As we move through 2024, home remodeling trends continue to evolve, reflecting shifts in technology, sustainability, and lifestyle preferences. If you’re considering a home renovation this year, staying updated on what’s in fashion is essential to ensure your investment is both stylish and future-proof. In this blog, we’ll explore the latest trends in 2024 home remodeling, what trends are becoming outdated, and provide insights into financing your remodeling project.
What’s In for 2024 Home Remodeling
1 Sustainable and Eco-Friendly Materials
Sustainability is more than a buzzword in 2024; it’s a fundamental aspect of modern home design. Homeowners are continuously selecting eco-friendly materials that lessen their carbon footprint and provide a healthier environment. This includes recycled and upcycled materials, sustainably sourced wood, and low-VOC (volatile organic compounds) paints and finishes.
Examples: Bamboo flooring and reclaimed wood for cabinetry add a rustic charm and are environmentally friendly options. Natural fiber insulation or recycled glass countertops are also options when aiming for a more eco-friendly remodel.
2 Smart Home Technology Integration
In 2024, smart homes are becoming more innovative, offering homeowners a new level of convenience and control. Integration of advanced technology in home remodeling is on the rise, enhancing security, energy efficiency, and daily tasks. This includes smart lighting, automated climate control systems, and voice-activated devices.
Examples: Installing a smart thermostat like the Nest Learning Thermostat can help you save on energy bills by studying your schedule and adjusting the temperature accordingly. Motion-activated lighting is ideal for low-traffic areas of a home, turning off automatically when the space is not in use. It is most suitable for closets, garages, and even bathrooms.
3 Biophilic Design
Biophilic design, which combines natural elements into the home, remains a top trend in 2024. It emphasizes the connection between humans and nature, promoting health and well-being and decreasing stress. Biophilic design is a fad that concentrates on bringing nature indoors. It uses natural colors, organic materials, and elements like plants and natural light to create a healthier and more relaxing living environment.
Examples: Incorporating more plants in the form of living or “green” walls, indoor plants, large windows that maximize light and provide views of nature, natural materials like stone and wood, and earthy paint colors are all key components of biophilic design.
4 Multifunctional Spaces
As more people work from home, the demand for multifunctional spaces has skyrocketed. Home offices that act as guest rooms or exercise spaces that can transform into entertainment areas are highly sought after.
Examples: A Murphy bed that folds into the wall to create a home office space is a practical solution for smaller homes as is staircase storage. A garage that is also an entertainment area or game room is another excellent use of space.
5 Bold Colors and Patterns
After years of neutral palettes dominating interior design, bold colors and patterns have returned to favor in 2024. Jewel tones, vibrant hues, and statement wallpaper can add personality and character to any space.
Example: A living room with a deep emerald green accent wall or a kitchen with bold, geometric patterned tiles can create a striking focal point. Amethyst purple has become popular for those looking to add a simple touch of luxury or drama.
What’s Out in 2024 Home Remodeling
1 Open Floor Plans
While open floor plans have been a staple in home design for years, they are starting to fall out of favor. The pandemic has underscored the need for privacy and distinct spaces within the home, leading to a resurgence of defined rooms.
2 All-White Kitchens
All-white kitchens have long been a symbol of modernity and cleanliness. However, in 2024, this trend is being replaced by warmer, more inviting kitchen designs. Think colorful cabinetry, mixed materials, and textured finishes.
3 Fast Furniture
The era of fast furniture—cheap, mass-produced pieces designed for short-term use—is coming to an end. Homeowners are now investing in high-quality, durable furniture that will last. The trend of fast furniture is declining due to its short lifespan and environmental impact. Homeowners are now opting for high-quality, durable furniture that offers better value for money in the long run.
Financing Your Home Remodeling Project
Once you’ve decided on the trends you want to incorporate into your home remodeling project, the next step is figuring out how to finance it. Here are some options to consider:
1 Financing Your Home Remodel with a Home Equity Loan
A home equity loan allows you to borrow against the equity in your home. This choice usually offers lower interest rates than personal loans and provides a lump sum that can be used for extensive remodeling projects. Choice One provides very competitive fixed rates on home equity loans for those who live, work, or attend school in Luzerene, Lackawanna, or Wyoming counties.
2 Home Equity Line of Credit (HELOC) for Home Remodel
Like a home equity loan, a HELOC entitles you to borrow against your home’s equity, but instead of receiving a lump sum, you get a line of credit that you can draw from as needed. This flexibility makes it an excellent option for ongoing or phased projects. Tap to view current HELOC rates at Choice One.
3 Cash-Out Refinance for Home Improvement Project
Refinancing your mortgage can allow you to take out a new loan for more than you owe on your home and receive the difference in cash. This method can be beneficial if current mortgage rates are lower than what you’re paying. Tap to learn more about mortgage refinancing.
4 Personal Loans to Fund Home Improvement
For smaller projects, a personal loan might be the best option. While these loans customarily have higher interest rates than home equity loans, they don’t require putting your home up as collateral.
5 Credit Cards for Home Remodel Costs
Using credit cards for home remodeling should be a last resort due to high interest rates. However, for smaller purchases, it can be a convenient option. If you need to use a credit card, transferring the balance to a Choice One balance transfer card with a low introductory rate can help you pay off your balance faster.
2024 Home Remodeling
Remodeling your home in 2024 offers an exciting opportunity to incorporate the latest trends while enhancing your living space’s functionality and aesthetics. By focusing on sustainable materials, smart technology, biophilic design, multifunctional spaces, and bold colors, you can create a stylish and future-proof home. Avoiding outdated trends like open floor plans, all-white kitchens, and cheap furniture will ensure your home remains modern and comfortable for years to come. When it comes to financing, exploring options like a Choice One home equity loan or HELOC can help you bring your remodeling dreams to life without breaking the bank.