In the past few years, many homeowners have opted to remodel their current home to better fit their needs; much of this trend is directly correlated to increased home prices and interest rates. Older home remodels may come with extra layers, especially in historic downtown Durango. However, home additions or renovations allow homeowners to transform their house, even if one room at a time.
Historic Durango
Durango was founded in 1881 and some homes built in that time period continue to serve as residential properties. Because of their historical value, there is a lot of care taken to preserve, restore, and honor these slices of history. The Main Avenue Historic District and the Boulevard Historic District encompass homes between Main Avenue, and 5th – 12th Avenue on East 2nd and 3rd. Many commercial properties also fall under this historic preservation list like the Strater Hotel and Animas City Museum on West 2nd. When remodeling these structures, you must abide by specific regulations which primarily affect the exterior looks to keep the historic appeal.
Cost vs. Value
While some renovations may specifically cater towards the owner’s needs or preferences, others can add true value to the home’s worth. This includes: adding solar panels, square footage additions (such as an extra bedroom or living space), kitchen/bath remodels, and exterior improvements like landscaping and/or creating outdoor living space. According to Remolding by JLC, a HVAC Conversion (electrification) was the highest profiting home project with 103.5% cost recovered nationally. Garage door replacements, manufactured stone veneer, and entry door replacements were the only other projects that recovered over 100% of the cost. On the other hand, upscale primary bedroom and bathroom additions were the least profitable with only a 25% cost recovery.
Additional Dwelling Units
Adding an additional dwelling unit (ADU) to your property can be a very profitable home project as well. Although you must first receive proper permitting from the City of Durango or La Plata County, the uses for this integrated or detached unit can vary. From mother-in-law/guest suites, to long term or short term rentals, an ADU can have a great return on investment.
There are some additional precautionary measures to be aware of, especially with older home renovations including radon, lead based paint safety, and asbestos which should be mitigated by a professional. There are many local companies that can assist with home upgrades, please let us know if we can assist with getting you connected with the right team for your project.
