Home Mortgage Alliance Corporation (HMAC)

That first house might be the last for a while. Why not give it a facelift in 2024?

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Published Date 1/2/2024

In these days of high interest rates and home prices that keep rising, perhaps it’s time to think of that “starter” home you purchased as a keeper for the long term.

Realtor’s Larissa Runkle spoke to home renovation experts to find out what projects are worth tackling in 2024 to make your fixer-upper feel more like a forever home and found a few projects you should consider adding to your home’s (eventual) resale value.

Of all the least expensive and best return on investment improvements you can make, paint tops the list. “Giving everything inside your home a fresh coat of paint isn’t just a staging trick—it’s something you can do while still living in your house to refresh the entire look and feel of the place,” says Runkle. Apart from regular maintenance, interior painting is the most affordable project. Choose colors according to how you’d like a room to feel rather than simply hopping on the latest color trends.

New appliances is next. “Getting new appliances was the third most popular project in 2023—a big change from 2022, when this project wasn’t even in the top 10,” says Angie Hicks (former of AngiesList, now called Angi). “Getting an updated appliance that allows you specific features and a look you want—it’s a great upgrade that won’t need to break the bank.” And guess what? The supply chain has gotten a lot better.

Starter homes often have dated or Spartan bathroom and kitchen amenities. Refinishing the cabinets can work wonders in these very important spaces, getting rid of the previous homeowner’s grease, grime, scratches, and dings, but also allowing you to refinish them to a color that better represents your style. Other minor projects might be replacing the tile, adding a new tub, or changing out the sink(s).

Outdoor spaces are more important than ever when planning to stay put for a good, long while. It’s like adding additional square footage to your house. And the best part is that adding a deck doesn’t have to cost an arm and a leg, especially if you opt for wood instead of composite material. A modestly sized deck starts at about $1,200.

If your home has carpeting that just has to go, perhaps it’s time to make your starter home feel a bit more permanent by upgrading its materials—like ripping out that old carpet and upgrading your floors. New hardwood or luxury vinyl planking can make it feel like a new home, bringing increased resale value along with matching your aesthetic.

And how about that basement — if you’ve got one? Now might be the time to invest in transforming it into a more livable space, like an in-law suite or entertainment den, according to Runkle. While she admits it’s a large project, it comes with some great benefits—like a lot of extra space that can be used for an expanding family or guests. And the return on investment might just make you smile someday when you sell.

“When planning your basement remodel, make it as livable as possible. This can be achieved by increasing the natural light with windows or a glass door, opening up the floor plan, and investing in high-quality flooring that will withstand moisture and colder temps,” says Runkle.

When you chose this home, was it the exterior that appealed to you most? No? Ultimately, how you feel about your home has a lot to do with what it looks like on the outside. So Runkle says to go ahead and paint the door your favorite color, upgrade the porch with a few fun curiosities, and even consider spending some of your hard-earned cash on leveling up your landscaping.

“Improving the landscaping around your home can have a dramatic impact on curb appeal and make you happier every time you pull into your driveway,” says Hicks. “Consider planting new garden beds, building raised beds, planting trees, or even upgrading your outdoor lighting.”

Realtor, TBWS

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