Spring is usually the busiest season for the real estate market, but this year is different.
It’s being called a “Frozen Market” because the number of transactions is so low.
Homeowners who might have a 3% mortgage they obtained a few years ago don’t want to swap it for something over 7% percent today.
That’s a suppressed inventory of homes on the market. Low supply has kept prices high on those few available units.
Some homeowners are feeling trapped in situations that no longer suit their family’s needs.
There are options to refresh and renovate a home that doesn’t break the bank and also provides a good return on investment when selling eventually becomes feasible.
Malaika Adams-Minor, a designer at Norfolk Kitchen and Bath in Boston, says keeping the same footprint on any renovation can save money that would otherwise be spent on moving plumbing and electrical infrastructure.
She says to think about what would make you happy to use it today, and even happier if you decide to see it.
“If you feel cramped in a small space, go with a lighter cabinet. Right now, blue and white are trending. You’ll see that in a lot of magazines and television shows. This is something that is really great for resale,” Adams-Minor explained.
Gutting an outdated bathroom can cost tens of thousands of dollars.
Adams-Minor says small projects, like replacing a vanity or adding a contemporary faucet, can yield big results for a couple of hundred dollars.
“It looks nicer. You can present it. It’s like you’ve had a whole facelift really without doing the whole bathroom.”
She says you can take things up a notch by considering new glass doors on your shower and bath. This might not cost as much as one thinks because systems are available that are not custom-made.
Again, the return on investment is good.
“As soon as you put money into your kitchen or bathroom, you’re asking for more money on the backend because that’s what really sells the whole home.”
Curb appeal shouldn’t just be a goal when you’re selling a home, according to Brian Bowler of Rocky’s Ace Hardware in Walpole.
“There’s a saying that your home is your castle and I think you absolutely want to increase the curb appeal not only for potential buyers, but for yourself. You want to feel comfortable. You want to feel like you’re living in a great space.”
One place to start is the front door.
A new kick plate can be had for under $50.
“It’s a low-cost investment that really helps to make your curb appeal pop even further,” said Bowler.
New hardware on cabinets is a subtle low-cost change that makes a big difference.
“Really dress those up,” advises Bowler. “Create a new accent, a new flavor in the home that will make it feel updated without the cost of a remodel.”
Bowler says it’s a good idea to replace door knobs so they all match and look more modern. He says shoppers have a wide variety of choices both in terms of design and finish.
Painting cabinets is another low-cost option for an update.
Christian King of Norfolk Hardware says special paint for cabinets isn’t expensive and that any color can be mixed. “It’s all up to you.”
It’s no secret painting walls is a cost-effective way to transform any live space.
“A lot of blues are really hot this year,” said Bowler. “You see different tones, different hues. They add a nice richness and warmth to any home that provides a little bit of contrast to some of the neutrals that have been popular in past years.”
Another recommended project is to put down a floating floor.
These laminated planks can cost as little as $2 a square foot.
They have the power to transform a room since it’s the first thing a person sees when they enter.
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