3 Home Improvement Projects That Will Add Value to Your Portland Home
Increase Your Home’s Value by Making Improvements
Savvy homeowners know that not every home improvement project adds value to their property. Some home upgrades are merely cosmetic or suited to the current owner’s personal taste, but many home improvement projects add considerable value to your home – particularly if you live in a locale that’s experiencing a hot real estate market.
According to the Business Journal, Portland, Oregon’s real estate market has been steadily on the rise 2011, with “average home prices up by an impressive 64% from the low, and 16% above the pre-recession peak seen in 2008.”
With strong market demand and the extra hot summer home sales season looming on the horizon, now is the perfect time to invest in home improvement projects that may add considerable value to your Portland home.
Create a Wine Cellar in Your Portland Basement
With Portland's impressive brew culture, it's easy to overlook Portland's robust wine scene. No, Portland's wineries don't outnumber the hundred-plus breweries scattered around the city, but Portland winemakers are definitely here and have been thriving for years.
Over the past few years, several Portland winemakers, such as St. Reginald Parish, Walter Scott, and Teutonic Wines, have distinguished themselves amongst a strong set of competitors.
Longtime wine purveyor and owner of Mt. Tabor Fine Wines in Southeast Portland, Sandy Thompson says, “Wine makers like Walter Scott are becoming major players in the wine scene here in Portland and beyond. They’re definitely wines that even new wine collectors and drinkers can get on board with, given their high quality and the often tiny quantities that are produced.”
With a strong wine culture, not to mention nearby access to hundreds of Willamette Valley vineyards, Portland homeowners and buyers appreciate homes that cater to vino-lovers. Because of this, adding a wine cellar to your Portland home is a smart way to add value to your property.
If you're looking to sell your Portland home, a custom wine cellar simultaneously increases your home’s resale value and draws a larger pool of potential buyers to the property.
Portland Realtor Aryne Blumklotz shares that, "wine cellars are a great draw for buyers because they help differentiate the home and fuel great conversations with potential buyers." Are you ready to add a wine cellar to your home? Visit this site to see how easy a home wine cellar upgrade can be.
Portland Summer Is Almost Here: Why Not Build a New Deck
While Portland's winters are beleaguered by cold temperatures and rain, the city's summers boast wonderful, radiant days. And one of the best ways to enjoy Portland's mesmerizing summers is to sprawl out on your home's porch or patio.
During the summer months, outdoor home entertainment areas are coveted locations for private relaxation and group barbeques alike. If you're looking to add value to your Portland home, take advantage of this local desire and increase your home's value with a new deck or patio addition.
According to Keith Green Construction, an established Portland roofing company, "if you live in Portland, Oregon and build a deck or patio, you can expect to recover 68% to 79% of your investment at sale time." If you're ready to add value to your home with a new patio area, here are some ideas to help you get started.
Convert Your Portland Garage Into an Apartment
For Portland homeowners who aren't looking to sell their homes immediately, converting a garage or basement into an apartment might be the most lucrative home improvement project available. Yes, transforming your garage or basement into a rentable space does require a heavy up-front cost, and the process can be very time-consuming, but the project payoff is well worth it.
Per nationwide home improvement firm Case Handyman and Remodeling Services, "most garage remodeling projects can add 200 to 400 square feet of space to your house. This additional space will not only increase your property's resale value, but can also be a source of extra income if you rent out the apartment."
There is one caveat concerning accessory dwelling units (ADUs) to be aware of: in 2015, Multnomah Country revamped tax procedure to place added tax burdens on homeowners with ADUs. In some cases, “the average tax increase for homeowners [who built an ADU] was $3,379, more than doubling their annual bills.”
To avoid or mitigate a hike in property taxes, here are a couple things to keep in mind. First, the change in taxing methodology does not apply to attached ADUs or basement ADUs; it only impacts detached ADUs. Second, homeowners are actively appealing the unfair tax changes; because of this, consulting a property tax expert prior to building an additional living space is advised.
In many cases, however, the benefits still outweigh the costs: you gain the long-term benefit of transforming wasted space into a functional area, you acquire the immediate profit from a rental unit's stream of revenue, and you attain the future advantage of adding sales value to your property when the time comes to list your Portland home. Ready for the logistics? Get details on cost, ROI, and more here.
Getting Help for Your Future Home Improvement Project
Each of these home improvement projects will add potentially significant value to your Portland home and increase your quality of life in the process, but they all cost money. If you’re not in a position to begin a remodeling project like these but are interested, Options Financial can help. Learn more about your home renovation options and get in touch today for more information on refinancing your current home loan.