Maybe you’re preparing your home for sale and looking to maximize its value or maybe you’ve finally decided you’re tired of walking into your kitchen and having the cabinet door hinge come loose and smack you in the face. Whatever your reason to renovate, here is the ‘cost vs value’ calculation for 3 common fixes in the state of Florida.
The statistical information in this article was aggregated by Hanley Wood for its publication Remodeling. Hanley Wood is a nationally recognized authority on residential and commercial construction. The full list of costs can be found here.
Kitchen (Midrange Remodel)
Ah the joy of a shiny, new kitchen. Clean sinks, polished handles, clean appliances, stain-free countertops. No scratches on your stovetop or leaks under your sink. A cabinet door that opens and shuts smoothly. What. A. Dream. Okay. What is this going to cost you?
Average Cost in Miami: $60,604
Added Resale Value: $38,728
Percentage of Cost Recouped: 63.9%
Renovating your kitchen will allow you to recoup a little more than half of the amount of money you spent on it at the time of sale. It’s important to note that a large portion of the cost can be mitigated by being frugal when choosing the appliances. Purchasing a nice but cost effective stove top or refrigerator can save you thousands of dollars.
Roof (Midrange Renovation)
If the yellow stains on your ceiling seem to get bigger every time it rains, it may be time for a new roof. Ditch the blue tarp and invest in your home.
Average Cost in Miami: $20,310
Added Resale Value: $21,260
Percentage of Cost Recouped: 104.7%
Replacing your roof is the single most valuable renovation you can invest in because of a combination of cost and percentage recouped. It adds the most value with a return of over 100% and a cost of over $20,000. The roof more than pays for itself if you decide to sell your home. Deciding between tile, metal, or shingles allows for cost flexibility as well.
Garages are underrated. It’s an incredibly versatile space that serves many purposes. In a garage, you can create a weekend workshop, store your cars, store the clutter, or even build a spare room for your in-laws. While we can’t keep your in-laws from moving in, we can tell you your garage door will affect the value of your home positively.
Average Cost in Miami: $3,447
Added Resale Value: $4,726
Percentage of Cost Recouped: 137.1%
If you’re looking for a high ROI (Return on Investment), a new garage door is more than a solid purchase. It beats over 20 other types of renovation when considering cost recouped and is second only to Entry Door Replacement; which has an ROI of 138.1%.
What else do I get?
When you invest in your home not only do you increase its value but you simultaneously lower the amount of home insurance you pay. According to The Simple Dollar, replacing an old garage or roof can lower your premium payments by as much as 10%.
Home renovation is initially an expensive undertaking that will undoubtedly pay off in more than one way. Whether you’re selling or just looking to improve your favorite place, consider remodeling as soon as you can afford it.