When it comes to home improvement projects, it’s important to make sure to choose projects that will increase property value. Believe it or not, not all home improvement projects will increase property value. Some may decrease your property value, depending on the area you live in.
Because of this, it’s important to understand which renovations will increase property value and which ones will decrease it— whether you’re planning to sell your home or not.
Generally, any type of mandatory repairs will increase property value, but not all cosmetic upgrades will. Here are five home improvement projects to consider if you live in Philadelphia and the surrounding areas.
1. Window Replacement
The average lifespan of the windows of your home is between 15 and 30 years before they need to be replaced— but they can (and should) be replaced before then if they need to be. Signs that your windows need to be replaced include:
● Broken frames and cracks
● Condensation on the inside
● Drafts occur oftener
● Hot/cold-to-touch panes
Not replacing your windows can drive up your utility bills because cool air or heat (depending on the season) is escaping from your home. Window replacement can make your home more energy-efficient, and over 65% of your cost will be recouped. It will also give a new look and feel to your home.
From a curb-appeal standpoint, new windows will do wonders for the look of your home. Old and outdated windows can make your home look shabby, while new windows will give it a clean and updated appearance.
2. Garage Door Replacement
Your garage door also has a lifespan of 15 to 30 years, and like with your windows, should be replaced sooner if necessary. Signs that you need to replace your garage door include:
● Damage from wear and tear
● Door isn’t opening/closing
● Energy costs are increasing
● Presents a safety hazard
Replacing your garage door enhances your home’s curb appeal, which can also increase property value. This is also a chance to give your home a new look. In Pennsylvania, you’re likely to get a higher ROI (return on investment) if you opt for an upscale replacement.
It yields a 65% ROI versus 57% so it’s worth the extra investment. While most people think of garage doors as being purely functional, there are many different styles and materials to choose from that can really add to the look of your home.
3. Entry Door Replacement
While you’re replacing your windows and your garage door, you may also want to consider replacing your front and back doors— or even just your front door. Exterior doors last anywhere from 10-20 years, and up to 30 years with bi-annual maintenance. Your door may need replacing if it:
● Has breaks, cracks, drafts, and/or moisture damage
● Is loose on the hinges and/or is weathered
● Sticks when opening/closing
You can even replace it if you simply want a new look for your home. Living in Philadelphia, you should opt for a steel door because it is energy-efficient and it adds to your curb appeal.
Steel doors can also be designed to match the exterior of your home. Up to 65% of your cost will be recouped. What’s more, a new front door is one of the quickest ways to achieve a high ROI— it’s even higher than getting new windows.
4. Finish Your Attic/Basement
Room additions almost always add to your property value, with the keyword being almost. In some areas, building onto your home will decrease property value, or it’s prohibited altogether. However, if you have an attic or basement that you’re only using for storage, you can turn this into one of the following rooms:
● Additional bedroom
● Home gym
● Office/library
● Playroom for kids
You can even transform it into an entire living space complete with a kitchenette and bathroom if you have the space. This renovation adds square footage to your home, giving you an ROI of over 70%.
Remember, however, that this is a big project and you will need to factor in the cost of materials as well as labor. Not to mention, you will need to get the proper permits and adhere to building code regulations. You should only take on this project if you’re confident in your DIY skills or if you have the budget to hire a professional.
5. Deck Addition
Again, the outside of your home is just as important as the inside, and exterior living space is a great way to add value to your Philadelphia home. Consider getting a deck built in your backyard by a professional to create a gathering space for you, your family, and your friends.
A deck, patio, or porch addition also allows you to add other things to your backyards, such as an outdoor kitchen and even a swimming pool or other water features. Not only will you recoup up to 70% of the cost, but you’ll create a comfortable outdoor living space that will be just as enjoyable as your indoor living space.
Final Words
So these are the five home improvement projects to consider for your Philadelphia home. Of course, if other things need to be relaxed or repaired (e.g., your roof, the siding, etc.), then these things shouldn’t be neglected. Also, remember that you don’t have to be prepared to sell your home to invest in one or more of these projects. All of these will benefit you while you’re still living in your home. Not to mention, they can all add resale value down the road should you ever decide to sell.
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