As the economy continues to pick up steam, homeowners are beginning to again think about how to add value to their property. Although not total overhauls like you may see on television, these smaller additions can really generate a nice return on investment (ROI) in the future. Generally, areas to focus on are kitchens, bathrooms and decks, with the additions of home offices and sun-rooms at the bottom of the list. The following are some of Topping Remodeling’s top home improvements in terms of their eventual ROI.
1. At the top of the list was, somewhat surprisingly, a 20-gauge steel front door with an eventual estimated ROI of 96.6 percent. The firm states that unless home prices in your area are on a tear, don’t expect to get anything close to a full 100 percent ROI.
2. Although fairly capital intensive at an average price of almost $19,000, kitchen remodeling offers an average ROI of 82.7 percent. According to the report buzzwords like stainless and granite, and brand can be important in retaining value over time.
3. Bathroom remodeling is another way to add value to your home. Much cheaper than kitchen remodeling, touching up a bathroom can be as cheap as $1,500. In these situations style is much more important than brand. The homeowner must be aware of the current trends, like large showers with seamless glass doors and in-floor radiant heat. You should keep different types of future buyers in mind.
4. Although not applicable in all situations, a wood deck can add nice value to a home at an average cost of about $9,500. Although a bit pricey, adding or remodeling a deck can generate a handsome 87.4 percent ROI.
If you are currently in the process of any of these value add improvements to your home or condo in anticipation of a future sale, please do give one of our Miami Remax agents a chance to at least give a formal listing presentation. It doesn’t cost you a thing and interviewing multiple agents prior to hiring one is good practice that not enough homeowners follow through with.