Home Renovation Trends For 2023-2024

Professional Home Office

Working from home requires a private, professional space for completing employer-assigned tasks and attending online team meetings. Hence, the spike in remote work in recent years has also caused an increased demand for home-office renovations.

USB wall outlets are among the top must-haves, as are built-in cabinetry and statement wallpaper to serve as virtual backgrounds. 

Emotional Retreat Room

Inflation, the social isolation caused by the pandemic, and social media pressures have been linked to an increase in various mental health issues. Thus, it is causing many people to prioritize their well-being to maintain a sound mind.

As a result, emotional retreat rooms are becoming increasingly popular renovations among homeowners for their ability to help promote healing in private.

These personal sanctuaries range from meditation rooms to art rooms to music rooms and any other type of space that helps reduce stress for better overall health.

Luxury/Spa Master Suite Bathroom

Many homeowners are also transforming their master suite bathroom into the perfect space for self-pampering to also help promote calm when they need it.

Their remodeling requests to help make their bathroom more peaceful and luxurious include granite vanity tops, spacious soaking tubs, and European-inspired showers.

Meanwhile, incorporating more natural features, such as real greenery, rainfall shower heads, black faucets, and wood or white finished cabinetry, add a peaceful touch for a spa-like feel.

Chef-Style Kitchen

The stay-at-home order put in place during the pandemic and wanting to prepare healthier, more budget-friendly meals at home has also prompted many homeowners to invest in chef-style kitchens.

These renovations often include upgrading to more high-end features, such as quartz countertops, hickory kitchen cabinets, simple cabinets, hidden appliances, an industrial stove complete with a range hood, and a pot filler faucet reminiscent of a 5-star chef for a more professional feel while cooking.

There is also a high demand for larger, more spacious islands that accommodate entertaining large crowds and preparing a wide assortment of dishes.

When’s the Best Time to Renovate Your Home?

Summer and spring are the best times to renovate your home due to the warm weather. However, these are also the busiest seasons for contractors. Therefore, it may also be more difficult to schedule your service.

Hence, you may consider waiting until the fall when contractors are less in demand to upgrade your home. Or, if your renovation is an indoor project, you may even wait until winter to redo your bathroom and more.

Contractors also experience a decrease in business during recessions. So, if you are looking to sell your home or you want to add to it to help make it more functional, this may also be a good time to renovate.

The best home improvements for a good ROI during a bad economy include painting, finishing the basement or attic, and kitchen and bathroom modernizations.

Should You Start a Home Renovation Franchise? 

Whether you should start a home renovation franchise depends on various factors.

For instance, you first need to have knowledge and skills in renovating homes to be able to help your clients meet their vision. You also need to understand the market, your chosen location's demographics, and your competition to successfully market your target audience.

The law also requires you to have insurance coverage for both your business and your employees. And lastly, there will usually be start-up fees associated with opening your franchise.

If you have these characteristics, knowledge, and resources, then the next step is to research franchises for the best fit for you. Some organizations will also help you with training, guidance, and a market plan, so be sure to inquire about it if it is important to you.