Home Improvements: Cost vs. Value

Posted on Tuesday, June 23rd, 2015 at 4:09pm.

Home Improvements: Cost vs. Value

Should you renovate your luxury property before you put it on the market?

Boca Raton real estate Cost-vs.-Value home improvement

Preparing your home properly before it is shown can often make or break a sale. As a seller, what you see as a minor problem can be a major turn-off to buyers. Jean-Luc Andriot, of Jean-Luc Andriot Boca Premier Property Group, suggests taking the time and money to repair certain items, but also warns that some repairs are just not worth it.

“Be careful that you choose wisely in the projects you undertake when your goal is to maximize your selling price,” he says. “There are specific things that need to be done to impress qualified buyers. A member of our team will be happy to guide you on what improvements we think will bring you the greatest return on your investment.”

The Remodeling 2015 Cost vs. Value Report dissects both the cost and value of improving certain problems with your Miami area home and compares it to cost efficiency both regionally and nationally.

The Miami area includes the following cities:

First impressions are everything, and curb appeal is king in South Florida. If a buyer does not like what he or she sees from the outside, they’re less likely to make a deal.
Here are the top categories of improvements where you will get more recoup more of your cost in the Miami area than in other parts of the nation on average:

  • Siding and window replacement
  • Roofing replacement
  • Garage door replacement
  • Grand entrance remodel

 MIAMI

 © 2015 Hanley Wood, LLC. Complete data from the Remodeling 2015 Cost vs. Value Report can be downloaded free at www. costvsvalue.com

The highest margin is vinyl window replacement, which recoups 110.8% of the cost in the area, as opposed to 74.9% nationally. This is just one example of why it is important to not just look at national averages, but local ones as well. Replacement projects are generally more cost-effective than remodel and addition projects because they are among the least expensive to commission and contribute greatly to curb appeal. The last thing you want is a deteriorating façade that could turn away a qualified buyer.

Jean-Luc also suggests these projects to improve your luxury property

  • Examine the cost of remodeling your kitchen and bathroom
  • Add a fresh coat of paint to the exterior of the property
  • Ensure the grand entrance of your home reflects its luxurious personality
  • Replace your appliances
  • Keep interior walls neutral and remove your personality from the home
  • Keep your yard tidy and attractive
  • Make sure your driveway looks clean and neat

The primary goal of completing home improvement projects is to increase the resale value of your home. That expected value should never be more than 15-20% higher than other homes in your neighborhood, or buyers will start hunting for a lower price.


If you’re looking to own or sell your luxury home, rely on the experience of Jean-Luc Andriot and his team of professional realtors at Keller Williams. Call Jean-Luc today at 561-213-9008. We specialize in luxury properties, including luxury condominiums in Boca Raton, Highland Beach, Delray Beach, Gulfstream and Singer Island.

 

Leave a Comment