There are two major reasons Southeast Florida residents may undertake a significant renovation project. They may be considering selling their home and wish to maximize their return, or they may have decided to stay in place and want their home to be more comfortable. Whatever your reasons, you’ll want to get the most for your money. Here’s our guide to “Which Home Renovations Are Most Popular?” and how and why they add value to a home.
High ROI Improvements when Preparing to Sell?
When considering selling your home, your home improvement focus should be on those upgrades that will either improve the speed of the sale and those that offer the highest return on investment (ROI). Of course, painting, carpet cleaning, and yard work are all minor steps that qualify. Other high-return projects include the following:
Minor Kitchen and Bathroom Renovations
There’s a common misperception that whatever you invest in a kitchen or bathroom, you will get back when selling your home. While the condition of kitchens and bathrooms is critical when selling, over-spending on renovations in these areas can have the opposite effect. Designer fixtures, in particular, can be budget-busters and may be too specific to your tastes. HGTV has a variety of affordable kitchen and bath upgrades and ideas to freshen up space without replacing cabinets, countertops, and adding expensive marble tile. Painting cabinets and replacing cabinet hardware will likely pay higher dividends than total replacement. There are many national home improvement stores like Lowes and Home Depot, along with independent outlets like Kitchen Bath Warehouse, Allied Kitchen and Bath, and others that offer ideas and products to make more modest upgrades. Keep in mind that even “minor” kitchen and bath upgrades can exceed $10,000-$15,000.
Installing New Entry Doors
A new aluminum or fiberglass entry door can more than pay for itself as a home renovation for several reasons. First, security has become a significant factor for those looking for a new home. A new entry door adds a layer of security buyers appreciate. A new door often offers better insulation. Installing a new entry door also improves curb appeal, including in images, and it makes a terrific, solid first impression when your home is being shown in person. A hurricane-proof door can even earn homeowners’ insurance discounts here in South Florida. If you are reasonably handy, watching a YouTube video like that produced for Lowes by Tony Wotjowicz may be all you need to gain the confidence to install one yourself.
Garage Door Replacement
A relatively affordable renovation that can be made to a home to bring big returns is an upgraded garage door. This is likely the largest moveable part to your home and in many cases has a significant portion of your home’s face-time or curb appeal. A new garage door can vastly improve how your home looks in images and videos used to market your property. Unlike a new steel front door, however, unless you are extremely skilled, installing a garage door as a DIY project is not recommended. If fact, it can be downright dangerous. Don’t be a hero. Instead, contact one of Yelp’s top garage door installation companies in the Miami area including New Era Services, Allied Doors South Florida or Dimark Garage Doors.
Installing New Windows
Whether you choose aluminum or vinyl, a window replacement can pay a nice return on your investment while adding appeal to your home. New replacement windows add beauty, improve insulation, can serve as an insulator of outside noise and add security. Replacing windows can return up to 80% of what is invested in them in an immediate return when selling. It can also improve the listing to closing time. Ask about hurricane-resistant, double-pane windows that can add safety and security and earn homeowners’ insurance discounts. Some highly rated replacement window companies in the Miami-Dade area include; Alco Windows and Doors, ASP Windows and doors and Prime Window and Door.
High ROI Improvements when Staying in Place
If you plan to stay in your home, you’ll still want to be prudent about the renovations you choose. Here are some that can improve comfort, convenience, security, and pay long-term dividends. They are improvements you can enjoy now, get an ROI later.
Major Kitchen and Bathroom Improvements
Here you go! If you plan to stay in your home for a significant time, now is the time to make a more extensive investment in upgrading a bath or kitchen. Extensive upgrades can reach into the tens of thousands of dollars and return 75-80% when selling. You might as well enjoy that investment for a while. Go for it!
“Aging in Place” is becoming a thing for older homeowners and making improvements to make a home more accessible can make life more convenient, comfortable, and safe. Improvements can include grab bars and handrails, walk-in or sit-in showers, taller toilets, improve night-time lighting, ramp, and others. Even if you don’t “need” these improvements yourself, they can help make your home more marketable and attractive to an aging South Florida population.
Upgrading Security and Installing “Smart home” Features
Both security and smart features are attractive in today’s marketplace. You can enjoy their features and benefits now with the confidence they will pay you back upon selling your home. The array of smart and security features include indoor and outdoor cameras, doorbell cameras, smart thermostats, major appliances, lighting, and more. Like most home improvements you don’t want to overspend so be “smart” about your investment in this technology.
DIY vs. Professional Installation
The more of these improvements you can either do or install yourself, the bigger return you can have on your investment. Keep in mind, however, that a renovation that turns out poorly can also be expensive. It may have the opposite desired effect. Be honest about your skills and seek out professional help when you have doubts. Always check the ratings, references and licensing of any contractors you may be considering.
Perform your due diligence and choose your projects and contractors wisely. You will greatly improve your chances of renovations that pay a high return on your investment when selling your home either now or later.
We hope our guide to “Which home renovations are most popular?” will help Seller’s decide how to prepare their home for sale. Check out Richr’s other articles for more information on how to sell your home and maximize your profit.