South Florida has been one of the hardest hit areas during the housing crisis. Since the home values leading up to the housing marketing crisis had reached its peak in about 2006, South Florida home values have also seen one of the biggest declines since 2007. The Palm Beach Post reports that during the second quarter of 2010, the home values in South Florida dropped 15 percent more from the home values in 2009. As of the second quarter of 2010, the average home value in Miami-Dade County is $146,500, which is 50 percent below the home values from 2006.
Whether you are trying to add value to your home as part of your investment strategy or are getting ready to put it on the market, two of the primary ways you can add value to your home in South Florida is to remodel your kitchen and to remodel your bathrooms.
Updated Kitchens and Bathrooms Add Home Value
Remodeling magazine published a survey produced by Hanley Wood, LLC. The report stated that you recoup 75 percent of your remodeling costs for bathrooms and 80 percent for kitchens. Both of these remodeling projects add value to your home. You may have thought that you would get a dollar for dollar return on your investment, but this simply is not true. While this is not the case, you recoup the most of your investment and increase the value of your home the most with these two remodeling projects. The only other way to add more value to your home is to add square footage of living space.
For example, if it costs you $30,000 to remodel your kitchen then it increases your house value by $24,000. A boost in value of $24,000 takes a sales price from $146,500 to $170,000. It is also a big selling point when a home has a new kitchen and bathrooms, which translates into a faster and more lucrative sale.
In the end, investing your money in upgrading your kitchen and bathrooms goes a long way. There aren’t many investments that net you a 75 to 80 percent return on your costs.
Versatile Flooring Inc. brings over 30 years of combined experience in providing quality floor installation and kitchen and bathroom remodeling to South Florida. We are dedicated to providing skilled work and superior customer service to each client we have the privilege of serving. Your house is your home and we enjoy creating floors, kitchens and bathrooms you’re proud to share with your friends and family. For more information, visit www.VersatileFlooringInc.com.
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