New Counters + New Lighting = New Life
With mortgage rates hitting 8% last week, homeowners are putting an even stronger filter on their decision to move on and/or up. That dream house that was in budget thanks to sub-3% interest rates is now a stretch for many so, unless someone has definitely outgrown their home or needs to move within a region or longer distance for work or family, most are choosing to stay put. However, this doesn't mean they can't improve their home and their enjoyment of it today...with a future move in mind.
More and more clients are coming to me for assistance with modest projects that will make their current house a better fit for their needs while also representing smart investments -- reaping benefits in potential sales price gains when they sell, enhancing rentability if they hold onto as an investment, or transferring to their new home when they move. Here are four ways you can make the most of today strategically:
Organization Overhaul: If space is at a premium, now may be the time to step up your organization game and look to more efficient solutions, like built-in closets or bookcases. After living in you home for a year or more, you better understa nd your needs and can more confidently invest in a custom design to help you live a more clutter-free life; however, the key is to make sure it is something that would be seen as a value add to both you AND a future buyer or tenant (read: turning that spare bedroom into a walk-in closet may be fantastic for you but others may want another bedroom or office).
Lasting Lighting Changes: It wasn't long ago that recessed lighting became the norm, but how much more convenient is it to have a well-lit room to maximize usefulness (without taking up floor or table space with lamps)? Recessed (and dimmable) lighting is easier to have installed than you may think and can give flexibility and ensure your house shows well later. While not all spaces may be able to support recessed lighting (e.g., condos/coops with concrete subfloors), you always can update fixtures to current styles and more efficient fixtures that pump out more light.
Surface Upgrades: While a full kitchen remodel may not be possible (but could be a good investment), making aesthetic updates to flooring, countertops and more can be more manageable. Perhaps that basement carpet is stained and tired, so an upgrade to luxury vinyl plank (LVP) would make cleanup easier and hold up for years to come. Or maybe swapping out dated composite or granite countertops for a lower maintenance and sleeker quartz in your kitchen and bathrooms is the right choice if cabinets are in good shape (you also can complement with paint to hide a dated wood tone as a part of the refresh).
Mechanicals and More: The major components of your home (roof, siding and more) all have an expected life, and the same goes for key systems like your HVAC, water heater and appliances. Getting ahead of breakdowns can save you the stress of an unexpected leak or inconvenience of lack of service. while awaiting a repair or replacement Some of these may not affect your aesthetic but some will have that as a bonus, such as a new roof, updated siding and even new kitchen appliances. Buying when not in immediate need allows you to shop around for features and best pricing and to time work when convenient. Don't forget to inquire about warranties and their transferability and keep all your records.
The bonus fifth investment is in furniture that can grow with you and your home — maybe a modular sectional you can expand or a sofa with a reversible chaise or that new queen bed that can become your guest bed when you can finally get that king you’ve been dreaming of. Just because a bigger change is in the future doesn’t mean you can’t make smaller changes for you and your family today.
Need a partner to help think through the right mix of investments that will pay off now and later? Reach out and schedule a consult with me...here to help!
Amber Harris is the owner of At Home DC, an interior decorator and a licensed real estate agent with Keller Williams Capital Properties working with clients in DC, Maryland and Virginia.