As a homeowner, especially in a city like Miami, it’s common to find yourself at a crossroads when it comes to boosting your property’s value. While Miami’s vibrant cityscape makes it an amazing place to live, you can only find good value for your house if it’s well-conditioned.
One of the most effective ways to make your property more high-value is to invest in renovations. Not only do home renovations offer an improved quality of life, but they promise high ROIs if you ever intend to sell.
But, with so many ideas, renovation can quickly become daunting. Fortunately, you are in the right place! This guide takes you through seven types of home renovations that boost home value.
So, let’s dive in!
1. Finding Help
Before starting your home renovation journey, it’s important to consider logistics. Renovations often require you to relocate a room’s furniture temporarily to ensure a seamless, uninterrupted upgrade. Having said that, a renovation project on your hands makes it necessary to consult local movers in Miami.
Local movers can help you relocate furniture, ensuring that renovating your house remains a stress-free experience. Using professionals also mitigates the stress of breaking stuff while relocating, so you can rest assured that your belongings are safe.
2. Hardwood Floors
According to a study conducted by the National Association of Realtors, hardwood flooring provided the highest return on investment of all the renovations. According to this study, hardwood floors have an 80% chance of helping you get a good value for your home.
Hardwood floors have remained a prominent home upgrade when it comes to renovations. This versatile flooring design adds a naturistic look to your home, sparking life into any room where it’s applied. Hardwood floors have a way of going well with any decorating scheme of your choice.
Another reason for getting a hardwood floor is how easy they are to clean and maintain. Often, it only takes a sweep across the room.
While installing a hardwood floor can be an expensive renovation, averaging around $6-18 per square foot, the study concluded that it can give a 147% return on its cost!
3. HVAC Upgrades
Seeing how our lifestyle contributes to global warming, buyers are inclined to look for housing options that operate on eco-friendly appliances.
If your HVAC operates on fossil energy, you might want to consider upgrading it to an electric heat pump. Although it might require you to install new lines and wall units, installing energy-efficient HVAC systems will boost your home value.
The expense of converting your HVAC to an eco-friendly source will depend on the size of your home. On average, converting an HVAC in a 2000-square-foot home costs around $17.5K. Although it’s an expensive upgrade, it has approximately a 103.5% chance of increasing resale value, making it a worthy upgrade.
4. Replacing the Entry Door
The entry door is often the first noticeable detail in a house. Ideally, the door should complement the house design while ensuring a sense of security for the residents. Considering this benchmark, steel doors are the ideal choice.
Apart from adding style and a sense of security, steel doors also have a high ROI. They adjust well into door-frames, increasing the insulation in your home. The increased insulation will prevent your heating/cooling units from working at high power, cutting down your electricity bills.
Steel doors also come in various styles and finishes, allowing you to maximize the style and functionality an entry door offers.
No matter how much you spend on renovation, dilapidated siding can damage your house’s overall look, rendering all your efforts in vain. Hence, if the siding in your home has seen better days, make urgent repairs.
Experts suggest the following two siding types are the most effective for boosting home value:
With a 94.7% return on your investment, vinyl siding gives a unique look to your home. Going with a vinyl siding costs approximately $16.4K for replacing 1250 square feet.
Fiber cement is a tad more expensive than vinyl siding and offers an 88.5% return on investments. The lower ROI rate has nothing to do with its effectiveness. Instead, it’s about preferences.
Replacing your siding with fiber-cement siding in a 1250-square-foot area will set you back approximately $19.4K. When selling your home, you can expect a fiber-cement siding to offer more than three-fourths of your invested value.
6. Kitchen Remodels
Considering that a trip to the kitchen is a major part of almost everyone’s routine, doing a kitchen remodel can be a good idea to boost your home value.
Remodeling your kitchen includes replacing appliances with energy-efficient ones, installing a new sink or a countertop, or refacing the cabinets. You can also consider repainting the walls or adding new hardware to the cooking space.
While upgrading appliances may not yield a solid return, any renovation done exceptionally can offer you a strong ROI of 85.7% on your investments.
If you’re considering a kitchen remodel, stick to minor renovations. Major remodels, such as installing new cabinets or changing your kitchen’s layout, are much more expensive and have a very low ROI.
7. Deck Additions
Many buyers are looking for a house with an expansive outdoor area to relax, have casual hangouts, or entertain themselves. Fortunately, deck additions can be a great way of making the outdoor area stylish and adding to your home’s living space.
Ideally, it’s best to go with the classic wood design when considering a deck addition. While wood decks require higher maintenance, they are very budget-friendly and offer a good investment return.
A deck makes your home stand out, ensuring a guaranteed boost in your home value!
Here are the seven types of home renovations that boost home value. However, if you are still unsure about where to start, here’s an idea to help you find clarity.
When considering home renovations, focus on inducing changes and adding amenities you would look for. Your vision and the style change will ensure a huge boost in your home’s value, allowing you to get a good return on your investment.
Regardless of the renovations you choose, ensure to call a local mover. Hiring a local mover will make the renovation process much easier and prevent your valuables from incurring damage, ensuring an improved home value!