Property owners in Arizona can maximize the value of their homes by learning what the best renovation investments are.
Whether someone has been living in an Arizona home for a long time, or the building was a recent purchase, one way that will never fail to raise the worth of a property is a renovation project. However, deciding which projects to begin and when to start them is an important factor. Certain types of remodels become trendy or fall back in popularity depending on who is looking to buy houses at the time, and what area the house is being sold in. Those who understand the cost and potential value of the different types of remodels, and who are savvy to the current fashions homebuyers are looking for, will have the easiest time reselling their homes for some profit.
People want efficiency
One thing to keep in mind is that a lot of the people who are looking for homes presently are millennials who are trying to get established and are looking for ways to save on bills. Energy-efficiency is a key aspect of homes that many young buyers are looking for. Getting modern, climate-sealed windows can significantly lower energy costs, though this project can range from around $8,000 to $24,000. Re-doing the water-heating system can reduce the monthly cost of energy for less than $2,500, as according to Consumer Reports these systems typically make up 16% of a home’s energy costs.
A big part of what makes a home’s value go up is the usable square-footage contained within the property. An unfinished basement presents a great opportunity to increase a home’s appeal, as it can be redesigned to fit various different floor plans. Attics can also be converted. An attic could become an extra bedroom, which increases the number of people who can rent a property. A basement can be an area for people to be entertained, or it can simply be a dry and sealed area for the storage of odds and ends. Typically an attic remodel will cost around $50,000, while basements vary depending on the size of the space, but will typically not be less than $10,000.
Other high-value renovations
There are few other types of renovations that tend to provide greater return than others. A minor kitchen remodel returns 79.3 percent of the investment on average, according to Time. Adding a deck to a house is a great way to add outdoor space, and this appealing addition can return over 80 percent. For houses in need of siding, using an upscale fiber cement material averages an 84.3 percent return.
Anyone who is looking at buying property or making a real estate transaction in Arizona may be considering a lot of different factors in the market. Getting the best value and protecting investments may be facilitated by hiring an attorney in the local area who practices real estate law.