Boston condos for sale: Remodeling
Boston Condos for Sale and Apartments for Rent
That kitchen you’ve been mentally redesigning…
The bathroom that really needs a refresh…
Or the outdoor space you keep saying you’ll get to someday…
What if you already have what you need to finally make it happen? Because a growing number of homeowners are realizing just that.
Homeowners are expected to spend over $522 billion on home improvements by the end of 2026 – and they’re not draining their savings accounts to get it done. Many are using their home equity.
And if you’ve owned your home for 10+ years, there’s a chance you could use your equity to fund some home upgrades too. Let’s break down what you need to know first.
What Is Equity? And How Does It Help?
Equity is the difference between what your house is worth and what you owe on your mortgage.
And according to Cotality, the average homeowner has about $313,000 worth of equity today. That’s more than enough to finally knock some projects off your list. And more people are realizing they can use that to give their home a little TLC.
Research coming out of Meridian Link says home improvements are the top thing people are using their equity for today.
Top Motivations for Equity-Based Borrowing:
- Funding home improvements (45%)
- Using it to pay down other debts / debt consolidation (16%)
- Investing in other properties (16%)
Maybe it makes sense for you to do the same. But here’s what’s important. Just because you can use your equity doesn’t mean you have to. It also doesn’t mean every project makes sense.
What Projects Are Actually Worth It?
If you’re going to go this route, you’ll want to focus on upgrades that actually pay off. A good renovation should be something that improves the value of your home. Because, even if you’re not planning to sell soon, you want to make sure you’re setting yourself up for success when you do.
And an agent is the best resource as you weigh your options. They know what other homeowners are doing and what buyers in your area like. And that can be really helpful as you narrow down your project list. As the National Association of Realtors (NAR) puts it:
“Being able to help sellers prioritize home improvements and maximize their net on the sale is a key value real estate agents offer.”
Here’s a quick rundown of the projects with the best potential to recoup your costs according to NAR (see graph below). While it’s a good starting point, just remember it can’t match the expertise an agent can provide.
As you can see, there’s a wide range of projects on that list. Yes, some are bigger-ticket items, like kitchens or baths. But others are smaller updates with surprisingly strong ROI.
A new front door is a great project. But it’s not something to use your equity for. But revamping your kitchen? That’s where your equity can come in and lighten the load.
Where To Go from Here
Whether the project you’ve been thinking about is on this list or not, chat with an agent to make sure it’s worth the time, money, and effort before calling in any contractors.
Because the goal isn’t to do everything, it’s to invest where it counts.
And if you want to use your equity to get one of the bigger projects done, meet with a financial advisor too. Because you’ll want to make sure you’ll maintain a good loan-to-value (LTV) threshold even after using your equity. That way you have all the information you need to make your decision.
Bottom Line
Whether you’re selling next year or just giving your house some TLC, the right home improvements today can set you up for success tomorrow. And the best part? Your equity may be the key to making it happen.
Boston condos for sale: Remodeling
Americans spent an estimated $603 billion on home remodeling projects in 2024, according to new data from the National Association of Realtors (NAR).
The top remodeling projects that Boston condo brokers recommended to Boston condo sellers before listing their homes included painting the entire home (50%), painting a single interior room.NAR found the primary reasons given by homeowners for renovations were the upgrading of worn-out surfaces, finishes, and materials (27%), improving energy efficiency (19%), desiring a change (18%), and preparing to sell within the next two years (18%).
Boston condos for sale: Remodeling
Remodeling? I make more money of you move!
Renovations are on the rise. As more homeowners are staying put, the need to spruce up their living spaces is gaining more focus.
The 2024 Angi State of Home Spending report released this week details the home improvement projects most Americans invested in last year.
Perhaps unsurprisingly, it also confirmed that one generation is investing more money than any other in home renovations, considering their plans don’t include moving anytime soon.
With 54% of boomers who own homes having pledged never to sell their property, it makes sense that they’d want to make the investment.
Additionally, the news comes after Charles Schwab revealed that most folks of the booming generation are hanging on to their assets, including real estate, for the long haul.
When asked, almost half of boomers surveyed for the report (45%) confessed they wanted “to enjoy my money for myself while I’m still alive.”
Evidently, enjoying their money includes making home improvements.
Baby boomers spent 16.8% more on projects than millennials, who spent an average of $12,101 last year. Gen X wasn’t that far behind, spending an average of $11,781, and Gen Z, which primarily rents their living spaces, spent $9,592 last year.
Given the state of the market and the struggle to create more inventory, it makes sense that the report added that 67% of homeowners prefer putting the work into renovating their current home to better meet their needs rather than moving (It should be noted that 55% of homeowners surveyed cited high interest rates as the primary reason for staying put, rather than the lack of available homes).
It looks like that trend will continue in 2025.
Read the full article here:
https://www.realtor.com/advice/home-improvement/boomers-home-renovation-2024-survey/
Boston condos for sale: Remodeling
Do you have the itch to remodel your Boston condo this winter? You’re not alone! Turns out, 55% of homeowners decided to renovate in 2022, most often citing the desire to increase their home enjoyment or modernize their living space as the reason why. But it was for the best! 93% reported better quality of life after finishing their renovations. Now there’s a good reason to remodel your Beacon Hill or Back Bay condo.
So whether you’re looking to get out of a seasonal funk, are inspired by this year’s trends, or just want to modernize your high-rise condo this winter could actually be the perfect time to get many of those interior projects completed! Let’s take a deep dive into the benefits of remodeling in the winter.
Stick to interior projects this season.
okay, today it’s warm. But usually freezing temps (like last weekend) and snow can make it difficult or impossible for contractors to dig into your exterior projects. Interior designs, on the other hand, can flourish in winter months! If you’re looking to hire a contractor, this season is great because they have more flexibility than in the spring and summer months. Not to mention, if you’re using this time to visit family or go on vacation elsewhere, your contractor can swoop in and do the project with minimal disruption to your daily life.
Forbes expert contractor points out that a good contractor isn’t necessarily cheaper in the winter, but many times they do offer sales in lieu of the holidays or upcoming spring. So while we don’t recommend skimping out on a good contractor, you may be able to find one offering a sweet seasonal deal for your budget!
The most renovated rooms in the home are the bathroom and kitchen.
This past year, bathroom and kitchen renovations made up half of the total home remodeling projects in the country. If you’re looking for a short-term project, consider revamping your kitchen countertops! The project typically takes between one to three days (perfect for a weekend project) and has an average return on investment of 72%. Similarly, minor bathroom remodels, like cabinets and faucets, can have an ROI of 102%!
If you want to spend more and do a complete overhaul of either room, architect Steve Straughn does say it’ll pay off. “Kitchens and baths are the areas in a home “where you can tell if money has been well spent or not. They’re the most expensive areas of the home in terms of construction. And they’re where people spend time in their homes.”
So whether the winter holds the time and budget for you to do a large project or a small weekend one, any homeowner has the opportunity to get their remodeling pants on this winter!
Renovating can be good for the mood.
If you’re one of the ten million Americans who suffer from seasonal affective disorder (SAD), remodeling your home may be a conducive way to combat the winter blues. Basically, your environment affects your mood, so improving your space can do wonders to take away stress and make you feel more at home. Simple projects like changing the lighting and repainting can leave the dingy, cluttered feeling behind and welcome new warmth into your home. Not to mention, completing projects is scientifically proven to improve psychological health.
If you’re curious how your dream renovation projects may improve your mood, check out the 2022 NAR Remodeling Impact Report! It breaks down the typical costs of interior projects so you can best budget for your winter remodeling plans, and it lets you know the average joy score on each of the completed projects as well.
In short, winter is a great time to renovate.
The days may seem short, but the opportunities are endless. If you’ve been thinking about renovating your interior, winter is a great time to make a jump on your plans.
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If you have the financial means to take on the endeavor of remodeling your Boston condos for sale take a look at this article in the CNNMoney.com called “Get A High Quality Remodel For Less“. The article explains a way to renovate at a lower cost during an economic slump. Most contractors are willing to bargain and cut a few deals just to be able to acquire the work. The article goes on to provide a brief overview of three other ways to cut the overall costs of a remodel.
Combining small jobs, tax deductions and sweat equity are all great ways to save some money at the end of the day. If you think of doing the more feasible, smaller jobs around the house yourself you can always seek help from the Ace Hardware Store in Downtown Boston get some advice or maybe by taking a few classes at Lowe’s. Either way a remodel is always an arduous task and you should always find ways to make the process easier and cheaper. ‘
