Last year, the housing market cooled down quite a bit thanks to the Federal Reserve’s interest hikes. But last month, housing prices started ticking upwards once again. It seems that not even high borrowing costs could suppress the market for very long. Housing prices are now stabilizing, and the Fed will be forced to reduce interest rates again sooner rather than later. So now is the time to look at ways to add value to your home before the market gets white hot once again.
Here are some of the most impactful home renovations that will provide the highest return on investment.
1. Modernize the Kitchen
A new kitchen is one of the best home improvements that you can make before selling a home.
Remember, it’s a room that most people will use several times a day. The average person will only spend more waking hours in the main living room. It’s more than a room for doing food prep, but a place where families congregate around mealtimes.
Replacing outdated or ugly appliances is a must. You may also look at updating your counters, floors, and cabinets to create the best possible impression.
2. Update the Bathrooms
Bathrooms can make or break a home’s value. Because of the heavy use and ambient moisture these areas see, fixtures tend to wear out, rust, or stain much faster than those in other areas of the house. Even if a bathroom is well-cleaned and maintained, an outdated vanity, flooring, or other furnishings can leave a poor impression.
If you need to renovate your bathroom, be sure to look at these seven design principles.
3. Let There Be Light
One of the easiest and most impactful renovations you can make is to improve the lighting in the home. It can literally help show a house in the best possible light, making it that much more attractive to prospective buyers. Updating the lighting fixtures themselves to better match the rest of a room’s design can likewise help create a more cohesive and attractive space.
If you want to go the extra mile, you should consider increasing the amount of natural light in a room. Natural light, paired with light-colored walls, makes a space feel larger, airy, and more open. Natural light also comes with a host of health benefits that artificial lights can’t equal.
4. A Fresh Coat of Paint
To look their best, interior walls should be repainted every three to five years. So if it’s been a while since you refreshed your home, you’ll want to make sure that you do that before you think about listing the property.
This is a step you can do in conjunction with other, larger updates. If you’re adding a new window or new flooring, for instance, you can take that opportunity to repaint the room to better complement that renovation.
Add Value While Improving Your Quality of Life
When you refresh a house, it’s tempting to only look at the best return on investment renovations. But it’s important to remember that this is still your home for the time being.
Painting the walls white and adopting an ultra-modern design may help sell a house fast. But in the meantime, it can make the place less pleasant to live in.
You want to add value to the property while creating a home that suits your tastes. Prestige Custom Building & Construction can help you strike that balance. Contact us today to get started on your next home renovation project.