The Joint Center for Housing Studies at Harvard University released data on home remodelling trends that will affect homeowners in 2021. Their Leading Indicator of Remodeling Activity (LIRA) “projects annual declines in renovation and repair spending of 0.4 percent by the second quarter of 2021.” Despite the slowing economy, this could be a good time to consider that home improvement project you’ve been putting off, as a decline in demand for remodeling could mean a decline in cost for remodeling services. The following trends will show how you can dramatically change your home’s appearance in 2021.

Styles

The general trend toward globalization is causing historically distinct cultures to blend together. This is particularly noticeable in cooking, where new restaurants fuse cuisines like Chinese and Mexican. You also see this in interior decorating, with trends that ignore old rules against combining different styles.

The fusion of Asian and Scandinavian is one of the hottest trends in home décor right now. These two styles may not seem like they would go together at first glance, but they both stress a clean, minimalist approach to interior design. They also emphasize an open, airy feel to living spaces. Pulling this fusion of style off should result in a modern design that still comes across as warm and inviting.

Neutral backgrounds will also be more popular in 2021. Bright, bold colors won’t go completely out, but they will be used more sparingly to provide a pop of color on accent pieces and wall art, rather than being part of the primary color scheme. Gray will become the preferred neutral color next year, replacing beige and white. Black and white accents will also be a key design choice for major features.

Technology

Smart home technology has continued to expand rapidly over the last decade, and the current pandemic is unlikely to slow that trend any time soon. Smart home devices provide a range of benefits that generally include greater security and convenience. A modern security system will allow you to view from any camera from any location using your smartphone. These systems also allow you to lock and unlock your doors remotely.

Smart home technology can allow you to see when a package has arrived without opening the door. Using your smartphone, you can perform routine tasks such as adjusting the temperature and lighting. Voice-activated devices such as Amazon Echo and Google Home allow you to control these functions through verbal commands.

Wooden countertops

Many of today’s homeowners are looking for ways to modernize their kitchen. It may seem counterintuitive to use a traditional material like wood for this purpose, but it can be a great way to give your kitchen a new look. Granite countertops have been available for years, and homeowners are now looking for other natural surfaces.

A wooden butcher block for a kitchen island is a good way to start using wood surfaces, especially if you aren’t ready to fully commit to it. Furthermore, many people find the contrast between the surfaces on the counter and island appealing. Wooden counters also give your kitchen a custom look, setting it apart from other homes when it’s time to sell.

Master bedroom

The increased time at home means many people are making greater use of their bedrooms. Master bedrooms have traditionally been only slightly larger than the other bedrooms in the house, but expanding these rooms is one of the hottest home improvement trends. Homeowners are transforming master bedrooms into large multifunctional suites containing focal points other than just the bed.

An expanded bedroom may include an oversized shower or Jacuzzi, or a nook that you can use as a lounge, study or workout area. Such added features convert master bedrooms into havens from daily stress.

Open floor plans

Traditional home designs divide the home into rooms that create distinct living areas, such as the kitchen, living room and bedroom. Today’s homes are clearly trending toward open designs that integrate the living spaces, making the home feel bigger. This design tends to keep family members in the same space, allowing them to bond more easily even when engaged in different activities. Another benefit of an open plan is that it increases the amount of natural light in the home since there aren’t as many walls to block it.

Outdoor living

Outdoor living spaces like balconies and patios have always been features of American homes. The next step in outdoor living is a kitchen that enables you to connect with an outside dining space, allowing you to feel the presence of nature in your kitchen. Large kitchen window doors that open directly onto an outdoor patio allow you to extend the reach of your kitchen.

Velvet

Velvet is making a comeback in home décor, which may come as a surprise to many homeowners. This fabric was an extremely popular choice for furnishings during the 1960s and ’70s, so it may seem old-fashioned today. However, velvet can make your home feel more luxurious and give it a custom look. It’s also surprisingly affordable and available in many colors. Velvet is a warm fabric, making it a practical choice in cold climates.

Metals

Metals are also trending in home décor, especially for furniture accents, wall art and coatings. Metals make a strong statement and can provide warmth, depending on the specific metal. Mixing metals with other materials such as wood and stone will be particularly popular in 2021.

Textured walls

Textured walls are a new feature that is expected to become more common during the next year. Texture adds depth to a wall through the use of materials like fabric, wood and composites, allowing a wall to have many different looks. Homeowners can use textured walls to accent elements that are already present in the room.

If you’re thinking of remodeling your home in 2021, you’ll need a method of financing those home improvement projects. With Figure’s HELOC, you can use the equity in your home to help you pay for any renovations*.

*The Figure Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.