There may be times when your needs or your lifestyle changes. And when that happens you want the Naples home that you love to adapt to meet those needs. Making changes or additions to your home, however, isn’t something you want to take lightly. What are the best additions or modifications you can make for your Naples-area home?
Should you add a second story to your home? Does it make more sense to add a Master Suite? Is adding a Family Room a smarter idea. What about remodeling a bathroom?
Not only will the answer to those questions vary from one household to the next, but it will also depend on how you measure what’s best. One benchmark is to look at the cost of the project, the resulting resale value (based on selling your home within a year or so after completion), and the cost that you recoup from that improvement or addition.
For 30 years Hanley Wood Media has been publishing their Cost vs. Value report that compares those factors. Let’s look at how some of those projects stack up according to the Remodeling 2017 Cost vs. Value Report (www.costvsvalue.com)*. The figures used here are for the Fort Myers area—the closest area to Naples covered by the report.
According to the Cost vs. Value Report, a two-story addition should cost around $166,216 and provide a 59.8% return (roughly $99,444). Adding a Master Suite would cost approximately $110,207 and return $66,300 (an ROI of 60.2%). Putting in a Family room will cost roughly $80,984 and produce a return of 77.2% ($62,500). And remodeling your bathroom would cost $16,736, generating $11,900 at resale for a return of 71.1%. If you go for an upscale bathroom remodel you can expect to pay $56,060, recoup $41,000 at resale and have an ROI of 73.1%.
Specific numbers, of course, will depend on the exact scope and details of the project you undertake. But that gives you an idea of how various projects compare to one another based on cost and return on your investment.
Your financial return on investment, however, is only part of the picture when it comes to determining the value of an improvement made to your home. The National Association of the Remodeling Industry (NARI) published a 2015 Remodeling Impact Report in which they calculate a “Joy Score” that is an indication of the positive impact the completed project homeowners felt, with 1 being the lowest score and 10 being the highest. And while they didn’t post results from all projects listed above, it’s interesting to note that a new Master Suite resulted in a Joy Score of 9.7 and a Bathroom renovation scored 9.3.
The point is that the enjoyment, comfort, and overall sense of well being a remodeling project brings you and your family is something that should figure into your decision about what changes you want to make. If you and your family and friends love watching movies or sports or playing games together, a new Family Room might be the best improvement you can make. If you love to cook and entertain in your kitchen, remodeling your kitchen might bring you more “bang” for your buck.
If adding more space for extra rooms (whether they are bedrooms, a craft room, or a home office) is something that will make life in your home more enjoyable, that’s a worthwhile project to consider.
Not sure where to begin? Download our free Remodeling a House, Creating a Home eBook for information to help you create your dream home! You’ll find helpful advice on:
- The benefits of remodeling
- Home themes
- Layout logistics
- Techniques for making space
- Recommended amenities to consider
- Lighting choices
- Color options
- Environmental considerations
- Decor dynamics
What’s the best addition you can make to your Naples home? It’s the one that brings you the most enjoyment and comfort!
*© 2017 Hanley Wood Media Inc. Complete data from the Remodeling 2017 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.