Remodeling and renovating a Pittsburgh property can provide a greater return on your investment than many other financial investments. When the work is done correctly, the home value can increase by more than the amount you put into the updated look.
Some renovation projects are better than others when you want to maximize your Pittsburgh property’s ROI. A few might even reduce the sales price you receive, or the amount of equity stored in this investment.
That’s why your focus should be on the following home remodeling options, especially when property flipping or managing rental property renovation needs.
1. Kitchen Remodeling Projects
Kitchen updates almost always pay off. Most prospective buyers and today’s renters want to have a modern space with new appliances and features.
You can recoup nearly all your investment into a kitchen, but you can go too far. You’ll see less ROI once your project tops $50,000 in most homes.
If you can’t tackle the entire kitchen at once, try starting small. You can add new cabinet hardware, replace the kitchen faucet, or update the light fixtures to something with a better energy efficiency rating. Want more kitchen remodeling ideas? Check out these 7 kitchen remodeling ideas to increase your rental property value.
2. Update the Appliances
When the appliances in your Pittsburgh property don’t match, you don’t need to replace them to achieve the look you want. Most manufacturers provide face panels and doors that you can swap in for your older ones. You’ll get a more cohesive look while maximizing that ROI.
If your appliances are more than ten years old, you’ll want to consider replacing them with newer models. Energy efficiency technologies have evolved dramatically, allowing your property to use less energy. Some upgrades might even qualify for rebates.
When purchasing energy-efficient appliances, you’ll want to review the following tips for a successful home remodeling experience.
Choose the Correct Size. Property flipping makes sense when you can get a greater return on your investment. Energy Star recommendations state HVAC units that are too small for their property must work longer to achieve results, which reduces your savings in this area.
Turn on the Setting. Some appliances have energy-efficient features that you must turn on after Pittsburgh general contractors install the unit. Please make sure the settings are where you want them to be.
Discover When Design Matters. Rental property improvements focus on appliance design to create better efficiencies. Less power is used than designs with side-by-side doors when the freezer is on top. Water dispensers, icemakers, and similar features provide convenience while using more energy.
Are smart appliances worth the investment? That depends on your home remodeling situation. Renovation contractors can help walk you through your project to see what might be necessary.
3. Bathroom Remodeling Projects
Remodeling the bathroom brings back as much of your investment in property equity as the kitchen. You don’t need to go overboard with this choice, although it helps to install new fixtures, re-grout the tub, and give the walls a fresh coat of paint.
You can update a bathroom by installing a new mirror or light fixtures without breaking your budget.
Older Pittsburgh homes don’t always have a fan installed in the bathroom to route moisture out of that space. If that describes your property, you’ll want to consider hiring an experienced local contractor to bring the property up to code.
When your bathroom is outdated, it might be time for a more extensive overhaul. You might consider tearing out an old tub to create a modern shower with extra room. Updates to your flooring, especially if it is vinyl or linoleum, offer an excellent ROI opportunity.
If you have a window in your bathroom, consider having it professionally inspected. Moisture can get trapped in the frame, causing mold or rot to occur. Since those repairs can be costly if they’re allowed to fester, it’s good to fix them up when you start a project.
4. Add or Repair a Deck
Decks deliver lots of outdoor appeal. When you repair or add one to a Pittsburg property, you’ll typically recoup more than the investment cost in equity.
Although composite decking costs more than a standard wooden deck, it also provides a longer-lasting value. It will need less care over its lifetime, provide more durability, and offer a higher ROI.
5. Add Square Footage
Pittsburgh homes with an attic or basement can add more usable square footage by renovating the existing space.
Basements convert into family or entertainment rooms well. Attics are often turned into bedrooms or bonus rooms. You'll add more value and appeal when you can offer versatility with this updated space because it can be personalized.
The ROI comes from the added square footage that’s considered usable space. Pittsburgh’s median home listing price is $155 per square foot, so adding a few hundred square feet can add up quickly.
6. Energy Efficiency Improvements
Pittsburgh home inspectors will note if your property has drafty windows or doors. That issue leads to more energy use, which causes your monthly utility costs to rise. Replacing the older items for something new is a project that almost always pays for itself.
If a complete renovation doesn’t make sense, try starting with a few more minor updates. One of the best steps to take is to add more insulation to your attic.
You can also seal the cracks around your windows and doors. Don’t forget about checking your electrical receptacles and light switches for drafts! Home renovation contractors can find the critical areas to improve so that you can hit your ROI expectations.
7. Curb Appeal Improvements
First impressions matter more than most homeowners realize. When your Pittsburgh property receives an investment in its curb appeal, it can deliver an impressive ROI. The projects don’t need to be overly complicated to deliver results.
Even installing a new front door can help change the entire way your property is perceived from the street. You can prune your trees and shrubs, scrub your siding, and retouch any worn areas.
Other projects might not deliver the same ROI, such as a garage conversion, swimming pool, or luxury upgrades.
Pittsburgh General Contractors
If you’ve got any questions about what home remodeling ideas might be possible for your property, reach out to Call Pittsburgh Service, we are a team of professional investor friendly contractors in Pittsburgh you can trust - we’ll happily answer any questions, and help you make the best decisions for your property.
Call Pittsburgh Service
412-353-6018