Timing is important in nearly everything you do, including remodeling your home. If you’re not sure if 2019 is the best time for your Pittsburgh home remodel, these facts may help you make up your mind.
Increasing Home Values
Home values and prices may be dropping in other parts of the country but not in Pittsburgh. Values have risen 13.4 percent over the past year and are expected to increase by 9.4 percent during the coming year, according to Zillow.
When values rise, prices follow. Although you may not be planning on moving, you never know when you’ll be tempted by an amazing job opportunity in another state or want to upsize or downsize. Renovating your South Hills kitchen or adding on to your Mt. Lebanon home will make your house more comfortable and functional now and help you recoup some of your remodeling costs if you do happen to sell in a few years.
The 2018 Remodeling Cost vs. Value report estimates that Pittsburgh homeowners who sell their homes will recoup 93 percent of their costs to add wooden decks, nearly 60 percent for major upscale kitchen remodels, 56 percent for upscale bathroom remodels and 90 percent for manufactured stone veneers. Obviously, recouped values can be higher or lower depending on the real estate market and the importance the buyers place on various features at the time you sell your home.
A Robust Job Market
The job market also plays a role in home value and pricing. When jobs are scarce, it doesn’t make sense to remodel your home. You may never recoup any of the money you sink into your renovation if home prices decline due to a poor job market.
Thanks to the healthy job market, the area is drawing large number of millennials. In fact, Smart Asset named Pittsburgh the fourth best place in the U.S. for recent college graduates. Their study noted the reasonable cost of living and low unemployment rate for residents who have bachelor’s degrees. You’ve probably heard that millennials aren’t buying houses. Although some younger people are putting off home ownership, plenty are still buying, and those numbers will only increase as the years go by.
Rising Renovation Costs in the Future
Renovating your home won’t get any cheaper the longer you wait. With a few notable exceptions, most goods and services only increase in price. Renovating your home is no different. If you’ve allocated money in your budget for a South Hills kitchen remodel or an addition to your Cranberry home, it may make sense to begin the project before prices go up and you have to increase your budget.
Whether you want to remodel your kitchen and family room, add a master bedroom or turn your basement into the ultimate game room and home theater, Master Remodelers can help you transform your home. Contact us for information about our design/build renovation services.
Zillow: Pittsburgh Home Values and Prices
Remodeling: 2018 Cost vs. Value Report
Glassdoor: 25 Best Cities for Jobs 2018
UPMC: UPMC Announces $2B Investment to Build 3 Digitally Based Specialty Hospitals Backed by World-Leading Innovative, Translational Science
Smart Asset: The Best Cities for New College Grads in 2018