Here are seven mid-range and one upscale improvement projects that will increase the value of your Miami home by more than the project costs you, according to the new 2017 Cost vs Value report from Remodeling Magazine.
In the nationwide average, there is only one home improvement project that “returns a higher value than its cost”. In Miami, however, eight of the projects had value returns of more than 100%:
- Entry Door Replacement (steel) – 137.2%
- Manufactured Stone Veneer – 122.8%
- Entry Door Replacement (fiberglass) – 120.0%
- Garage Door Replacement (upscale) – 117.3%
- Attic Insulation (fiberglass) – 116.8%
- Backup Power Generator – 106.1%
- Minor Kitchen Remodel – 105.1%
- Roofing Replacement – 105.1%
One of the continuing key trends nationwide is that “‘curb appeal’ projects—changes to doors, windows, and siding—by and large generated higher returns on investment than work done inside the home.” This holds true for Miami as well, with stone veneers, entry door replacements, garage door replacements, and roof replacements all in the top eight for best return on investment.
2017 marks the 30th anniversary of Remodeling Magazine’s “Cost vs Value” report. With data on 29 mid-range and upscale projects in 99 markets nationwide, their goal is to provide “an unbiased, third-party report on how much it really costs for a professional to do a typical remodeling project, as well as how much a real estate pro believes that project will increase a home’s value if it’s sold within a year of when the work was completed.”
Get a FREE PDF copy of Remodeling Magazine’s 2017 Cost vs Value report for Miami (with national, South Atlantic regional, and Miami data) straight to your inbox now:
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