Is Home Renovation a Good Investment in Metro Detroit?
Metro Detroit, the 11-county region that includes the city of Detroit and its surrounding areas, is one of the most populous and diverse metropolitan areas in the Midwest. It is also home to a vibrant and resilient real estate market that has been showing signs of recovery and growth after the challenges of the past decade.
However, many homes in metro Detroit are in need of urgent repairs and upgrades, due to age, weather, and neglect. According to a University of Michigan study, 24,000 homes need major fixes, such as leaking roofs, broken furnaces, and faulty wiring1. This poses a serious health and safety risk for residents, as well as a potential barrier for home sales.
For homeowners and investors who are considering renovating their properties in Metro Detroit, the question is: Is it worth it? Will they be able to recoup their costs and increase their property value? The answer depends on several factors, such as the type, scope, quality, and timing of the renovation project, as well as the location, condition, and demand of the property. According to HomeGuide, most remodeling projects have a 50% to 85% return on investment (ROI) 2. The top remodeling projects that return more than 85% of your investment are siding replacement, garage door replacement, a new bathroom addition, and replacing windows and roofing2. These projects tend to improve the curb appeal, functionality, and energy efficiency of the home, which are attractive features for buyers.
Getting Renovations Done in Metro Detroit
Therefore, before embarking on any renovation project in metro Detroit, it is important to do your research and plan carefully. Here are some tips to help you make smart decisions:
- Assess your goals and budget. Are you renovating for yourself or for resale? How much can you afford to spend? How long do you plan to stay in your home? These questions will help you determine the scope and scale of your project.
- Know your market. What are the current trends and demands in your neighborhood? What are the comparable sales and prices? What are the features that buyers are looking for? These questions will help you identify the best opportunities and avoid over- or under-improving your home.
- Hire a professional. Unless you are skilled and experienced in home improvement, it is advisable to hire a licensed and reputable contractor who can handle the project efficiently and effectively. A professional can also help you with permits, inspections, codes, and regulations that may apply to your project.
- Monitor your progress and results. Keep track of your expenses and timeline throughout the project. Evaluate your ROI and satisfaction after completion. If you are selling your home, work with a qualified real estate agent who can market your property effectively and negotiate the best deal for you.
Home renovations can be a rewarding investment in metro Detroit if done right. By following these tips, you can improve your home’s value and appeal while avoiding costly mistakes and pitfalls.
Detroit’s Renovation Projects Succeed with Rental Dumpster from Titan National
Using the right equipment is important to get every renovation project done quickly and safely. Renting a roll-off dumpster or a rubber wheeled dumpster can really help improve your next renovation project in Metro Detroit. You can contact us for more information about dumpster rental sizes and costs. Our professional can help advise on the types of material that are acceptable in dumpsters.
Titan National is Detroit Dumpster Rental Partner
Titan is excited to be part of Metro Detroit resurgence. Titan National is a partner with Detroit’s residents, businesses and cities. We are helping Detroit reach its goals every day. Everyday Titan’s dumpsters are on location all over Metro Detroit including: Detroit’s neighborhoods, downtown Detroit, Royal Oak, Troy, Warren, Sterling Heights, Livonia, Southfield, Grosse Pointe, Farmington, Clawson, Bloomfield Hills, Rochester, Novi and all places in between.
Renting a Dumpster is Quick and Easy
Call a professional dumpster rental advisor and discuss your project to learn what size and type of dumpster you need. Our professional will help you decide when to get the dumpster, where to place the dumpster and the size you need. Some project may need different size dumpster at different stages depending on the type of material being disposed of at that time. Your Titan National advisor will be able to help you out.