Tips & common mistakes:
For many homeowners, the option of buying or selling a home in 2024 couldn’t come at a worse time. Many are locked into pandemic-era lending rates, making it financially impractical to buy a larger or more expensive home. Consequently, the real estate market has slowed, with refinance activity plummeting and the selling season far less robust than it was even two years ago. This stagnation is understandable given the financial landscape.
Meanwhile, home values have skyrocketed in recent years, leaving many homeowners with substantial equity. As a result, rather than moving, many are choosing to expand, renovate, or enhance their existing properties. Here are some financially savvy recommendations for improving your home:
1. Remodel Kitchens and Bathrooms: If your kitchen is over 20-25 years old, it likely doesn’t meet current market expectations. Modernizing your kitchen can yield a significant return on investment. Similarly, updating dated bathrooms can make your home more appealing and valuable.
2. Upgrade Home Quality: Technological advancements in recent years
have improved the quality and utility of home finishes, including floor coverings, lighting systems, window treatments, HVAC systems, exterior siding, and roofing. These updates can significantly enhance your home’s appeal and functionality. Adding electric vehicle charging stations, a popular feature in 2024, can also increase marketability.
3. Consider Additions: Thoughtfully planned additions that blend
harmoniously with your existing home can add significant square footage, utility, and marketability. Consulting with a valuation professional can ensure that the addition meets market expectations and maximizes value.
4. Enjoyable Improvements: Improvements that enhance your fami-
ly’s enjoyment of your home are worthwhile investments, even if the financial return isn’t as high. Features like inground pools, extravagant landscaping, and decking projects may not provide huge financial returns but can significantly enhance your living experience. In higher-value property ranges, these improvements can be more common and yield better returns.
Any home improvement that increases your enjoyment and comfort is a good investment. However, it’s crucial to consider what future buyers might find appealing to ensure your investment pays off. Questions about improving your home? Reach out for a free consultation to discuss your options.
