In 2021, spending on home improvement rose 25% year over year to $10,341, a new report from Angi found. And with a quarter of the population spending 50% more time at home, coupled with a general rise in home equity gains, Angi predicts that this trend will continue into 2022.
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So, what projects will homeowners be spending their money on this year? GOBankingRates spoke with Mischa Fisher, Angi’s chief economist, to get his predictions for what the top renovations of 2022 will be.
Interior painting was the No. 1 home improvement project of 2021, according to the Angi report, and Fisher predicts this will be the top project of 2022 as well.
“I think you’ll still see interior painting being the No. 1 project in 2022, just because it provides such great return on investment,” he said. “It’s not that expensive in the grand scheme of things, it can really dramatically change the look and feel of your home, and it’s relatively quick.”
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How Much It Costs
“The overall cost can vary,” Fisher said. “The average cost that we saw was about $2,000 last year. Now obviously that can change dramatically based on whether you are painting just a single room versus painting a series of rooms.”
The cost will also vary greatly if you DIY or hire a professional.
“DIY can potentially save you a lot of money if you know what you’re doing,” Fisher said. “If you don’t know what you’re doing, you might end up doing the project poorly and then having to pay a pro to come in and fix it. So it really comes down to whether or not you have the time, tools and talent necessary to do it.”
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Bathroom remodels were the No. 2 home improvement project of 2021, and Fisher predicts that this will remain true in 2022.
“They’re much more expensive than painting, but they’re still cheaper than other types of more dramatic changes, and as people continue to spend more time at home, you get more enjoyment and use out of a nicer bathroom,” he said.
How Much It Costs
“On the lower end, it’s fair to say that you could get away with spending as little as $5,000 or so — on the upper end, three times that would be typical,” Fisher said. “It really depends though. If you’re talking about just changing some tile that’s one thing, but if you’re talking about moving plumbing around or where a fixture is located, that can obviously increase your price. It’s got a very wide range.”
On average, you should expect to spend around $10,000.
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In 2021, kitchen remodels were the No. 7 home improvement project, but Fisher believes that this will be a more popular renovation in 2022.
“I think we might see more people doing them because there’s so much home equity that’s been unlocked over the past year,” he said. “So I think kitchens will be a surprise mover of 2022.”
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How Much It Costs
For kitchens, the average cost of a remodel is $35,000, but “that can vary dramatically,” Fisher said. “You can get away with spending a fraction of that, or you could spend many multiples of that.”
As a general rule of thumb, you should spend around 10% of the home’s value on a kitchen remodel.
“If you spend less than that, you undersell the remodel to people who want to buy the house from you — it will depreciate [the home’s value] based on how cheap of a kitchen you did,” Fisher said. “But if you go over that, you’ll never recoup it.”
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Installing Smart Home Devices
“Smart home projects rose in popularity last year, and I think they’ll stay popular this year,” Fisher said.
In 2021, installing a smart home device was the No. 3 home improvement project with 27% of homeowners saying they installed a device.
“We saw a focus on security, or even just monitoring packages when they arrive because of the increase in online shopping, as well as automating the day-to-day of your home,” Fisher said. “Smart homes is a category to watch and see if it grows this year.”
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How Much It Costs
The cost of this project can vary greatly depending on the scope.
“If you’re looking at an entry-level [project like] putting in a smart doorbell, you can buy those for $100 to $150 — maybe even less if you buy them on sale,” Fisher said. “You can buy basic security stick-up cameras for $50 to $60 and pair them with a free app.”
But the prices go up from there. Smart home device installation can include putting a security sensor on every window and door, installing a smart thermostat, adding smart blinds or even fully automating your home.
“Then you’re talking about thousands of dollars,” Fisher said. “It really varies. I think one of the reasons it grew in popularity is because consumers can really pick and choose how much they want to spend. If you do a bathroom remodel, you’ve got to spend something [substantial], but for a smart home, you can get into it for pretty cheap.”
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This article originally appeared on GOBankingRates.com: 4 Renovation Projects Homeowners Will Be Investing in This Year