As mortgage rates skyrocket and home prices refuse to budge, the real estate market is essentially at an impasse.
It’s no wonder experts are predicting a DIY boom, with homeowners pouring their money into a renovation project rather than trying to move.
The global home improvement market was valued at $342 billion in 2022 and is expected to rise to $575.5 billion by the end of 2030. FactMR.
But owners need to be careful about what they spend their money on. A recent study from home services website Angi exposed how drastically return on investment can vary between projects.
And interior designers explain that expensive renovations can come with major regrets. DailyMail.com spoke to two experts about the biggest renovation regrets they’ve seen among owners.
Texan interior designer Nikki Watson, who runs The Design Quad, warns that open shelving has become increasingly trendy over the years
Open shelves
Texan interior designer Nikki Watson, who leads The DesignQuad, says that open shelving – closet space without doors – has become increasingly trendy over the years. But she warns that owners are realizing they are impractical for everyday life.
Watson told DailyMail.com: ‘A cool trend that still has value in the vacation rental space so you don’t have to hunt for cookware or drinking glasses, but isn’t as popular for living.
“As homeowners remodeled with open shelving to keep up with trends, they quickly realized they were reducing their actual storage options.
‘Keeping the dishes clean, tidy and dusted was quite a task. So this was a quick regret.”
Interior designer Ben Gold said owners often regretted adding kitchen islands that were too large for the space
Extra large kitchen islands
Philadelphia interior designer Ben Gold, founder of Recommended Home Buyers, told DailyMail.com that owners tended to regret kitchen renovations that focused on aesthetics rather than functionality. This is achieved, among other things, by installing extra large kitchen islands.
He said: ‘Many homeowners opt for large kitchen islands which look beautiful but can hinder the flow and functionality of the space.
‘They often regret not having thought about how the size of the island affects freedom of movement and convenience during daily activities.’
Watson said dark – even black – floors are trendy, but often difficult to clean
Interior designer Nikki Watson, founder of The Design Quad, has outlined the biggest mistakes homeowners make
Dark floor
Watson says dark floors also affect the practicality of maintaining a home.
She said: ‘When I was a flooring salesperson ten years ago, dark floors were the number one demand from homeowners and this was due to the current trend. Some people would even ask for black floors.
“When they lived with these floors, they discovered this was a big mistake. Every speck of dust, dirt, pet hair or footprints can be seen on these floors, especially when the sun shines in.
“We’re moving back to lighter-colored floors these days, and for good reason.”
A Japanese shower room is a bathroom in which the shower and bath are combined into one glass-enclosed space. But experts say they are difficult to clean
Japanese shower room
A Japanese shower room is a bathroom in which the shower and bath are combined into one glass-enclosed space. Watson says such designs are becoming increasingly popular, but warned they can also be impractical.
She said: ‘I have recently heard complaints about the cleanliness of this area. Cleaning behind the bath has proven difficult and when you shower, the entire glass of the room is covered in stains.
“I think these rooms are beautiful and I hope a better cleaning solution is 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 pay off the cost of a $20,000 solar panel system
Ignoring energy efficiency
Gold again says homeowners regret not thinking more about the functionality of their properties, especially when it comes to heating.
He said: ‘With increasing attention paid to sustainability, many homeowners regret not including energy efficient features in their renovations.
“Failure to invest in energy-efficient appliances and practices can lead to higher energy bills and environmental problems.”
The White House is putting pressure on households to increase their energy efficiency.
By 2035, President Joe Biden wants 40 percent of the country’s electricity to come from solar energy and half of new car sales to be electric.
Increasing efficiency can add value to a property and save money on your bills.
For example, Kraig Edelman, CEO of Illinois electric utility Edelman, estimated that solar panels save households about $1,200 per year in bills. Meanwhile, real estate portal Zillow estimates that homes with these amenities sell for an average of $15,000 more than homes without.