Colorado is the state to be in when it comes to remodeling. In Denver alone, metro home builders see strong demand for new homes and renovations. The Nation Association of Realtors indicates an influx of new home buyers, especially in Colorado. With new homes comes new remodeling projects.
Now is a good time as any to consider home renovations. You can make significant investments through remodeling, whether you’re looking to sell your home or if you just bought a new one. It all depends on the type of renovations you want to make. However, if you’re going to spend your money wisely, be careful not to make inevitable mistakes.
More often than not, homeowners fall into the trap of failing to recoup losses. It is because they spend more money on the short-term than they get back in the long-term. According to the Nation Association of Realtors, one example is kitchen renovations – typically, homeowners only see a return of investment up to 59%.
To decide whether a project is worth it or not, you need to weigh the short-term and long-term costs. With this handy guide, you can learn about cost-effective remodeling projects, which contractors to consider, and Colorado’s current economic state. With these useful tips, it should inform you of making the right decision for your home.
Why You Should Consider Home Renovations
Home renovations are a do-it-yourself project where you can pour endless amounts of creativity into your household. There are tons of upgrades you can implement to improve your quality of life from the kitchen to the living room. You can do everything from installing cooling and heating systems to adding extra space in the corners of the room.
Remodeling is different for every room in your household. No matter which type of renovation you prefer, it requires both knowledge and expertise for each project. All you need to do is figure out which ones are worth the investment so you can save money. Too many people waste their resources on specific projects, only to realize they can’t make their money back.
The most important aspect of home renovation is the potential to sell at a higher price than average. Finishing touches and extra detail to your household adds to the overall value when you put it up for sale. You can make significant investments in home improvement as a result.
To improve your home at the right costs, you need first to consider Colorado’s current state of affairs. There is a massive shift in the economy right now as a result of the coronavirus. The good news is this particular shift tends to favor home renovations due to unexpected circumstances favoring design firms.
The State Of Colorado Home Renovations in a Covid-19 Era
With the unprecedented Covid-19 pandemic still underway, you might not think it’s a good idea to do home renovations. After all, housing insecurity and job losses are a real threat in the United States and not just Colorado. However, there is a silver lining, as it’s the perfect opportunity to make the most of a bad situation. There are economic factors in play that can make home renovations a viable option.
In Colorado, there are currently no power options available with low refinance rates. Since travel is limited, most of the money is no longer spent on those expenses. Instead, the money goes straight into remodeling projects. According to Placer.ai, a startup that focuses on data analytics, visits to home improvement stores have tripled in the last year or so. Everything from floor planning to landscaping is more popular now in 2020 than it was in 2019.
Think of it this way. With recent stay-at-home orders, you are more likely to spend time indoors than outdoors. Since you travel is restricted and not recommendable, you can take out your home equity and take advantage of the current refinance rates. You can put the money to fair use with home renovations. Don’t let Covid-19 bring you down – you can still control your situation by remodeling your home and giving yourself something to do.
The only question is, are there any contractors in Colorado you can trust? There certainly is – Avi’s Remodeling Contractors. Before you get to work on your project, consider what we can do for your household and the benefits you receive.
Avi’s Remodeling Contractors
Avi’s Remodeling Contractors is based right here in the great state of Colorado. We hold ourselves accountable for not only the costs but also your results. From start to finish, we manage your home renovations with good quality service. If you’re looking for construction companies in Colorado, Avi’s Remodeling Contractors are dependable choices you can rely on. We provide you with years of expertise and knowledge with home improvement, so give us a call.
Once you settle with Avi’s Remodeling Contractors, the rest of your projects should be easy. The only question is which ones are with your time and money, and which ones are not? We consider several factors, such as how old your home is and when is the right time to sell on the market. We have a few suggestions ourselves.
Best Projects Worth The Price
Let’s say you want to sell a home worth $250,000 and you are willing to spend $50,000 in renovations. With a new flooring plan and updated kitchen, you can theoretically sell the house at $415,000. How is this possible, you may ask? Smaller projects are the reason.
The best projects tend to be smaller in size, so you get more bang for your buck. In the previous example, a new flooring plan is one of the more affordable remodeling options; all you need is a new carpet or floor. You can practically upgrade any room within your home using a unique floor plan. If you want to appease potential buyers or want your home to look good, carpets and floors are a cost-effective measure to upgrade the house.
Another cheap method of remodeling is paint. Like with new flooring plans, paint is relatively inexpensive compared to other renovations, and it brings up the aesthetic value of your home. For example, interior eggshell white is a great color that makes any room stand out immediately. It’s all about simplicity; you potentially have an eye-opening living room with inexpensive pine wood flooring.
Speaking of significant living areas, the best rooms for renovations are the kitchen, bathrooms, and bedrooms. Your design should maintain the flow of your house with neutral colors. Your household needs to keep it simple with the flooring and wall paint. If you want to sell your home at a reasonable price or want to save money on renovations, go for a universal look like the eggshell above white paint with pine wood flooring.
While simplicity in your rooms is good, there is also complexity in the small details. For example, doorway arches have high-quality craftsmanship, which is popular in demand. Crown molding is another indicator of expert interior walls since it takes a certain level of skill to achieve. It’s the little details that add to the overall aesthetic appeal of your household. The average cost for these projects ranges from $2,000 to $4,000. If you want to sell your home upon renovation, crown molding brings up the value.
Worst Projects Not Worth the Price
Now that you know what makes good returns on home improvement, you should also avoid projects that aren’t worth the price. No matter the amount of money you put into renovation projects, certain ones can result in a net loss. For example, if you’re planning to sell your home, a closet wardrobe isn’t going to recover any sales. Going back to the Nation Association of Realtors, only 40% of closet renovations recuperate any losses. It means if the project costs $6,300 on materials, you only get back $2,500.
Attics and basements fare much better than closets since they make back most of their costs. However, they tend to rank lower than kitchens and bathrooms in terms of desirability among potential buyers. All in all, focus more on the main living quarters instead.
Are you renovating too much or too little? The answer should be somewhere in between. Consider what the next person would want in their home once you sell yours. The particular value of home renovation lies in a compromise with popular concepts. Mass appeal goes a long way to inspiring future buyers to spend more money on the value of your home.
With that in mind, always make sure your renovations use only high-quality materials. The worst projects tend to lack a certain level of finish. For example, laminate flooring tends to be a distraction for buyers; try hardwood instead.
Make The Most Of Your Remodeling Experience
A right remodeling of your house does one of two things. First, it gives your current household a better look and raises the standard for quality of life. Secondly, once you plan on selling your house, certain types of renovations can significantly increase the value. Focus on remodeling your living room, bathroom, kitchen, and bedroom since these are the areas people spend the most time in. Don’t focus too much on attics, basements, and closets.
With the current state of Colorado’s events, it’s an opportune time to invest in your home. When done correctly, home renovations are a great way to save money in the present and make money in the future. Remember that Avi’s Remodeling Contractors is always here to help if you need to improve your home.