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Some homeowners plan to stay in their homes for a while—especially after getting settled into a career, having a few kids, or refinancing their mortgage. If you know you’ll be getting comfortable in your home for the long term but you still want to make a few updates along the way, choosing value-adding features is a smart idea. Here are a seven value-adding updates to make when you plan to stay in your home for many years to come.
Replacing kitchen countertops can be a drastic improvement in the appearance of your space—and a study from Houzz revealed that among homeowners who renovated in 2018, 33% updated their countertops. If you don’t plan to sell your home for several years, try to avoid ultra-trendy options and choose classic stone countertops that will age well as your home gets older. Since you’ll have this countertop for many years, choose something you really love.
Another 33% of homeowners who renovated in 2018 chose to update tile walls and backsplashes. And if you replace your countertops, your backsplash will likely need an update, too. Try to choose a backsplash that complements the stone used on your countertops and keep thinking timeless over trendy.
While new cabinets can be a hefty investment, they can increase your property value while also bringing your kitchen up to date. Among homeowners who updated in 2018, 39% made the move to improve their cabinets or doors. Making gradual cabinet updates could help split the cost over a more manageable length of time, so start with your kitchen and move onto your master bathroom. Kids’ bathroom and laundry room cabinets can usually be de-prioritized, and if you’re really looking to splurge, consider soft-close doors and drawers.
Not only are updated kitchen appliances like refrigerators, ovens, and stoves more visually appealing, they’re also typically more energy efficient. If you plan to stay in your home for many years to come, invest in appliances you will enjoy using—like 32% of the homeowners who renovated their homes in 2018.
Do you have carpet throughout your home or dated tile in your bathrooms? Old carpet traps dust and debris, but new flooring instantly makes your home cleaner and more welcoming. In fact, 43% of homeowners who renovated in 2018 updated their homes with non-carpet flooring, according to Houzz.
6. Bathtubs & Showers
If you plan to remodel your bathroom, an updated bathtub and shower can make a big difference in creating a tranquil, inviting bathroom that you love using. Among homeowners who renovated in 2018, 52% spruced up faucets and showerheads, 35% upgraded sinks, 30% replaced toilets, 19% updated shower stalls or doors, and 12% sprung for new bathtubs.
The Houzz report also reveals that in 2018, 26% of home renovations were driven by a desire to customize homes that were recently bought. Installing custom built-ins throughout your home could add value to your property, but it likely doesn’t make sense to add a bunch of built-ins right before you move. Instead, add them when you have many years left to enjoy the added storage and touch of character.
No matter where you are along your journey to homeownership, Mr. Cooper makes a great partner. If you’re looking to tap into equity you’ve built in your home to fund some home improvements, get in touch with a Mr. Cooper pro to find out about cash-out refinancing.
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