If you've been unable to size up from your current home, you're not alone—according to a paper published by the National Bureau of Economic Research, there were 800,000 fewer moves in 2023 than the year before.
A combination of high interest rates, low inventory, and record-breaking high home prices across the country have made many people stay in their current homes and instead focus on making their "old" homes feel more new with renovations and remodeling.
And it's a trend realtors and other experts in the homeownership business have been seeing play out in real time.
"Many homeowners are finding it more financially sensible to put that money into remodeling and customizing their current space, rather than taking on a hefty mortgage for a new home," says Adam Chahl, a real estate agent and founder of Vancouver Home Search.
Meet the Expert
- Adam Chahl is an award-winning real estate agent based in Vancouver, British Columbia, and is the founder of Vancouver Home Search.
- Litra Simms is a real estate agent with over 20 years of experience based in Glen Burnie, Maryland.
- Scottie Attaway is a realtor at Revilo Real Estate in Houston, Texas.
Litra Simms, a Maryland-based realtor, agrees.
"By remodeling, homeowners can tailor their space to meet their preferences and increase their property’s value, building additional equity without the need to relocate," Simms says.
But renovations of any scale can be a difficult and overwhelming process. Where do you begin? Which areas of your home should you focus on for your best return on investment? How do you renovate an older home to make it more modern, without losing its character?
As I've just begun my own home ownership journey, these are questions I've been asking myself as well.
This special issue seeks to answer those questions and more, from helping you get started on your home reno journey—with insight from people who have done it before to showing you how to love the home you're in, no matter how long you're there for.
Here's how to make your "Old House New."
Start Your Reno Journey
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5 Lessons I Wish I Learned Earlier About Renovating a Home as a First-Time Homeowner
4 Budget-Friendly Tips to Know Before Renovating Your Home, According to Home Experts
6 Home Renos You Should Always Do Yourself (and 4 to Leave to the Pros)1 of 3If you're looking for advice about where to start on your own home upgrades, Chahl says focusing on the kitchen and bathroom will be the best for adding value to your home, but they don't have to be big projects.
"Kitchen remodels, for instance, can be as simple as updating cabinetry and counters, but even small changes like replacing faucets and lighting can give the space a refreshed feel," he says.
Credit: The Spruce / Candra Huff
My husband and I bought our first home earlier this year, and because house prices are so high where we live, we had to purchase an older home that would need some fixing up to really make it our own.
I've learned a lot about the process along the way—including doing small upgrades that would make a big impact, how to prioritize our "must have" projects over our "wants," and that it's easier to do some projects yourself than others.
Make It Yours
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6 Ways to Modernize Your Home While Keeping Its Character, According to Designers
4 “Dream” Home Upgrades You Can Fake Right Now, According to Avid DIY-ers
I Faked an Apartment Reno By Adding Renter-Friendly Architectural Details—Here's How1 of 3One of the upsides of staying in a home longer is the ability to really make it yours—and while you can choose to focus on renovations that will increase your home's resale value, it does become less of a concern.
While I am absolutely obsessed with it, my teal dining room with a wallpaper accent wall isn't necessarily everyone's taste, but that's not something I am worried about right now.
I'm choosing to focus on the upgrades and projects that are making my home look like it's mine, and surrounding myself with a space that makes me feel good.
Case in point: my grand designs to turn my under-used basement into a karaoke lounge-slash-entertainment center. Some potential buyers might be scared away by a dark and moody retro space, but as long as I live in this house, that's what I want and that's all that matters right now.
Credit: The Spruce / Candra Huff
According to Scottie Attaway, a realtor with Revilo Real Estate, you can also do both—make a space yours while also adding to your investment.
"For me, in a small 1930s, three-bedroom one-bathroom bungalow in Houston's Old Sixty Ward near downtown, adding another bath, or even a powder room will make life easier while I am there, and pay off financially when I sell," she says.
However you decide to renovate your current home, don't forget to prioritize the elements and features that will make your home "you."
Love What You Have
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We Asked Designers to Share Their Best Home Upgrades, and We Can't Wait to Try Them
This Awkward Corner Is an Eyesore in My Home, But These Design Tricks Make It Work
5 Overlooked Reno Ideas That Add Major Value to Your Home, According to a Contractor