If you feel like you are outgrowing your home, or that your spatial needs are different today than when you purchased your house, it may be time for a change. Remodeling can give you the added or different space you need now, but you should also carefully consider the resale value of any project you undertake. Some remodels allow for a bigger payoff than your original investment, while others might be needed just to keep the resale price on par with the neighborhood.
• South Florida Kitchen Remodels can bring 80-85% ROI (return on investment)
• Bath remodels in South Florida can bring 70-85% ROI
The kitchens and the bathrooms are the most important rooms you can renovate. The upgrades don’t have to be expensive; they just have to be tastefully done. They provide the greatest return on your investment because buyers and renters place the greatest emphasis on kitchens and bathrooms. Appraised value on the property tends to increase with either of these two renovation projects
• Replacing a roof will bring 40-50% ROI
Because of South Florida weather, a new roof and impact windows are important to buyers. That’s because homeowners can acquire better priced insurance. It’s also good for investors renting the property out, because the new roof and impact windows will lower your windstorm insurance.
• Exterior paint can bring an ROI of 90-100%.
• Changing the front door, adding landscaping and adding to curb appeal can bring a ROI of 100%
The entrance, the front door and landscaping are the first things to make an impression. Because of that, spending money on curb appeal can give a homeowner a substantial return on investment. A fresh coat of paint goes a long way towards making your property look clean and sharp. Go with a neutral color that most people will accept. Paint is usually considered the least expensive improvement you can make and it will create an excellent first impression. Landscaping is another inexpensive upgrade you can make to create an appealing exterior.
• ROI on outdoor renovations in South Florida can be as high as 100-200%
In South Florida, the highest return on investment seems to come from outdoor renovations such as gardens, outdoor rooms, summer kitchens, covered patios, canopies, pergolas, trees, plantings, and defined, utilizable outdoor spaces.
If you pick traditional designs, they will appeal to the greater number of buyers and renters. Sign up below for our news letter to gain access to all of BrightStar's worksheets including a simple budget worksheet to help you itemize estimated costs and keep your overall remodeling budget on track. If you have any questions, please contact us for help!
Whatever remodeling project you take on, may it yield you a high-value ROI!
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