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Homeownership in Miami offers many benefits, from financial security to pride in your property. While owning a home is a major milestone, home maintenance and upkeep can be quite a chore. If you’re planning on renovating, it’s crucial to pick upgrades that will pay off in the long run and take the time to make smart investment choices for the best return.
With seven popular home renovations to consider, you can easily increase your Miami home’s value. From kitchen and bathroom upgrades to roofing repairs and new flooring, these renovations can help improve your home’s overall look and feel.
1. Kitchen
When renovating Miami homes for sale, the return on investment for a kitchen remodel is an essential factor to consider. Minor kitchen upgrades such as changing hardware or paint, resurfacing existing cabinets, and replacing one or two appliances average an 83% return on investment. While complete luxury kitchen remodels can cost up to $20,000, it is critical to be aware of your area’s kitchen standards to avoid spending far more on the renovation than you’ll recoup at resale if you plan on selling quickly after completing the project. A complete home remodel is the way to go if you’re planning to stay for several more years. You’ll reap the most benefits from this investment.
2. Bathrooms
Are you thinking about renovating your bathroom? Before you commit to a full remodel, be aware that the average price for a complete bathroom revamp is $26,000, thanks to expensive materials and installation needs like tile, glass, and plumbing. But don’t let that scare you away — a beautiful bathroom renovation can yield a great investment return of approximately 60% on houses for sale in Miami. While the upfront costs may seem daunting, a beautifully remodeled bathroom could improve your daily comfort and enjoyment and add significant value to your home.
3. Roof
Although the return on investment for replacing your roof is around 7%, it’s a renovation that you shouldn’t put off. Maintaining your roof is a key part of protecting your home’s structure, and replacing it is a smart investment. To keep your roof in good condition, inspect shingles after storms or high winds, clean gutters twice a year, and schedule an inspection every two years. Keep in mind that different shingle types have different lifespans: composition shingles last 12-20 years, asphalt 15-30, wood 20-25, rubber 30-50, and metal 50-75. Be proactive when caring for your roof to ensure a longer-lasting home. Aim for a replacement around the midpoint of the estimated lifespan to ensure that your roof protects your most valuable assets.
4. Flooring
Flooring replacement can be a worthwhile investment for homeowners looking to increase the value of their property. Hardwood installation, for instance, has seen a return on investment of 70-80% while also improving the sales price for condos for sale in Miami by as much as 2.5%. Meanwhile, tile flooring has shown an even greater return on investment, with upwards of 100% estimations. However, it’s important to note that a flooring replacement must be handled professionally to achieve these impressive returns. By taking the time to research experienced installers, homeowners can ensure that their investment pays off in the end.
5. Heating and cooling
Investing in HVAC replacement is a savvy financial decision that can yield impressive returns. With a reported return on investment of 35-50%, homeowners who choose to replace their furnace, central air conditioner, and ductwork can enjoy significant savings on their monthly energy bills. By opting for high-efficiency systems, those returns can be even higher. However, this is not a DIY project. Replacing an HVAC system involves complex electrical and plumbing work that should only be handled by licensed professionals. Trusting the job to experienced technicians ensures the replacement is done correctly, maximizing your return on investment.
6. Doors
If you’re thinking about making some home improvements, consider the return on investment for a new entry door. With nearly a 70% return, it’s a wise investment that can significantly impact the value and appearance of your home. A high-quality door should last around 20 years, so you won’t have to worry about frequent replacement. Of course, if the door becomes damaged or you want a different style, it’s best to replace it sooner rather than later. And if your current door is still in good condition, a fresh coat of paint and updated hardware can make a strong impression without needing a complete replacement. Don’t underestimate a new door’s impact on your home’s value and curb appeal.
7. Windows
One wise investment to consider is replacing your windows, which can offer a 50-70% return. However, to ensure you get the most out of your investment, it’s essential to inspect your windows regularly. Check for gaps or cracks between the wall and the frame, breaks in the seal holding the glass in place, and moisture between the panes. Improper latching can also lead to energy loss. While windows can last 15-20 years, it’s important to be mindful of signs of wear, such as higher energy bills, drafts, or cracks, and replace them sooner if necessary. With proper maintenance and replacement when needed, windows can offer a great return on investment for your home.
It’s important to remember that experienced technicians should handle these projects professionally to ensure they are correctly done. Before hiring a contractor for any home renovations or repairs, research potential companies to ensure you receive quality workmanship at an affordable price and maximize your return on investment.
If you want to list your Miami home for sale, consult with a local real estate agent like Attila Ozan-Yildiz for advice on upgrades you should undergo to increase your maximum profit. Contact Attila Ozan-Yildiz today to discuss your renovation and listing plans.
