Is Your Home Improvement Worth It?
In the aftermath of the housing crisis or housing bubble (whatever you want to call it), a surprising number of Americans still consider home ownership as one of the wisest investments you can make. More than 80 percent of adults, in fact, strongly or somewhat agree that owning a home is well worth it, according to a 2011 Pew Research Poll. Tandem with this consumer confidence, American household spending rose by 6.5 percent in the past four years. The majority of this increase is due to inflation, and as such, most Americans spend only a small portion of their monthly budget on home maintenance and home improvement or Miami remodeling projects.
Economic factors aside, many Americans believe that the potential return on investment is the deciding factor in home remodeling Miami endeavors. Home improvements, including condo remodeling Miami, account for approximately $230 billion spent each year. This is because many homeowners know the true value of certain renovation investments, and which home remodeling Miami projects can yield the biggest payout in the long run.
Knowing the difference between a home remodeling Miami project that enhances curb appeal versus a home remodeling Miami project that is necessary, such as a new roof, is very important. Aesthetic improvements are great, but when budget constraints are in place, many homeowners want to increase their chances for a return on investment before enlisting the help of a general contractor Miami or general contractor Key Biscayne to help them with their home remodeling miami project. For example, once you have decided which improvement is necessary or which home remodeling Miami project you want, then you can ask yourself which yields the biggest return on your investment. According to CNN Money, a mid range bathroom modernization project can earn you a 102 percent of your investment. Likewise, window replacements can yield 90 percent. On the other hand, a swimming pool or sauna are considered to be the least likely of all home improvement projects to get your money back.
When all is said and done, you have to do what you want with your home remodeling Miami projects. If you plan on staying in your home for years to come, the return on investment may not be the deciding factor in which home remodeling Miami project you choose.