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Naples, Florida Remodeling Blog

3 Remodeling Projects that Increase the Value of Your Naples Home

Posted by Chris Reed on Feb 7, 2018 1:12:00 PM

3-Remodeling-Projects-to-Increase_-he-Value-of-Your-Naples-Home.jpgThere are a lot of good reasons for remodeling your Naples home. Here’s a post that examines three good reasons a remodel may make sense. One thing you shouldn’t overlook when considering a remodeling project is what that project adds to your home if you ever decide to sell. Let’s look at 3 remodeling projects that increase the value of your Naples home.

Before we jump into those 3 projects, it’s important to understand that not all remodeling projects are created equal. Some are more expensive than others and some increase the resale value of your home more than others. Here’s some data as compiled in the Remodeling 2017 Cost vs. Value Report (www.costvsvalue.com) that helps illustrate that.

Upscale Projects

PROJECT                                  COST                          RESALE VALUE         COST RECOUP

Universal Design Bathroom       $ 13,869                      $ 11,040                      79.6%

Bathroom Addition                     76,106                         45,889                         60.3%

Bathroom Remodel                    56,060                         41,000                         73.1%

Deck Addition (composite)         36,691                         22,363                         60.9%

Grand Entrance (fiberglass)       8,146                           5,500                           67.5%

Major Kitchen Remodel              117,510                       75,455                         64.2%

Master Suite Addition                 237,233                       145,600                       61.4%

Midrange Projects

PROJECT                                  COST                           RESALE VALUE        COST RECOUP

Bathroom Addition                     39,133                         18,889                         48.3%

Bathroom Remodel                    16,736                         11,900                         71.1%

Deck Addition (wood)                  9,427                           8,938                           94.8%

Entry Door (fiberglass)                3,223                           2,389                           74.1%

Major Kitchen Remodel               58,277                         33,322                         57.2%

Master Suite Addition                  10,207                         66,300                         60.2%

You can download the 2017 Cost vs. Value Report free at www.costvsvalue.com where you’ll also find definitions of “Upscale” and “Midrange” projects.

You can see for yourself which remodeling projects (from the ones listed) generate the highest return on investment (ROI). Bear in mind that ROI (as it pertains to resale) isn’t the only factor that matters when considering a project. The value of your home also depends largely on the value you derive from living there. That’s why the projects we’re suggesting may not always have the highest ROI.

1. Universal Design Bathroom

Our first recommendation actually has a very high ROI of 79.6 percent. But there is a lot more to the story in this example. One of the big benefits of Universal Design is that it makes your bathroom (a room you use every single day) much more comfortable, more convenient, and safer. That enables you to stay in your home longer—something an increasing number of maturing Americans want to do. Another great thing about Universal Design is that it doesn’t have to look “institutional.” If you take a look at the remodeled bathroom shown here, you’ll see it’s beautiful and elegant. And the Universal Design elements (large step-in shower, shower seating, grab bars) actually look more “spa-like” than safety-inspired.

2. Major Kitchen Remodel

There are various levels of a kitchen remodel. Here’s an article that gives you an idea of the difference in scope—and in cost. You can see that both mid-range and upscale projects have a pretty respectable return on investment. But once again, the ROI is only part of the picture. Over the last few years, kitchens have increasingly become the social epicenter of the home. Homeowners don’t just prepare meals in their kitchens. They frequently eat casual meals there and also rely on the kitchen heavily when entertaining. A well-designed remodel of your Naples kitchen can accommodate all of those functions—meaning you get more enjoyment out of your home.

3. Whole Condo Remodel

You won’t find a “whole condo remodel” on the list of projects evaluated in the Cost and Value Report. That’s because the report focuses on specific areas rather than on a whole living space. Still, there are a lot of Naples residents who live in condominiums and some of them wonder if it really makes sense (or is even possible) to totally renovate and upgrade a condo.

If you live in a condominium you have virtually no control about what the outside of the property looks like. But the interior of your home can really be a showcase for your personal sense of style. Beyond that, you’ll still want to make it as comfortable, convenient, and efficient as possible. And while you can’t add on space to increase the value of your property, you can create a space that makes your home stand out from others around you should you ever want to sell. And let’s be honest, a lot of people love the low maintenance and security of condominium living.

The big takeaway from these examples is that when considering what adds value to your Naples home, it's important to look not only at the ROI you might generate when it's time to sell, but also at the value you'll receive from making improvements while you're still living in your Naples home.

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Topics: cost vs value, Learning about Remodeling