John Maxim | Source | CEO + Founder of 4 Real Estate Companies at John Maxim

With interest rates rising really quickly, buying a "new" home is becoming impossible for millions. Here are 10 ways to renovate your current home – and avoid buying a new one altogether:

1. “Upgrade” windows: Spray paint old window hardware from silver to black. This will mimic the hottest style of windows in new homes.
2. Swap outlets and switches: Swap out each and every single outlet cover and light switch. (Older homes often have egg colored outlets. Often times, you can replace every outlet in your house for under $100.
3. Add new light fixtures: lights can transform an older looking home to a brand new home. Don’t be afraid to change your front porch light, chandelier, etc. to more modern options.
4. Make it smart: almost all new homes come with the basic smart essentials “smart look, nest thermostat,” for example. For a few hundred dollars, you can upgrade your home to a smart home.
5. DIY Backsplashes: These are so much fun! I have seen people create penny backsplashes, you can search hardware stores or Amazon for tile and get this project done in one afternoon. Many backsplashes are often just stickers.
6. Replace Hardware: replace bathroom and kitchen hardware (knobs, pulls, faucets). Black hardware and gold are both trending in new homes. You can often swap out the hardware in your entire home for under a few hundred dollars.
7. Refinish before adding: Look to rooms already built; attics, basements, garages and sunrooms all have the skeleton and framework in place (the expensive part). For many, refinishing these rooms can add hundreds of square feet to their home.
8. Replace countertops: This is one of the pricer suggestions, but standard counter tops in a new home are typically Quartz countertops. Consider replacing your countertops in your kitchen to Quarts (can cost around $5k, but will go a long way with new knobs and painted cabinets).
9. Go outside: bring your renovations outdoors! For an inexpensive price, you or a contractor can create a pea-pebble deck (no wood) and put outdoor furniture, lights and even a stock tank pool outside in the summer. These are all inexpensive ways to make your yard look and feel like a brand new home.
10. Expand: Ultimately, if you have a new child on the way you need a “new” home to accommodate, think again. The cost of a new home is $150/sq foot, additions are about $90/sq foot, that is a significant amount saved if you’re adding a 1000 sq. addition. (You can always put them in bunk-beds too)!