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Projects You Should Think Twice Before Performing
Knowing which projects have the lowest return on investment is just as important as knowing which projects bring the highest ROI. After all, you don't want to spend your entire budget on something which will have little to no value to potential buyers.
Unless you plan on living in your home for a long period of time, you should always think about what a buyer will like or dislike. It's easy to think that a project is worth doing just because you may enjoy the outcome. An even bigger mistake is to think that spending big bucks on fancy additions will bring in the buyers. Expensive projects like a swimming pool or highly customized home theatre room are great, but they don't appeal to a wide audience. These items can actually be a turn off to potential buyers as they are simply unwilling to pay the premium for having such luxuries in tough economic times.
Other things to avoid are projects that are highly customized to your tastes or lifestyle. While you may love the Miami Dolphins, painting your living room in team colors and putting up team logo wallpaper and tile is not the smartest thing to do. Remember, most buyers are looking for a home that is both suitable to their lifestyle and is easy to move into with the lowest cost. Here are examples of projects with little return on investments:
-Home Office expansions
-Home theatre rooms
-Swimming pool
-Luxurious remodels
-Overbuilding
In short, keep the neighborhood norm in mind. If it is popular in the neighborhood, it is usually a project worth doing. If it is not, then you should probably reconsider.
Add Value to Your Miami Home
One of the best ways to add value to your Miami home is by performing select home improvement projects. The usual question is what home improvements add the most value to your home or have the best return on your investment. It is not uncommon to recoup up to 80% of the money you invested on your project. Of course there are other intangibles such as making your home more attractive to potential buyers. This is especially important during tough real estate markets like the one Miami Dade is experiencing. During booming markets like the one that just past, it was easy to select a project as homes were being bought just as quickly as they came on the market. So even the simplest of home improvements made a huge difference in price and sell ability.Today you have to be more selective. Below are some of the best projects to perform with their estimated return on investments. As always, a competent, licensed and insured contractor is a must.
Which Projects to Select
| Home Improvement Project | Return on investment |
| Kitchen Remodel | 80%-85% |
| Bath Remodel | 70%-75% |
| Curb Appeal Projects | 80%-85% |
| Window replacements | 80% |
Of course these projects are just suggestions. Other home improvements that should be consideredfirst and foremost are general maintenance and repair items. Your return on investment on your beautiful bath remodel will be irrelevant if your A/C is not cooling properly or if your roof is leaking. These are the things buyers will consider first when it comes selling time. So remember to take care of these first before you think about other projects.
Keep in mind that these are just estimates. A great deal depends on the quality of work done by your contractor. Your ROI can be higher if your contractor does quality work. On the same token it could be lower, non existent or even devalue your home if your contractor does a poor job. So finding the right contractor is just as important as finding the right project.
