Remodeling Your Fort Collins Home
The stagnant housing market has been a blessing for the remodeling industry over the last year as more homeowners are staying in their homes, adding square footage and upgrading features to allow them to age in place. The average new home in Fort Collins is approximately $415,000; lots and materials are high and are expected to climb higher in 2019. As the demand for housing is increasing so are prices, which means now is the time to get more bang for your buck by remodeling your existing home.
Remodel activity rose 5.2 percent in the first quarter of 2018 nationwide, hitting a new all-time high, according to Metrostudy’s Residential Remodeling Index. The state of Colorado and the city of Fort Collins are no exception to the study and have experienced a home renovation boom over the past year. With rising home prices and low interest rates, Coloradans are taking out home equity loans and spending that cash on remodeling their kitchens, bathrooms, garages and more. The value of existing homes is also soaring as homeowners take their well-deserved equity and put it back into their home. A simple garage door replacement provides a return in excess of 100 percent. A stone veneer on the exterior of the home, a minor kitchen remodel and the addition of a deck can allow homeowners to compensate up to 80 percent of the cost of the projected home value.
According to the Cost vs. Value report, a site that compares the average cost for popular remodeling projects with the resale value, found that a major kitchen remodel of $60,000 on an average single-family home priced at $510,000 will add $40,000 to the home’s value, bringing the total resale value to $550,000. Over time, the home is likely to appreciate at 5-to-8 percent, making it work $577,000 to $595,000 in the upcoming year.
Low housing inventories and increased demand for homes does not only affect housing prices, it also affects construction demand and pricing. In 2019, the cost of construction will rise across the nation, which means labor and material costs will also rise. If you’re considering a remodel to your Fort Collins home, now is the time to invest! In today’s market, the home improvement itself will add value, not to mention the market appreciation over the years!
According to the Colorado Association of Realtors, homes here are selling for even more than listings reflect. Homes listed in Larimer County in 2018 have sold for a median $415,000, making the county the 16th-most expensive of Colorado’s 64 counties in which to buy a home. If you’re looking to age in place and get the most bang for your buck, call us today to schedule a remodel or visit abd-ltd.com.