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Mortgage rates are the lowest they've been in a year, and with the Federal Reserve expected to continue lowering its benchmark interest rate, there's never been a better time to invest in home upgrades. Autumn is traditionally a busy time for real estate, but these economic factors have created a particularly promising environment for buyers and sellers alike. According to top celebrity real estate brokers Tom Postilio and Mickey Conlon, this fall is shaping up to be especially active.
"We predict that there will be lots of new inventory coming to market, along with many new buyers who've been waiting for this moment," said Tom and Mickey, who are responsible for nearly $3 billion in residential sales and rank among the top real estate brokers in the U.S.
Their advice? If you're planning to upgrade your home, now's the time to do it, and there are key renovations that can make your property stand out in a competitive market. Whether you're preparing to sell or simply want to boost your home's appeal, here are the top three renovations to consider.
1. Create flexible spaces
The COVID-19 pandemic changed how we live and work, which means the demand for versatile home spaces is here to stay. By creating "flexible" rooms -- think home offices, gyms, or guest spaces -- you'll make your home more functional and appealing to potential buyers.
Tom and Mickey recommend using modular furniture or built-in storage to maximize space and reduce clutter. "The perception of more space and flexibility adds value, appeals to a broader pool of prospective buyers, and makes your home more competitive with larger, more expensive homes," they explain.
With more people working remotely or embracing hybrid schedules, buyers are looking for homes that can adapt to their changing needs. If you're planning to stay in your home, a flexible room can be whatever you need it to be -- an office today, a guest room next month, and a home gym whenever you're ready to tackle your fitness goals.
Going to need some help funding your renovation plans? Click here to see our recommendations for some of the best renovation loans and get started with a lender today.
2. Make your home smart and energy efficient
The trend toward smarter, more energy-efficient homes continues to grow, and for good reason. Upgrading your home's technology makes your life easier and can reduce utility costs and your environmental footprint. This especially appeals to today's eco-conscious buyers, who prioritize homes that offer both convenience and sustainability.
Start by installing a smart thermostat, which can be controlled remotely and help you save on heating and cooling costs. "Efficiency in homes has become a big bonus," Tom and Mickey explain. "Smart thermostats, lighting, security cameras, and even kitchen appliances that can all be controlled through a smart home hub/app can simplify and make life so much easier."
Energy-efficient upgrades, such as adding solar panels or replacing windows and doors, can also be a smart investment. Not only will these improvements reduce your energy bills, but they'll also make your home more comfortable year-round. Over time, these upgrades will pay for themselves in energy savings, and they'll be a major draw for potential buyers when you're ready to sell.
3. Give your kitchen a "glow up"
If you're going to focus your renovation efforts on just one room, it should be the kitchen. This space is often the heart of the home, where families gather, meals are prepared, and memories are made. And when it comes time to sell, the kitchen can make or break a deal.
Upgrading your kitchen doesn't have to mean a full-gut renovation. Small changes can have a big impact, from adding open shelving to swapping out dated countertops for modern quartz or marble. Another popular upgrade is installing soft-close cabinets -- this is something you can even DIY with your existing cabinets for a budget-friendly solution.
Tom and Mickey also recommend adding an island if your kitchen layout allows for it. "Adding an island can also provide extra prep space and room for seating," they suggest.
If you're considering a more extensive renovation, such as new cabinetry, flooring, or appliances, it's worth working with an experienced designer to ensure you're making the most of your investment. A well-planned kitchen renovation can offer one of the highest returns on investment (60%-80%), especially in today's market.
As Tom and Mickey explain, "These renovations not only make your home more enjoyable, but they also make it more attractive to future buyers." Whether you're planning to sell or simply want to enjoy your space more, these upgrades will help your home stand out in today's competitive market.
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