Renovations are a great way for homeowners to reshape their homes. Some may aspire to renovate so their home is more reflective of their personal taste, while others may do so in an effort to make their homes better align with modern styles and sensibilities. Regardless of why a homeowner chooses to renovate, the need to do so is often evident to the naked eye, especially when the time comes to update home exteriors.
Curb appeal is often discussed in regard to the effects it can have when selling a home. But curb appeal is equally important for homeowners who aren’t putting their homes on the market. A well-maintained, aesthetically appealing home is a source of pride, while a home with fading curb appeal can make homeowners feel a little sheepish. Homeowners who want their homes to maintain their curb appeal can look for signs that it’s time to update their home exteriors.
Curling shingles
The roof may not be the first thing people think of
when pondering curb appeal, but a damaged roof can contribute to problems that ultimately affect the exterior and interior of the home. Multiple curling shingles indicate it’s time to replace the roof. The sight of curling shingles is not pretty, but the larg-
er issue in such instances is the potential for costly water damage when water gets in through the affected shingles.
Dated entry door
Many home improvement experts insist they can determine when a home was built or most re-
cently renovated simply by looking at the front door. Steel and glass doors are popular in modern homes, so homeowners with front doors with ornate designs and oval glass inserts can likely benefit from an upgrade to their entryway.
make a statement and real estate experts note how popular updated front doors are among buyers.
Unsightly landscaping
It’s not only the physical components of the home that may suggest an update is necessary. Homeowners without a green thumb may have exterior landscaping that has seen better days. If a spring or summer day spent tending to your landscaping is not your ideal weekend pastime, then consider replacing unsightly landscaping with low-maintenance plants or hardscaping. These alternatives to more needy plants can create curb appeal without requiring any extra work for homeowners.
Cracked driveways/ walkways
If the driveway looks like a busy road at the end of snow plowing season, chances are that’s adversely affecting the impression people have of your home. In addition, cracked walkways indicate a need for renovations, as these areas are front and center when welcoming guests.
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Minor exterior upgrades that can help sell a home
The home improvement industry has been booming for years, but forecasters are projecting a deceleration in 2023 and perhaps beyond. Estimates from the Home Improvement Research Institute, which is the leading market research resource for the home and building products industry, indicate that growth in the home improvement products market is expected to decelerate from 7.2 percent in 2022 to 1.5 percent in 2023. Inflation continues to affect consumer spending, and homeowners may be looking to spend less on renovations in the year ahead.
Minor upgrades that aren’t as costly as larger projects can still make a big difference, especially among prospective buyers. When looking for minor upgrades that can help sell a home, homeowners can rely on Remodeling magazine’s annual “Cost vs. Value Report.” That report analyzes costs for an assortment of remodeling projects and determines the value of those projects at resale. Though
resale value depends on a host of variables, including location, the following are some relatively minor exterior upgrades that impress buyers and provide a strong return for homeowners.
Garage door replacement
Garage doors matter more than sellers may recognize, as various real estate professionals note that buyers appreciate homes with updated garage doors. That’s good news for homeowners, as the “2022 Cost vs. Value Report” indicated homeowners recoup roughly 93 percent of their garage door replacement investment at resale. The average cost of such a job is right around $4,000, making this a budget-friendly remodeling project.
Window replacement
The cost of new windows will depend on just how many windows must be replaced. But there’s no denying buyers like the idea of low emissivity (low-E) windows, which can cut energy bills by a significant amount over time. The Of-
fice of Energy Efficiency & Renewable Energy estimates that heat gain and heat loss through windows is responsible for between 25 and 30 percent of residential heating and cooling energy use, so sellers who can tell buyers they have new low-E windows can emphasize those savings in home listings. The “2022 Cost vs. Value Report” indicates that homeowners recoup roughly two-thirds of their investment in new windows at resale.
Landscaping
Well-maintained landscaping is another home exterior component that can make a strong first impression on buyers. A recent survey of nearly 7,000 realtors conducted by the National Association of Realtors found that upgrading a landscape recouped roughly 83 percent of homeowners’ initial investment at resale. In addition, 11 percent of realtors surveyed indicated that an upgraded landscape was the decisive factor that closed the deal for the house.
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Simple tips to improve your status with mortgage lenders
Owning a home is a dream shared by millions of people. Investing in property that can be owned within 15 to 30 years of closing on the home makes more financial sense to many than continuing to rent and having little to show for it over time.
The first step to take when planning to enter the real estate market is to ensure that your finances are in order. Various factors will influence individuals’ ability to secure a mortgage, and these are some ways to make yourself more attractive to prospective lenders.
Check your credit report
Lenders will check your credit report before deciding if you are a risk or a safe bet for a mortgage. So it makes sense to check your credit report prior to speaking with a lender. The Federal Trade Commission says everyone can
get one free credit report a year from each of the three credit reporting bureaus. If you split it up, you can get a credit report every four months so you are aware of anything that may adversely affect your ability to get a mortgage loan. A credit (FICO) score that’s too low
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may disqualify you from a mortgage. Each lender sets its own thresholds when they price and approve loans, but the higher your credit score, the better.
Improve credit standing
One way to improve your status in the eyes of lenders is to pay down credit card balances to reduce your credit utilization ratio. A high utilization occurs when there is a high balance in relation to the credit limit, says Business Insider. Also, it may be wise to avoid any credit inquiries through new credit card applications for several months before applying for a loan, as these inquiries can affect your score.
Be realistic about what you can afford
Do your homework and determine your target interest rate and monthly payment as well as what down payment you can afford. It will help you research potential lenders and provide an idea of what may be offered to you.
Pay bills on time
Paying bills promptly not only helps you avoid late fees, but also positively affects your credit. The financial resource The Mortgage Reports urges diligence when paying rent, as late rent payments can bar you from getting a mortgage. Lenders look at rent history as the biggest indicator of whether you’ll make mortgage payments on time. These are some of the ways to make a prospective home buyer look better in the eyes of mortgage lenders. Individuals can speak with financial professionals about what else they can do to improve the possibility of securing mortgages at the best rates possible.
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Affordable ways to make homes more appealing to modern buyers
Home trends come and go. Today’s must-have items tend to become tomorrow’s outdated features in the blink of an eye. Homeowners who plan to stay in their current homes for years to come needn’t prioritize modern trends over personal preferences. However, homeowners looking to sell their homes can consider these favored features to increase their properties’ appeal to modern buyers.
Separate laundry room
According to the National Association of Home Builders’ 2021 What Home Buyers Really Want report, a separate room dedicated to laundry was the most desired feature among prospective home buyers. Though it might not inspire the awe of an outdoor living room or floor-to-ceiling windows overlooking a wooded backyard, a laundry room fills a direct and universal need. Perhaps that’s why 87 percent of buyers want a room dedicated to laundry in a home.
Exterior lighting
Drive through a modern suburban neighborhood at night and it won’t take long before you realize
the popularity of exterior lighting. And that’s no coincidence, as homeowners everywhere appear to embrace exterior lighting. The NAHB report indicates that exterior lighting is the most sought-after outdoor feature. The good news for prospective sellers is that exterior lighting is an inexpensive and instant way to transform a property at night. Some solar-powered lighting along walkways and outside the front door can make a home feel more safe, while some uplighting of large trees in the backyard can produce a sight to behold once the sun goes down.
Energy-efficient upgrades
Inflation has driven up the cost of just about everything over the last yearplus, and energy is no exception. So it should come as no surprise that 83 percent of prospective home buyers are looking for energy-efficient windows and appliances in a home. These features save money and benefit the planet, making them a win-win among buyers.
Patio
Patio spaces have long been popular, but that
popularity reached new heights during the pandemic. When forced to stay at home for long periods of time, millions of people longed for ways to spend more time outdoors without breaking lockdown rules. Patios provide outdoor living spaces, and 82 percent of buyers indicated they wanted a patio with their next property.
Side-by-side sink
A double or side-byside sink is among the more affordable features buyers are looking for. At less than $1,000 on average, a side-by-sink is an affordable way to make a home more appealing to modern buyers.
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Some hidden costs of DIY
The home renovation industry is booming, and that’s reflected in the cost to upgrade a home. Home Guide says remodeling a kitchen costs $25,000 on average, and a bathroom renovation runs around $10,000. Though rates fluctuate depending on a host of variables, renovations can cost $15 to $60 per square foot depending on the project.
er wants to save as much money as possible when renovating their home. Many think doing much of the work themselves is the easiest way to keep costs low. What some homeowners may not realize is that DIY can be costly and prove a big hassle in the long run. The following are some hidden costs of DIY and renovating in general.
DIY projects are a major drain on free time. Homeowners taking the DIY route typically work on weekends or after work. Few people can take off and devote their undivided attention to a remodel like a contractor can. Time is a valuable resource that is not renewable. Therefore, think of a DIY project in terms of what it would equal in lost wages. Because homeowners are not professionals, a DIY project may take double the time it would take a contractor. It may be worth it to simply hire it out.
Mistakes
Many resources are available to help DIY enthusiasts work on a project, but there are still tricks and techniques learned after years on the job. DIYers may damage their homes by taking shortcuts or not understanding how to do a job properly. A plumbing mistake, for example, may lead to flooding that damages another room in the home. And such mistakes may not be covered by homeowners insurance policies.
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Fines
Permits are required for many home improvement projects. Forgetting to obtain permits or not realizing one may be necessary could subject you to hefty fines and/or force the job to be redone so it’s up to code. Professionals likely know the rules regarding permits and often include the cost of acquiring permits in an estimate.
Remediation
It’s only after opening up walls or removing floors that you may discover issues you did not anticipate, such as termite damage or mold. These unforseen factors can drive up the overall costs of a project.
Disposal
Removing old building materials or gutting a room is part of many renovations. Chances are this refuse simply cannot be left at the curb for trash pickup. As a DIYer, you may not factor the costs for a dumpster or the time and money required to haul debris to a recycling or landfill center.
Tools
DIYers may have to purchase tools as they engage in new projects. These expenses can add up and negate the savings of doing some of the work yourself.
Home renovations can improve a home in many different ways. Modifications to kitchens and bathrooms have long been popular projects, but are they the most popular renovations? According to data from Realm, which analyzed the top 10 most popular projects from roughly 2.8 million listings and permit filings in the United States in 2022, the most common home renovations include interior painting, exterior painting, finishing a basement, installing or replacing windows, and bathroom remodeling. Houzz polls have unveiled that renovating kitchens and bathrooms, new windows and porches, balcony and deck projects are also among the most popular.
Home renovations provide a host of benefits. Such projects can increase resale value and improve on the safety, aesthetics and functionality of a home.
Some homeowners may employ the mantra “go big or go home” when they embark on home improvements, thinking that only the largest renovations produce noticeable change. But that’s not the case. Various smaller renovations can provide a lot of bang for homeowners’ bucks as well.
Countertops (and hardware)
A complete kitchen overhaul may stretch some
homeowners’ budgets. However, changing an older countertop for a new material can provide the facelift a kitchen needs. And while changing the cabinets may be homeowners’ ultimate goal, swapping hardware in dated finishes for newer handles and pulls can provide lowcost appeal.
Paint
Painting a space is an inexpensive improvement that adds maximum impact. Paint can transform dark and drab rooms into bright and airy oases. Paint also can be used to create an accent wall or
cozy nooks. Homeowners also can showcase their personalities with their choice of paint colors.
Lighting
Homeowners should not underestimate what a change in lighting can do. When rooms or exterior spaces are illuminated, they take on entirely new looks. It’s worth it to invest in new lighting, whether it’s a dramatic hanging light over the dining room table or task lighting in dim spaces.
Weatherproofing
Improving windows, doors, weatherstripping,
and insulation in a home can offer visual appeal and help homeowners save money. The initial investment may be significant, but those costs will pay off in energy savings. According to One Main Financial, space heating is the largest energy expense the average American homeowner has, accounting for around 45 percent of all energy costs.
Mudroom
Turn an entryway into a more functional space with the addition of cabinets, benches or custom-designed storage options that perfectly fit the area. Cub-
bies and cabinets can corral shoes, umbrellas, hats, bags, and much more.
Accent updates
Any space, whether it’s inside or outside a home, can get a fresh look with new decorative accents. Invest in new throw pillows and even slipcovers for living room sofas. Use new tile or paint the brick on a fireplace in a den, then update the mantel with decorative displays. Purchase wall art that can bring different colors into a room. Change the cushions on deck furniture and buy color-coordinated planters.
