Thinking about updating your home? You're not alone. Over the past five years, 94% of homeowners completed a major renovation project. Whether it’s a fresh coat of paint or a full bathroom remodel, staying on top of the latest trends can help you make smart decisions that add value and enjoyment to your home.
But here’s the catch—78% of those renovations came with budget overruns, and many also encountered unexpected delays and even regret. Today, we'll dive into the top renovation trends for 2024 and share tips to help you navigate your next project with confidence.
Renovating vs. Relocation
With rising home prices and mortgage rates, many homeowners are choosing to stay put and invest in their current property rather than move. According to Clever Real Estate, 63% of homeowners prefer to remodel their homes instead of moving into one that’s already updated. Whether it’s to improve comfort, repair damage, or boost resale value, renovations can help tailor your living space to fit your evolving needs.
But practical reasons are not the only ones driving these decisions—renovating offers an exciting opportunity to create a more personalized space. In fact, 45% of homeowners say they renovate simply because they want to, not because they need to. From bold new color schemes to modern kitchen layouts, home improvements let you unleash your creativity.
Top Renovation Projects for 2024
#1—Bathroom Remodels
One of the most popular renovations, bathroom remodels top the list, with 37% of homeowners tackling this space. Modern bathrooms emphasize spa-like elements, with features like rainfall showers, freestanding tubs, and sleek vanities making frequent appearances. Updating your bathroom can not only improve comfort but also offer a solid return on investment when it comes time to sell.
#2—Interior Painting
A simple way to refresh your home, interior painting continues to be a top DIY project, with 33% of homeowners giving their walls a fresh look in 2024. Neutrals like white and gray remain popular, though many are experimenting with bold accent walls and statement colors to add a personalized touch.
#3—Energy-Efficient Upgrades
HVAC upgrades are a practical renovation that’s seen a rise in demand, with 30% of homeowners choosing to invest in more energy-efficient heating and cooling systems. In a time where energy savings are more important than ever, these updates can make your home more eco-friendly and reduce monthly utility bills.
The Costs of Home Renovations—78% Exceeded Their Budget
While home renovations can boost the value and comfort of your home, they often come with unexpected expenses. Nearly 78% of homeowners went over budget on their last renovation, with 44% exceeding their budget by $5,000 or more. To avoid this, it's essential to factor in a buffer for unforeseen costs, whether you're working with a contractor or handling the project yourself.
One of the biggest decisions you’ll face is whether to go the DIY route or hire a professional. While hiring a contractor may save you time and deliver higher-quality results, it can also be more expensive. According to a recent survey, 53% of homeowners who hired contractors went over budget, compared to 42% of DIYers. Whichever path you choose, make sure to research and plan thoroughly to avoid the most common pitfalls.
On top of renovation costs, it’s important to always have some savings for home maintenance or unexpected repairs. In 2025, 85% of homeowners spent money on unplanned repairs, with nearly half saying these surprise expenses have exceeded their home maintenance expectations.
Renovation Regrets—and How to Avoid Them
While home improvements can transform your living space, not all projects go as smoothly as planned. Of those who have remodeled in the past five years, 74% have regrets.
The most common regret? Overspending and renovations taking longer than expected. The key to avoiding these regrets? Setting a realistic budget, managing your time wisely, and ensuring clear communication with contractors.
For younger homeowners like Gen Z and millennials, the focus is often on projects that boost resale value. Yet, this group is also more likely to experience regret, with 82% of millennials and 89% of Gen Z expressing some form of renovation remorse. If resale value is your priority, keep in mind that sometimes smaller, well-executed updates can offer a better return on investment than large-scale projects.
Final Thoughts: Make Your Renovation Count
Renovating your home is a big decision, but it can also be incredibly rewarding when done right. Whether you're fixing up your forever home or adding value before selling, staying informed on renovation trends and potential challenges is key to success.
