The beginning of the year inspires a spirit of positive, new beginnings. You get a gym membership, quit binge-watching television, start a savings account, and so on. All in hopes to create a new and shinier version of yourself. Have you ever considered that your home may benefit from some tune-ups too, that just like us, houses withstand stormy days, small children, and the inevitability of aging?
According to Improving America's Housing Report by the Joint Center for Housing Studies of Harvard University, nearly 80 percent of America's homes are at least 20 years old, and 40 percent are almost 50 years old. This aging of homes coupled with the decline in moving has increased homeowners replacing major home appliances and systems. In addition, with the influx of millennial's entering the housing market, many are opting to modify older homes to meet their needs and preferences.
Whether your home needs revamping for practical or aesthetic reasons, making updates and improvements will not only add to the overall value, it will help you maintain a safe, healthy environment you and your family will love for years to come.
Upkeep and Upgrades to Invest in This Year:
The Kitchen
That room you never intentionally mean to hang out in all night but do! Best ways to invest in it (and dare we say enjoy it even more)?
- Lighting. It's everything. Try adding more windows to maximize natural lighting. This expands and transforms the space (especially smaller rooms). Bonus: it also allows you to feel a little more connected to nature!
- Storage. Keep clutter away by creating storage through floor-to-ceiling cabinets, or consider adding a pantry.
- Functionality. Rearrange the layout to accommodate your cooking routine and entertainment goals by adding updated appliances, a large functional island, or additional seating.
The Bathroom(s)
An intimate place, you spend guaranteed time in every single day. So, why not make it an enjoyable experience and up-home value?
- Storage solutions. Adding cabinets, shelving, and (if you have space) a linen closet will give you the space and functionality you need!
- Additions and Upgrades. Take it up a notch by adding a steam shower, clawfoot tub, or double vanity.
- Tiling. Simple, timeless tiles will create an everlasting look, plus resist steam and water damage. It's also easy to clean and maintain.
The Flooring
Bare feet, paws, lemonade, and leftover pasta. All things that inevitably wind up on the floor, so is yours up to the task, or do you need an upgrade? There are many options for flooring: vinyl and hardwood are two great (and durable) choices to elevate the look and resale value of your home.
Vinyl
- Vinyl floors can expand and contract; they're an excellent option for areas with a lot of sun exposure and ones with high traffic. It is also quite resistant to dents and scratches, so the overall appearance of a nearly-new floor can last for many years to come.
Hardwood
- Hardwood floors are natural, unique, and hard to beat! Different stains and refinish techniques provide an endless array of possibilities. Although they are beautiful and timeless, the base price tag can be much higher than vinyl flooring. Also, keep in mind they require care and regular maintenance.
The Windows
Offering more than just natural light and a modern look— you'll be hard-pressed to find a home upgrade that stretches your dollar farther than brand new windows.
- Returns. Windows offer a higher return on investment than nearly any other home improvement. Period.
- Aesthetics & Efficiency. New windows not only give your house a fresh look from the outside, but they also provide warmer living space inside. Plus, you'll save on utilities, as they are incredibly energy efficient.
- Safety. New windows also provide enhanced home security. Features like security sensors and updated locks not only help you with the resale value they keep your family safe.
The HVAC System
It isn't glamorous like getting quartz countertops or eye-catching like a new crystal chandelier, but a well-functioning HVAC system is vital to you and your home's health.
- Thinking ahead. HVAC updates have a higher average return on investment than most other remodeling projects (AN FYI: prospective buyers are often discouraged by homes with a dated or poorly functioning HVAC system).
- Breathe Easy. Air untreated in your home can harbor harmful contaminants such as fungi, bacteria, dust particles, and mold; New HVAC systems are more efficient at treating the air that passes through it to provide cleaner breathing conditions.
- Save a Buck. You will reduce your cooling and heating costs with a system that isn't working twice as hard to get the same result.
The Roof
There is a reason "roof over your head" is a known phrase. It is a basic need for humans and an important one at that. Replacing a roof may not be the most exciting place to spend money, but it gives you a sense of safety and can avoid even more costly damage later down the road.
- Avoid Internal Damage. Replacing your roof can help you avoid water damage to the interior from sneaky leaks or gaps— warped walls, floors, rotted wood, ceiling stains, etc.
- Energy Efficiency. Holes in your roof can let out the cool air or heat you are trying to keep in, forcing your HVAC to work overtime and costing you money.
- Value. A new roof gives your inspector and future home buyer peace of mind. It also simply looks better.
We realize that updates like these sound alluring but often carry a heavy price tag, and it is daunting to rely on cash savings to fund home updates. We don't want financing to hold you back! First Integrity Mortgage Services, in St. Louis, Missouri, has a vast array of programs to cover costs for home improvement projects through Renovation Loans or Cash-Out Refinances. While you embark on your path to self-improvement this year, make home improvements a part of your journey too. Give us a call to discuss your options today!
Citations
National Association of Realtors®. www.nar.realtor. (n.d.). Retrieved February 11, 2022, from https://www.nar.realtor/
Improving america’s Housing - Harvard Joint Center for ... (n.d.). Retrieved February 11, 2022, from https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_Improving_Americas_Housing_2019.pdf
Improving America’s housing - joint center for housing ... (n.d.). Retrieved February 11, 2022, from https://www.jchs.harvard.edu/sites/default/files/reports/files/harvard_jchs_improving_americas_housing_2021.pdf
First Integrity Mortgage Services is licensed in Missouri, Illinois, Kansas, Arkansas, Tennessee, and California.