Summer’s already here (and it's hot!), but the Phoenix real estate market is the hottest of all. If you’re thinking about remodeling your home to compete in this unique time, 2020 is a great year to begin. The trick is to gauge the mood of your neighborhood. Here are several regions in the Phoenix metro area where remodeling could be an excellent investment, as well as a few tips to determine if yours is about to join the list.
Is 2020 the Right Year for Your Remodeling Project?
The COVID-19 pandemic slowed real estate in many parts of the country. In the Phoenix metro area, it dropped pace a tiny bit but is bouncing back quickly. This means that real estate in the region remains hot with a ton of demand for homes. How that relates to your remodeling project depends heavily on the reason for it. You can see that the future looks bright.
Whether you’re looking to upgrade your home so you can sell it, rent it out or just enjoy it more, you are in a great position to do so. You might notice a few minor changes as the industries adapt to greater safety precautions due to the pandemic. Now that professionals have had a few months to determine best practices and get into a groove, you may find very few hitches to getting the design of your dreams.
When to Invest in Property Upgrades
There are many reasons you might consider remodeling your property, and some of them relate closely to the condition of your neighborhood. You know it’s time to make some upgrades when:
- Your kitchen or bathroom are at least 10 years old.
- Your home exterior sticks out compared to the neighbors–and not in a good way.
- Your home is no longer meeting your needs.
- You have made several room-specific upgrades that now make the interior design look choppy.
If you are not sure, it is time to take a walk through your neighborhood. Some homeowners feel like they are always a year or two behind the times. The good news is that it’s easy to do a little basic research. Consider details of the changes you notice on your street. Are people upgrading the exterior? Making home additions? Knocking down the structure and starting over? This will help you to figure out what your competition looks like.
Resale, Rental or Improved Use
If you aren’t planning to sell your home or even rent it out anytime in the next year or two, it may feel strange to think of your neighboring properties as competition. Since no one can tell the future with certainty, it is often wise to have a plan in place for the unexpected. The decision to remodel your home usually comes for a specific reason, such as:
- Preparing to sell the property
- Plans to rent out the house, even temporarily
- Improving your own use of the space
With an area as large and diverse as the Phoenix metro area, there are regions that are particularly in demand for specific reasons. If you’re planning to sell the home, you’ll do better in a neighborhood that is popular for buyers. Similarly, if your goal is to rent, your return on investment is going to be better in zip codes where people prefer to rent than buy.
How to Decide Which Remodeling Projects Are Best
If you can afford the remodeling project in any case, you might wonder why timing matters. Return on investment is your answer. Even if you plan to stay in this home for the rest of your life, you want to maximize its value. This means that you need to keep up with the standards of the neighborhood.
It’s less about making your house look like everyone else’s than the need to ensure your property still fits into the neighborhood. A well-maintained home that looks like nothing else on the street may not be worth as much in buyers’ eyes, either. If you are thinking about a major overhaul, it might make sense to get a buyer’s or seller’s perspective on the best upgrades. After all, you might think quartz is the latest, but if everyone else on the street has marble, you’ll appear to be behind the times.
Hot Real Estate Neighborhoods in the Phoenix Metro Area
It would be difficult to pinpoint a handful of neighborhoods where you could benefit from remodeling your property. In the Phoenix metro area, dozens of zip codes apply. These regions show a great deal of promise for a return on your investment:
- Central City: Central location, lots of rental appeal
- Northwest Phoenix: Rapidly-increasing home values
- Chandler: Family-friendly, affordable properties drawing tons of buyers
- Gilbert: Steady growth, plenty of opportunities for expansion
- Deer Valley: Tons of current developments, great for resale or rental
If you don’t find your home on the list, it’s possible that your time is coming fast. As one of the fastest-growing cities in the country, people are rushing to move here with lightning speed. Getting your home into top-notch condition this year might give you a leading edge on your neighborhood’s future, no matter what you plan to do in the next few years.
When to Call an Expert Design and Remodeling Team
For everything related to your home, long-term return on investment is key. This means that you need to have quality work on a project that adds value to your home related to your reasons for remodeling. To get the greatest benefit, you should call an expert like Hochuli Design & Remodeling Team very early in the process. With the advantage of our experience and understanding of the needs of Phoenix homeowners, you can target improvements that are more likely to increase your home value, while solving the existing problems that you see in your property.
Ready to make your home set the tone for your neighborhood? Now’s a great time to get started. To learn more or to discuss your project, contact us today.