What Impact Does Home Remodeling Have On Real Estate?
One of the biggest changes one might notice in major metro areas has been how many homes are getting renovated. In fact, it’s all around. New construction and home remodeling are on the rise in major metropolitan cities all over the world. But what impact does this have on real estate? AMD Remodeling breaks down the pros and cons of what remodeling involves for both buyers and sellers of properties.
Why do people remodel their homes?
Leveraging the power of the home remodel
It’s no surprise that people remodel their homes for a variety of reasons. Some people do it because they want to update their space, change its look and feel, or make it more comfortable. And others do it to make money by selling their home for more than they paid for them. Regardless of the reason, remodeling your home has a big impact on real estate.
People want to remodel their homes because it can bring in a lot of money. According to Realtor.com, the average selling price for new homes throughout Texas was $325,000 in the first quarter of 2022, and that doesn’t include the cost of land or home improvements. When you consider that most remodeling projects can cost anywhere from $10,000 up to $100,000 or more, it’s easy to see why people would want to recoup some of those costs by selling their homes for an even higher price. In fact, 54 percent of homeowners who remodeled their homes sold them for more than they paid for them. And there are plenty of ways you can tap into this market and make money by remodeling your home.
How to choose the right contractor for your project?
Home remodeling trends are popular in the current market. Some popular trends include updating kitchens and bathrooms, adding new flooring or cabinets, adding a fireplace or patio, and renovating an existing home. The demand for home remodeling is driven by a number of factors, including the rising cost of housing and the desire of homeowners to maintain their homes while improvements can be made. It is important to choose the right contractor for your project, as many make common renovation mistakes that can lead to delays or cost overruns. Here are some tips on choosing a contractor:
1. Get referrals from friends and family members.
2. Do your research online.
3. Ask homeowners in your area if they have had any renovations done recently and what they thought of their experience.
4. Ask contractors how much experience they have with specific types of renovations.
5. Ask whether the contractor has any insurance protection and what limitations there are on their liability.
How does a home renovation impact property values?
If you’re thinking about undertaking a home renovation, be sure to consult with a real estate professional first. The impact of your renovation project on your property’s value will depend on a number of factors, including the specific features and style of your home, the location, and current market conditions.
Nevertheless, there are some general conclusions that can be drawn based on data collected from across the country. First, renovations generally result in an uptick in valuations. Second, smaller projects (less than $100,000) typically have a lesser impact on value than larger projects (more than $1 million). And finally, remodels that improve energy efficiency or add features that make your home more appealing to potential buyers tend to have the biggest positive impact on prices.
Why is so much remodeling taking place right now?
The reason remodeling is so popular right now is because the market is hot! People are looking to purchase or lease properties that have been completely or partially renovated. The market for rental properties has been especially strong, as landlords can charge more for these units. Additionally, there is a lot of interest in purchasing homes that have been newly built or have undergone renovations that were completed within the past three years.
One of the best things about remodeling your home is that you can change it to fit your needs and desires. This means that you can make your home look and feel like a brand new property. There are many different types of remodeling projects that you can undertake, so you can find the one that is best suited for your needs. Here are some of the most common types of remodeling:
-Kitchen Remodel: A kitchen remodel typically includes upgrading cabinets, installing new appliances, and painting the walls and flooring. This project can be expensive, but it’s worth it if you want a kitchen that looks brand new.
-Bathroom Remodel: A bathroom remodel typically involves upgrading fixtures and hardware, adding countertops and tile, and painting the walls and flooring.
Call AMD Remodeling to Improve Your Home’s Value!
There’s no doubt that home remodeling has become increasingly popular in recent years, with many homeowners seeking out ways to spruce up their homes and make them more comfortable and aesthetically pleasing. While there are many benefits to doing a little bit of remodeling on your property, it is important to weigh those benefits against the potential impacts that home remodeling may have on your real estate market. Before you embark on a major overhaul project, it is essential to consult with an experienced real estate agent who can help you assess the potential risks and benefits so that you can make an informed decision.
If you are looking for a reliable home remodeling company, look no further than AMD Remodeling. Our team of experts has extensive experience in a variety of renovation projects, from small fixes to full-blown reno’s. We offer a range of services that will help you get the job done right, from estimating and scheduling to final clean-up. Plus, our team is always available to answer any questions you may have about our services or about home remodeling in general.
We work with customers across Dallas, Richardson, Plano, Addison, Carrollton, Allen, Frisco, Murphy, and Wylie, TX. Call our remodeling contractors to discuss your remodeling needs today: 469-547-5887.