Kitchen Trends, Home Improvement Tax Incentives
Are some home improvements on your to-do list this year?
If so, look at the 2023 U.S. Houzz Kitchen Trends Study. It gives you a read on kitchen design trends—valuable information if you’re eventually planning to sell your home—that can make the space more functional, less costly to operate, and add value to your home.
One significant Houzz finding is the popularity of sustainable features that save energy, lower utility bills, and do a good turn for the environment.
It found that most homeowners (92%) incorporated sustainable features during a kitchen renovation. Reasons included their cost effectiveness (74%), environmental friendliness (54%), and health considerations (13%).
The top sustainability features were:
- LED bulbs (65%)
- Energy-efficient appliances (61%)
- Water-efficient fixtures (34%)
- Energy-efficient windows (27%).
Here are four other key takeaways from the Houzz study:
- Top upgrades. The top items homeowners are upgrading include countertops (chosen by 90% of renovating homeowners), backsplashes (84%), sinks (83%), faucets (81%), and light fixtures (77%).
- Flooring. Stained or unstained hardwood remains the most popular flooring choice, with 25% of home renovators opting for it. That’s followed by vinyl/resilient flooring (22%), and ceramic or porcelain tile (19%).
- High-tech features. Homeowners are incorporating an array of high-tech features in their renovations. They include appliances with Wi-Fi connectivity (25%), docking stations (49%–up nine percentage points since last year’s survey), wireless speakers (37%, up 11 percentage points), home assistants (37%), and water faucets with touch-only or touch-free activation (23%).
- Professional help. Eighty-four percent of homeowners look to professionals for help with their kitchen upgrades. For instance, 50% opt for a general contractor, and 32% hire cabinetmakers. Other experts they rely on include kitchen designers (22%), interior designers (15%), and architects (11%).
Offset sustainable home improvement with tax incentives
Another thing to consider when planning home upgrades is the Inflation Reduction Act (IRA), passed by Congress at the end of 2022.
It includes federal tax credits that will be in place for 10 years to help homeowners offset the cost of energy-efficiency upgrades.
Among the home improvement project for which incentives are available are:
- Heat Pump Water Heaters
- Heat Pumps
- Insulation
- Windows/Skylights
- Exterior Doors
- Central Air Conditioners
- Electric Panel Upgrades
Learn more about IRA incentives at:
