If you want to sell your home in the next year, then now’s the time to start thinking about making some strategic updates. Even if your home doesn’t need any significant repairs, certain updates could help it sell faster and at a higher price point.
The cost of home improvements can add up fast, so before you jump in, take the time to figure out a budget for how much you want to spend. Keep in mind the additional costs that will go into selling your house and the price of taking out a new mortgage.
You can use Credible’s online mortgage calculator to determine your estimated monthly payments. And by using a low-cost personal loan to pay for the improvements, you can avoid tapping into your home’s equity.
Which home improvements add the most value?
But before you can buy a new home, you need to sell your current house at the best price point possible. From minor repairs to basic repairs, you'll want to make your piece of real estate as appealing as possible. And, hopefully, by doing so, you can sell your home fast. By implementing the following four home improvements, you should be able to increase the home value significantly.
- Updating your flooring
- Energy-efficient upgrades
Painting is one of the easiest and most cost-effective ways to improve the appearance of your home. However, it’s essential to choose the right shade of paint. Zillow found that homes with a light blue or gray interior sell for $5,440 more than expected.
If you can’t afford to paint the interior of your home, at least give the walls a good cleaning. Try to get rid of any fingerprints, smudges, and anything else that would be off-putting to potential buyers.
2. Updating your flooring
According to the National Wood Flooring Association, homes with wood floors sell faster and sell for 10% more. So if you’re looking for ways to increase your home's value, the quickest way to do it is by replacing that carpet with hardwood floors.
Hardwood floors can be a pricey investment, and if you’re looking for a way to finance this expense, a low-cost personal loan can help. You can use a lending marketplace like Credible to view loan options from multiple lenders.
Updating the landscaping is one of the fastest ways to make your home more appealing to potential buyers. According to Realtor.com, good landscaping can improve the value of your home by up to 28%.
And even the smallest changes can make a big difference to your home’s curb appeal. Start by taking note of any worn or dated items on your home. Update the paint on your shutters and replace your worn-down mailbox.
You can also consider hiring a professional landscaper to look over your yard. They can make recommendations for any necessary improvements.
4. Energy-efficient upgrades
An energy-efficient home will be more appealing to potential buyers because it helps the environment and comes with cost-saving benefits. Installing a smart thermostat is an excellent place to start, and depending on where you live, your electric company may be willing to foot the bill.
Sealing your doors and windows will help regulate the temperature inside the house because less hot or cold air will escape. And updating your lighting fixtures and switching to LED bulbs can reduce the lighting costs in the home.
What are today’s mortgage rates?
According to FreddieMac, mortgage rates are up slightly this month. Supply chain shortages are causing inflation, which leads to higher mortgage rates. The average for 30-year mortgage rates is currently 3.02%, while 15-year mortgages are averaging 2.34%.
Here is a breakdown of how mortgage rates have fluctuated over the past two months:
As you can see, mortgage rates are up from where they were, but they’re still relatively inexpensive. And there is a chance that rates could rise over the next year, so if you’re considering buying a new home, the time to act is now.
The next steps
Mortgage rates are still at historic lows compared to where rates were even a few years ago. That makes it an excellent time to buy or sell your house.
If you’re interested in exploring your current mortgage options, your best bet is to check out a lending marketplace like Credible. With Credible, you can explore rates from multiple online lenders at once. This will allow you to find the rates and terms that are the best fit for your situation.