Have you decided to renovate your home? What improvements should you make? There are many decisions, but the first step is figuring out where to spend your money. People usually renovate their homes to make them a better place to live, especially when buying an old house, such as an old row house in Philadelphia.
Moreover, home renovation is a great way to increase your property value, not only for yourself but also for future home buyers. If you are considering selling your property, good home renovations can easily improve its value to make it attractive to future renters and potential home buyers. It is important that you take time to know which renovations best suit your particular property’s needs and desired style plus offer the best return on investment.
So, what improvements should you make to increase your property’s value and meet your needs? Keep reading this article or watch this video to find out the answer.
Install Manufactured Stone Veneer
According to Remodeling magazine 2022 Cost vs. Value Report, in Philadelphia, the most ROI (Return on Investment) belongs to adding manufactured stone veneer to a house’s outside surfaces, which is 92.1% ROI. This material gives your home a fresh historical look and it has benefits over natural stone. It is lightweight, soft, easy to cut, and has predictable sizes. This beautiful façade can attract homebuyers and make a good first impression of your home.
Replace Your Garage Door.
Garage door replacement with 89.1% ROI is another great way to add value to your property. Investing in a new garage door improves your home’s curb appeal, especially if the home has more than one door facing the street. One of the best benefits of this home improvement is that it is affordable. In Philadelphia, you can change your garage door for roughly $4,173. It also provides you with more energy efficiency, more safety, and fewer repair costs.
Remodel Your Kitchen.
Having a modern, spacious kitchen is tops on many prospective homebuyers’ wish lists. In most homes, family members spend most of their time in the kitchen cooking, eating, or gathering. I believe the kitchen is the first place every visitor pays attention to when entering a home. So, investing in kitchen remodeling will get a lot of attention from prospective homebuyers, and it is worth the investment. Remember that a full kitchen remodel will give you less return on investment. In Philadelphia, a midrange minor kitchen remodel has 65.7% ROI, while a midrange major kitchen remodels has 52.7% ROI. So keep making minor improvements to add value.
Add a Deck to Your House.
Adding a deck is a sure way to improve your property value and curb appeal. Decks can be an excellent place to get together and spend time with your loved ones outdoors. Especially Philadelphia row houses, which usually do not have a yard, benefit greatly from this functional outdoor living area. Deck additions are much more cost-effective than other home improvements and improve your home’s appearance. Most importantly, many prospective homeowners prioritize outdoor living spaces. A deck addition can increase your property’s value and return on investment by 62.2%.
Consider a 3rd – Story Addition.
A 3rd – story addition gives you the extra space you need; it is the most cost-effective way to add space to your home and increases your property’s value. Adding an extra level to your home creates roughly 65% ROI. As an illustration, in one of our projects in Philadelphia, the owner benefited from $100,000 added value to his property by doing a 3rd – story addition. Although it can be expensive, it is definitely well worth it.
Incorporate Smart Home Technology.
According to market research, homebuyers value properties with smart technologies. Generally speaking, smart homes are equipped with network-connected products to be controlled using a smartphone. Using smart features can reduce your expenses. For example, when you have a smart water leak detector, you do not need to worry about damages related to water leakage and incurring extra costs. Other smart features, including smart locks and security cameras, ensure that your home will be safe when you are not home.
Overall, the ultimate purpose of smart technology in houses is to provide convenience, enhanced security, and energy management. These features make living easier and attract most homebuyers. So, incorporating smart technology in your home can increase your property’s value. These are easy upgrades that you can consider for your home renovation project.
Consider Simple Home Improvements.
When it comes to home renovations, many people think that the more you spend on a renovation, the better the return on your investment will be. But this is not always true. You want to make sure that you choose projects that will increase the value of your house and pay off with an improved quality of life. It is important to consider your funds and budget. The great news is there are many things you can do to increase the value of your property that are relatively inexpensive, like repainting or fixing broken windows or doors, repainting walls, or renewing old flooring with paint. By repainting the walls, your home’s value may rise by 5% and your would receive 100%ROI.
Get Help from Professionals.
Get advice from professionals about what renovations will add the most value to your home. No one can help you better than people who are in this industry. Find an experienced and skilled contractor in your area and leave the job to them. If you live in the Philadelphia area, Matrix Company Solutions Corp., with 25 years of experience in home renovations and 203(k) loans, can help you with your home renovation project. We will provide the best service to increase your property value through renovation!
Invest Wisely in your Renovation Project.
Renovating your home can be a challenge. There are many things to consider and you want to ensure you have made the right decision for your home. You do not want to be stuck with a renovation that does not fit your goals, most notably increasing your property’s value. Keep in mind that all the suggestions above are general. Based on your home, you need to decide which one works best for you. The right home renovation project can increase your property’s value and build more equity. Therefore, use the suggestions wisely by evaluating your property situation to get the most value.
How to Finance Home Renovations?
Even if you make simple home improvements, the amount of the renovations may not be affordable. So, how do you renovate your home if you do not have the cash? Well, that is exactly where you can consider loans. A 203(k) loan is great for your home renovation project. You can use a 203(k) loan for minor home improvements or bigger projects like a kitchen renovation or deck addition. If you need information about getting a 203(k) loan in Philadelphia, contact us via our FREE Consultation Service!
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