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The evolving landscape of home buying
Purchasing a home is not just a financial investment; it’s a significant life decision that can shape your lifestyle for years to come. Unlike cars or gadgets that lose value as time passes, a home can appreciate over time, making the concept of resale value a crucial focus for homeowners and realtors alike. In recent years, this focus has sparked a shift in design trends, influencing what features are deemed appealing when it’s time to sell.
Elements like black kitchen hardware, neutral grey palettes, and sleek marble tiles have traditionally been seen as universal selling points. However, a recent survey reveals a surprising trend: homeowners are increasingly prioritizing their personal happiness and individuality in their living spaces over potential resale value. With 76% of participants in a Thumbtack Survey stating they design their homes for their own enjoyment, it’s clear that a significant shift is underway.
Shifting priorities in home design
According to Morgan Olsen, Senior Brand Manager at Thumbtack, many homeowners are now choosing to create spaces that reflect their personalities and preferences. When asked about their shift towards joy over return on investment, a notable number of respondents indicated they plan to stay in their homes long-term, while others simply want to enjoy their spaces more fully. The new mantra? A home should be an experience, not merely an investment.
As interior designers observe this trend, they report a notable change in client requests. Designer Avery Cox notes a recent embrace of vibrant colors and bold patterns, with less pressure to conform to market expectations. This change allows homeowners to focus on their unique tastes, adding a playful element to their design choices.
Home renovations driven by joy
A striking 63% of homeowners currently looking to sell are still investing in projects that enhance their enjoyment rather than those aimed solely at attracting future buyers. This shift in focus is evident in consumer behavior, with 31% of homeowners planning to spend over $10,000 on renovations this year.
Popular projects that prioritize joy include the addition of outdoor swimming pools, home gyms, built-in bookcases, and dedicated craft or hobby rooms. Even requests for hot tubs have surged by an impressive 135%. While some renovations, like kitchen or bathroom upgrades, may yield higher returns when selling, many homeowners are willing to sacrifice potential ROI for personal satisfaction.
The happiness factor in renovation choices
It’s essential to recognize that not every renovation will recoup its costs completely. For instance, while a luxurious kitchen or bathroom remodel may enhance your home’s market appeal, a uniquely designed game room or home theater might not. Nonetheless, over 40% of millennials are open to incurring losses on renovations if it means boosting their happiness at home.
While it’s wise to consider ROI in renovation decisions, the current wave of interest in joy-driven design highlights that personal happiness should not be overlooked. Homeowners are encouraged to create spaces that resonate with their identities and lifestyles, rather than simply catering to the preferences of a hypothetical future buyer.
For more insights and inspiration on home design, follow House Beautiful on Instagram and TikTok.