Rates are still historically low, so now is the time for Brevard homeowners to refinance, perhaps to invest your equity into some valuable home improvements. When considering refinancing to increase the value of your home, you want to choose home improvement projects that give you the best bang for your buck.
To help you figure it out, we are going to dive into the Remodeling Cost vs. Value report, specifically for the state of Florida, to determine which home improvement projects will add the most value to your home. The following numbers are all based on average costs:
Entry Door Replacement
A front door replacement leads the list for all regions, because a steel door is fantastic for both curb appeal and energy efficiency.
A midrange steel door with a glass panel and factory paint costs approximately $1,119 with an average cost recuperation of $1,131, or 101%.
Wooden Deck Addition
The key word here is wooden deck as opposed to one made from composite material. The cost to recuperation is better, and renovation will be cheaper if it’s ever needed.
Average cost for a wooden deck addition is $8,709 with a resale value of $7,715, or an 89% cost recuperation.
Garage Door Replacement
As with a new front door, replacing your garage door can add significant curb appeal and increase the overall attractiveness of your home. Choose a garage door that is uninsulated with embossed steel.
The average cost for a garage door replacement is $1,459 with an average cost recuperation of $1,305, or 89%.
Bathroom Remodel
A midrange bathroom remodel adds new vanities, countertops, mirrors and medicine cabinet. Typically, it costs $15,035 with a resale value of $11,629, or a 77% return.
However, the cost can vary significantly, especially for all you do-it-yourselfers out there. If you consider yourself to be handy, then using your skills to lower the cost of labor can greatly increase your cost recuperation.
Kitchen Remodel
They say a kitchen makes a house, so a kitchen remodel is always a great idea to increase the value of your home. For the sake of this article, we will break down a kitchen remodel into two types:
Minor Kitchen Remodel
A minor kitchen remodel might include taking a functional but dated kitchen and replacing appliances, replacing laminate countertops, installing a mid-priced sink and faucet, and adding new hardware and wood panels to existing cabinetry.
The average cost is $17,867 with a cost recuperation of $14,825, or 83%.
Major Kitchen Remodel
On the other hand, a major kitchen remodel might include adding a new kitchen island, semi-custom wood cabinets, new appliances, custom lighting, flooring, and painted walls. Essentially, a major overhaul.
The average cost is a $52,186 with a resale value of $39,761, or a 76% return.
Window Replacement
If your windows aren’t sealed properly or don’t open or close, you may want to consider replacing them with insulated wood windows.
Average cost for replacing 10 windows is $10,429 with a resale value of $8,752, or 84%.
Swimming Pool
Owning a home in Florida means that adding a pool may add a great deal of appeal to your home as well as years of enjoyment for you and your family.
Pools can cost around $30,000 to build, and resale value for a pool is around $30,000 to $35,000. It’s not as much of an investment as the other items on our list, however it’s certainly a wonderful addition to any Florida home. Furthermore, the equity in your home could pay for the cost to build, and chances are you will add the value to the resale of your home in the future.
Refinancing Your Home
Refinancing to invest in your home is a fantastic option, and with these numbers, you can make sure you are investing your equity in the right ways.
If you’re interested in refinancing, the Morgan Financial team would be happy to sit down with you and perform a cost-benefits analysis, thereby helping you determine if refinancing is right for you. Give us a call at 321.265.4000 or click here to learn more.
