If your home is in need of an upgrade, it’s important to know which home improvements may increase your home value so you get the most return on your investment (ROI). Whether you’re selling your home in Miami, FL and moving across the country, or are looking for improvements to enjoy for years to come, it’s helpful to ask yourself – “Will this investment pay off?”
Whatever your reason is for tackling a home improvement project, it’s important to compare your options and determine which projects offer the highest return. However, the home improvement projects with the highest ROI vary between housing markets. What a potential homebuyer in Nashville, TN desires likely differs from a homebuyer in Denver, CO. And while you may want to upgrade your kitchen cabinets for a fresh new look, or invest in a major kitchen remodel, the ROI may be too low for it to be worthwhile in the Miami market.
If you want to increase property value and get the highest ROI, here are the top 10 home improvements in Miami from the 2021 Cost vs. Value Report, ranked according to the highest percent of ROI.
Top 10 best ROI home improvements in Miami
1) Manufactured stone veneer
Average cost: $9,939
Average resale value: $9,641
Average cost recouped: 97%
Manufactured stone veneer is incredibly versatile and offers several style options, including rustic, modern, and more. This upgrade not only increases curb appeal, it’s also a wise investment. It’s on the high end for project costs, averaging $9,939, but provides a high return on investment – you’ll recoup around 97% of costs, about 4% more than the regional average. This high return makes a manufactured stone veneer the most valuable home improvement in Miami.
2) Garage door replacement
Average cost: $3,866
Average resale value: $3,480
Average cost recouped: 90%
A garage door replacement not only offers homeowners more protection and security, but also improves curb appeal and reduces maintenance….