5 Easy Ways to Make Your Old Home Feel New

If you’ve lived in the same home for a while, you’re not alone.

Homeowners are staying put longer than they did in the past. The typical homeowner now spends about 13 years in their home, up from roughly 10 years a decade ago, according to a Redfin study. Homeownership tenure is especially long in California — Los Angeles homeowners hold onto their homes for a median of 18.1 years, up from 13.6 years in 2012.

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4 Pandemic Home Improvements to Increase Value

If home remodeling is on your mind, you’re not alone. Two-thirds of homeowners said spending more time at home during the pandemic made them want to do more renovations and repairs, according to a recent study by home loan lender LightStream.

The best renovations will not only boost the enjoyment of your home but will also help raise its market value. Here are four pandemic home improvements to increase value in today’s market.

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Presale Renovations Take Off

A couple in Cambridge, Mass., were looking to sell a two-bedroom condo. The property had been rented out to three college students and needed work if the sellers were going to get top dollar for it, says Carol Kelly, a Compass real estate agent based in Cambridge.

“[The couple] didn’t want to reach into their own pocket to pay for the renovations,” Kelly says. “They didn’t want the stress of investing their own money into the property.”

So Kelly recommended Compass Concierge, a service the brokerage rolled out in 2018 to pay for presale renovations. Sellers pay back the money using the proceeds of their sale. Compass put $17,000 worth of improvements into the Cambridge condo, installing new flooring, painting the kitchen cabinets, and power-washing the house. It paid off: The condo, which was listed at $589,000, sold for $640,000, enabling the sellers to repay Compass and eke out bigger gains from their investment.

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