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. And, in Miami, you may be able to recover about 90% of the costs of installing a garage door when it comes time to sell your home. With an average cost of $3,866 and a resale value of $3,480, it falls just 2.5% below the regional average. This is a great home improvement that can help increase home value on a budget.
3) Steel entry door replacement
Average cost: $2,022
Average resale value: $1,625
Average cost recouped: 80%
Your front door is one of the most important parts of your house. Adding a new steel door increases the security and the curb appeal of your home, practically paying for itself. Replacing your front door makes it into the top three home improvements in Miami with an average cost of $2,022. It has a resale value of $1,625 and you may recoup 80% of the costs.
4) Asphalt shingles roofing replacement
Average cost: $25,182
Average resale value: $20,199
Average cost recouped: 80%
Most people tend to forget about the roof over their heads until it’s too late. A general rule of thumb is to replace your roofing every 15-20 years. And one of the most common roof types, asphalt shingles, are affordable, lightweight, and durable. In Miami, FL, replacing your roof with asphalt shingles typically costs around $25,182 and yields an 80% return on investment, 20% higher than the regional average.
5) Vinyl window replacement
Average cost: $24,301
Average resale value: $15,440
Average cost recouped: 80%
Typically less expensive than wood windows, vinyl window replacements offer terrific energy efficiency and enhanced curb appeal, all while remaining easy to maintain. Costing an average of $19,356 in Miami, you’ll see an 80% return on your investment at an average resale value of $15,440.
6) Minor kitchen remodel
Average cost: $24,301
Average resale value: $18,488
Average cost recouped: 76%
A minor kitchen remodel comes in 6th place for highest ROI home improvements in Miami. Whether it’s refacing cabinets, adding new backsplash, or upgrading the lighting, a minor kitchen remodel will not only make the space more enjoyable to be in and add functionality, it can also increase the value of your home. In Miami, FL, the average cost to update parts of your kitchen is $24,301. With a 76% ROI, a minor kitchen remodel is 6% higher than the average cost recouped for the region.
7) Wood window replacement
Average cost: $23,088
Average resale value: $17,511
Average cost recouped: 76%
Wood windows can be a great design feature for your exterior. Although the look is typically more classic in nature, there are countless designs and styles, so you’ll certainly find the ideal look for your home. They’re also extremely durable, eco-friendly, and one of the most cost-effective improvements you can make. In Miami, FL, replacing your windows typically costs around $23,088 and yields a 76% return on investment, 13% higher than the regional average.
8) Vinyl siding replacement
Average cost: $24,301
Average resale value: $11,463
Average cost recouped: 75%
Vinyl siding is inexpensive, easy to maintain, and quick to install. While it protects you and your home against the elements, it also adds a fresh appearance. Costing an average $15,375 in Miami, FL, you’ll see a 76% return and an average resale value of $17,511 for this home improvement.
9) Fiber cement siding replacement
Average cost: $18,203
Average resale value: $13,091
Average cost recouped: 72%
Fiber cement siding can withstand almost all weather conditions, is resistant to fire, is aesthetically pleasing, versatile, and affordable. In Miami, this home improvement sees an average cost is $18,203 with an average resale value of $13,091, meaning about 72% of the costs are recouped.
10) Metal roofing replacement
Average cost: $41,577
Average resale value: $29,838
Average cost recouped: 72%
Metal roofs can be an attractive roofing replacement option because of their minimal maintenance, energy efficiency, and longevity – lasting a staggering 40-70 years before needing replacement. Metal roofing costs an average of $41,577 in Miami, FL. You’ll likely see a 72% return on your investment at an average resale value of $29,838.
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