Sell your house? Consider making these improvements first
If you are looking to sell your home in the next year or so, now is the time to start thinking about making some strategic updates. Even if your home doesn’t need major repairs, there are some updates that could help it sell faster and at a higher price.
The cost of home improvements can add up quickly, 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 be associated with selling your home and the price of a new mortgage.
Which home improvements add the most value?
But before you can buy a new home, you need to sell your current home for the best possible price. From minor repairs to basic repairs, you’ll want to make your property as attractive as possible. And, hopefully, by doing so, you will be able to sell your home quickly. By implementing the following four home improvements, you should be able to significantly increase the value of the home.
- Updating your soil
- Energy efficient upgrades
Painting is one of the easiest and most economical ways to improve the look of your home. However, choosing the right shade of paint is essential. Zillow found that homes with a light blue or gray interior are selling for $ 5,440 more than expected.
If you can’t afford to paint the interior of your house, at least clean the walls. Try to get rid of fingerprints, smudges, and anything else that might put off potential buyers.
2. Update your flooring
According to National Association of Public Prosecutors, homes with wood floors sell faster and sell for 10% more. So, if you are looking for ways to increase the value of your home, the fastest way to do it is to replace that carpet with hardwood floors.
Hardwood floors can be an expensive investment, and if you’re looking for a way to finance that expense, a cheap personal loan can help. You can use a loan market like Credible to view loan options from multiple lenders.
Updating landscaping is one of the fastest ways to make your home more attractive to potential buyers. According to Realtor.com, good landscaping can improve your home’s value by up to 28%.
And even the smallest changes can make a big difference to the curb appeal of your home. Start by noting any worn or dated items on your home. Update the paint on your shutters and replace your worn mailbox.
You may also want to consider hiring a professional landscaper to inspect your garden. They can make recommendations for necessary improvements.
4. Energy efficient upgrades
An energy efficient home will be more attractive to potential buyers because it protects the environment and has cost saving benefits. Installing a smart thermostat is a great place to start, and depending on where you live, your utility company may be willing to foot the bill.
Sealing your doors and windows will help regulate the temperature inside the house as less hot or cold air will escape. And updating your light fixtures and switching to LED bulbs can lower your home lighting costs.
What are the mortgage rates today?
According to FreddieMac, mortgage rates are up slightly this month. Supply chain shortages are the source of inflation, which pushes mortgage rates up. The average 30-year mortgage rate is currently 3.02%, while the 15-year mortgage rate is on average 2.34%.
Here’s 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 still relatively cheap. And it’s possible that rates will go up over the next year, so if you’re thinking about buying a new home, now is the time to act.
The next steps
Mortgage rates are still at historically low levels compared to a few years ago. This makes it a great time to buy or sell your home.
If you want to explore your current mortgage options, your best bet is to check out a loan market like Credible. With Credible, you can explore the prices of several online lenders at once. This will allow you to find the rates and conditions best suited to your situation.