Home Improvements In a Housing Boom?
Since the summer of 2020, we’ve seen the housing market explode in Virginia. Homes are increasing in value and it is not uncommon to see multiple offers and even bidding wars as demand outpaces supply. On the flip side to this, we have also seen people launching into everything from big renovation projects to small DIY home improvements. This has caused building materials to skyrocket as well.
Whether you are looking to sell, buy, or just improve the value of your home, we wanted to let you in on a little secret about easily increasing the value of your home. These improvements can go a long way toward improving and retaining your home’s value without breaking the bank or risking a large project that buyers just… aren’t buying.
What Home Improvements Should I Make?
There are so many different projects and upgrades that a homeowner can invest in, but with the housing market where it is at today, you want upgrades that are going to get you:
- The Best Return on Investment
- Curb Appeal
- Lasting Investments
- The Best Comfort and Livability
Upgrades like new windows, doors, or siding are investments that are going to last a long time. In today’s market, where houses are being snatched up daily, you want to focus on upgrades and remodels that are “big picture”.
These are the kind of investments that are going to provide a solid, lasting return. They aren’t going to be the trend of the month. These are the kind of investments that you will benefit from even if you aren’t looking to move because they not only add value, but they retain it!
A gorgeous, new entryway, for example, has a return on investment of 61-65%. Replacement windows or siding? A 69% return on investment!
How Much Will My Home Upgrade Cost?
Unfortunately, with the housing market boom, many other construction (lumber, concrete) costs are on the rise as well. With prices being what they are, this also makes the long-lasting projects better for those looking to invest in their homes.
The lumber cost of completely remodeling, flooring or rooms, or adding additions may not be worth the price if it doesn’t have to be done immediately. These are more often cosmetic concerns that can easily be changed at a later date and aren’t playing much of a factor in current decision-making.
So while the cost may fluctuate, the cost of upgrading your siding, windows, and entryway is going to increase the value of your home and provide more bang for your buck.
What Upgrades Are Making a Factor?
One of the number one things people look for when buying a home is energy efficiency. Not only do people get the peace of mind that they are helping to do something about pollution, but they can also save hundreds if not thousands of dollars a year on utilities!
Energy-efficient and properly sealed doors and windows provide better insulation and protection against drafts. This in turn can save you from costly heating and cooling bills. Vinyl siding can also help insulate your home. The lighter colors are designed to reflect more heat during the summer months, but be durable enough to provide a solid windbreak during the cold Virginian winters.
Any of these upgrades will provide more curb appeal, add lasting value to your home, won’t cost an arm and a leg, and will save you money!
How Do I Make These Home Improvements?
Home improvements are a huge investment! It’s always best to weigh all your options before undertaking a huge project. For more information on how you can improve your home’s market value and curb appeal, or a free consultation, contact us. Our experts are here to help you.