Do you own a home in Philadelphia and want to renovate it to enhance your family’s enjoyment or to increase the resale price for when you put it on the market? The good news for sellers is that Philadelphia remains a seller’s market, and homes for sale in Mt. Airy and other Philadelphia neighborhoods continue to be hot commodities. For those who are not ready to sell and instead want to improve their home solely for their own use, choosing renovations that will lead to the maximum amount of enjoyment, convenience, or comfort is top priority. Ready to add your home to other houses for sale in Brewerytown or wondering which projects will lead to more satisfaction with your home? Consider the following.
Understand the Costs
Before taking on a renovation project, it’s important to understand the costs involved, so you don’t plan something that doesn’t fit into your budget. Though the budget on each project will vary depending on the age and condition of your home as well as its type of architecture and style, you can usually ballpark a cost before you get estimates from contractors that are specific to your project. The typical cost of a kitchen remodel ranges from around $15,000 for a minor remodel to $65,000 for a full, high-end renovation. A bathroom remodel will range from $15,000 to $46,000, and a basement remodel usually starts at around $30,000 for a 600-square-foot space. Knowing average costs for projects will help you select the right one for your budget and ensure you have enough saved to complete the renovation.
Determine Your Goals
If you’re renovating to ensure your home can compete with other homes for sale in Mt. Airy or other Philly neighborhoods, it’s always a good idea to do some research to see what type of project will best make your home comparative to others on the market. Renovating to sell is much different than remodeling for personal use. When you take on a project to increase resale value, make sure you take return on investment into consideration. Some of the best projects to recoup your costs include a siding replacement or minor kitchen remodel (92.8% return), roof or window replacement (80% return), minor kitchen remodel (77.6% return), and finishing a basement (70% return). Also ensure you remodel in a way that is universally appealing rather than making unique changes that you personally like.
If you’re performing renovations for your own enjoyment of the home, choose the projects that best fit into your desired lifestyle. For example, other houses for sale in Brewerytown may renovate their kitchen to get the best return on their investment, but if your family has grown and you desperately need an extra bathroom, you’ll be better off putting your budget toward that project. If you plan to stay in your home for the foreseeable future, you can make more unique renovations that are suited to your family and lifestyle and not worry as much about resale value or universal appeal.
The Six Best Projects
There are some projects that are both perfect to increase resale value and increase the enjoyment and satisfaction you experience in your home. Here are the six best:
- Kitchen remodels or appliance upgrades. Whether you decide to perform a minor kitchen remodel and reface your cabinets or do a full-on remodel with a new layout, flooring, countertops, and top-of-the-line smart appliances, your resale value and home enjoyment will improve. Experts predict 2021 kitchen trends will include larger kitchen island hubs, induction cooktops, and projects that increase functionality so kitchens can double as multi-purpose rooms.
- Adding on or upgrading outdoor space. Increasing or improving the livable space in your home is never a bad call. When you add on a sunroom, porch, or deck or turn an existing outdoor space into a three-season or all-season room, you make your home more appealing to your family and to potential buyers.
- Bathroom updates. Homes for sale in Mt. Airy that have updated bathrooms that offer new owners the promise of a spa-like experience are much more likely to sell than those with outdated or less appealing bathrooms. Trends for 2021 include freestanding showers with zero-clearance entry, floating vanities, soaking tubs, and quartz countertops.
- Addition or upgrade of home offices. 2020 changed the way homeowners use their space. With millions of people transitioning from the office to working at home, the importance of home offices skyrocketed. Those who are shopping for houses for sale in Brewerytown will undoubtedly focus on dedicated working space whether they plan to return to the office part-time or will remain at home. Consider transforming a guest or storage room into a home office if you don’t currently have one or upgrading your current office space with comfy seating, new technology, and plenty of shelf space.
- Transformation to closed floor plans. If you really want to take on a big home remodeling project this year (and have the budget to do so), consider turning your open floor plan into one with more walls and privacy. 2020 made families rethink their open floor plans as they struggled to find personal space during endless weeks in their homes. This trend will likely continue into the future, so making the change now could be your best bet for a happier family and a higher selling price.
- Update home exterior. One of the best things you can do to compete with homes for sale in Mt. Airy is to perform outdoor updates like new siding, garage door or window replacements, or a new roof. These functional updates will make your curb appeal and the value of your home soar.
2021 is the perfect year to budget for some home improvements. Whether your goal is to put your home on the market with other houses for sale in Brewerytown or simply improve your family’s experience in the home, planning for one of these renovations will help you achieve your goals. If you’re ready to sell, contact an experienced Philadelphia real estate agent like Marc Silver to help you with the process.