While the housing market in the Philadelphia-Camden-Wilmington area is starting to slowly recover, it’s undeniable that the average price of a home in the greater Philadelphia metropolitan area has fallen significantly since 2007. While this may not be a concern to you if you don’t plan to sell your home anytime soon, now is actually a great time to hire a Philadelphia contractor to handle home improvement projects that will make your home a more comfortable place to live as allowing it to command a higher price if you should decide to sell at some point in the future.
There are a lot of different ways that a Pennsylvania contractor can increase the value and livability of your home. Many larger renovations and repair projects make an excellent investment, since they increase the value of your home by a larger amount of money than you’ll spend hiring a Philadelphia contractor to do the work. If your budget is limited, then you might want to explore some money-saving ideas like doing finishing touches (like tiling, painting and the like) yourself or seeking out home improvement financing to cover the cost of your home improvement project.
Speaking of cost, it’s always a good idea to set a budget for your project before you call a contractor. This is especially true if you’re thinking about having a home improvement project done simply to increase your home’s value rather than having features or space added which you actually need right now. You definitely don’t want to find out midway through a project that the cost is going to be far higher than anticipated – and be left with a half-finished project which decreases, rather than increases, the value of your home.
Larger projects tend to increase the value of your home more so than smaller projects. For instance, adding a new bedroom with attached bathroom could result in an increase of 20 – 25% in your home’s value. A kitchen remodel or additional bathroom can increase the value of your home by 5% – 10%, depending on the scope of the project.
This isn’t to say that smaller projects aren’t also worth doing. They may produce a more modest increase in the resale value of your home, but they also make it more livable and comfortable; if you’re not thinking of selling your home anytime soon, having a Pennsylvania contractor do these jobs for you is still a worthwhile investment in your own quality of life.
Whether you’d like to have the kitchen updated in your South Philly rowhouse or a new bedroom suite built onto your home in Cherry Hill, the key is deciding exactly what you want beforehand and calling a qualified Philadelphia contractor who you can trust to get the job done.