7 Essential Home Updates To Make Now Before Prices Rise in 2025
By Dawn Allcot,
2024-09-03
Although inflation slowed to just under 3% in August 2024, it is still higher than the U.S. Federal Reserve is aiming for. With the U.S. presidential election coming up, and a potential interest rate cut in September, there’s still a possibility prices will remain elevated — and even jump higher — in 2025.
Right now, fuel prices at the pump are trending downward, which, in turn, lowers the cost of many goods, since transportation costs factor into pricing. With all this in mind, if you are considering home renovations and updates, heading into fall is a good time.
Soft paint hues, light wood, and cozy throws can give your home a minimalist, yet welcoming, vibe for the fall.
Consider updating your lighting fixtures with a vintage look.
Wall sconces in the foyer, a classic chandelier in the dining room, or hanging lights over a kitchen island add a touch of elegance to your home. Home Depot offers vintage bronze pendants for under $200 , making this an easy and affordable upgrade.
The beginning of this century brought us the “techorating” trend, where designers sought to incorporate technology into home décor to create a modern look.
Today, though, it’s all about hiding the technology. This can mean tucking a TV into an enclosure, installing equipment racks in closets to hold set-top boxes, and relying on voice control to power lights while your Google Home or Amazon Alexa sits unobtrusively on a shelf, practically invisible.
You might expect to get back roughly 85% of your investment when you sell your house, according to Modernize.com. But, you’ll also benefit with lower heating and cooling bills, and a more comfortable home, while you’re living there.
That makes energy-efficient windows a wise purchase, especially before winter rolls around.
light poet / Shutterstock.com
Updated, Energy Efficient Appliances
Completing a whole kitchen remodel can cost tens of thousands of dollars. But you can update the space and reduce your electric costs year-round by switching out older home appliances with new, energy-efficient models.
Eighty percent of homebuyers look for Energy-Star-rated appliances, including a washer, dryer, dishwasher, and refrigerator, according to the NAHB survey.
If your old carpet or even hardwood floors are showing signs of wear, updating with luxury vinyl planks that look like solid wood can be the solution.
Designers recommend gray or espresso as the season’s hottest colors, according to HomeLight.com , but light woods are also in this year — and have the advantage of making a space look bigger.
If you didn’t convert a spare bedroom or bonus room into a home office during the pandemic, now’s the time. And if you’ve been working from home since 2020, your office is probably ready for an update.
Consider a FlexiSpot standing desk from Amazon with electric height adjustment and a triple-monitor set-up to maximize your productivity.
JamesBrey / iStock.com
Finished Basement
If you have some extra cash to spend this year, consider doubling the livable space in your home with a finished basement. For less than $20,000, according to Angi.com , you can create a cozy gathering for the family, a guest room, workout area, or play room for the kids.
When you sell your home, you can expect to make back roughly 70% of your investment, since a finished basement is a highly coveted feature.
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