Phoenix’ housing market has experienced dizzying heights over the past two years and, like many other states, a period of calm is now on the cards. The good news? According to experts talking to Business Insider, the fundamentals of Phoenix and its real estate market are solid, for instance the current ratio of 65%/35% ratio of single-family to multi-family units in new real estate developments, meaning that any price drops will be reasonable – and will not represent a crash. For homeowners who’ve enjoyed their increased home value, the challenge is preserving that value – and to do that, targeted improvements are required.
Simple but effective
One of the most cost-effective places to start making improvements is on the exterior of your home. There’s three reasons for this: firstly, curb appeal is real, and will improve asking prices. Secondly, they lower the impact on your day-to-day life, as opposed to, say, a bathroom refit, which will create costs stemming from needing to wash and bathe elsewhere. Finally, they are often quick to complete. Indeed, according to CNBC, the most cost-effective home improvement is a new garage door, returning 94% ROI. Phoenix has plenty of good options; perusing A1 Garage Phoenix reviews and those of other services providers show a lot of flexibility for homeowners.
Window switch and reseal
Phoenix is already the hottest city in the USA and, according to Yahoo, will continue to experience significant temperature rises. One way of tackling this is through proper insulation and replacing windows, and, according to ZeroDown, this is one of the most effective ways to provide a high ROI in home renovations. Their research, sourced from HW.net, can return between 67.5% and 74.7% of investment. With climate change demanding more from quality housing, these are likely to be an excellent long-term investment that will ensure the property has a long-standing pull factor.
Including energy efficiency
Perhaps the most important factor of all to include in any home renovation is the infrastructure for energy independency. Texas has shown just how fragile energy networks can be in the southern states, yet, good news is on the horizon, too, with the massive new uptake of solar power. Installing solar panels on the home, and also including storage solutions such as a Power Wall, will greatly improve the price of the home and also give a legitimate selling point for new buyers. According to AZ Big Media, other energy efficient features such as water-saving smart toilets and smart meters can also add to this equation. Developing energy independence and efficiency in to the home will help it start accruing incremental gains in value.
Phoenix’ housing market is cooling down – but the fundamentals are there to help preserve overall house values. With no crash in sight, it’s a viable strategy to knuckle down and start working on the home to help it preserve its value.