There 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.
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%
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.