While selling a home, one of the most effective ways to increase your property’s value is with renovations. Meanwhile, they can also be the most expensive. Projects that make your house chic are fun, but they aren't the best investments. Instead, it would probably be a better idea to choose renovations that increase the Return on Investment (ROI) of your Naples real estate. If you need inspiration, here’s a list of some of the best ROI choices for Florida homes.
Roofing replacement
When it comes to living on the Gulf Coast, it's honest and fair for buyers to be concerned about hurricane damage. After all, Naples is the tenth city most susceptible to storm surges. So, to help a positive ROI renovation be even more effective, choose the kind that can stand up to hurricane winds. For example, replacing your roof with a metal one can make your structure safer against gale force winds.
The second you put your freshly metal-roofed on the market with other Naples FL homes for sale, you will get a minimum of a 54.4% ROI. While the upgrade can be expensive (anywhere from $20,000-$50,000 based on the material you choose), the possible damage it mitigates will be worth the cost.
Minor kitchen remodel
As you look into renovations, one of the flashiest and most thrilling will always be the kitchen remodel. Who doesn’t want shiny new hardware, fresh appliances, and adorable and clean interior design in the heart of the home? Naples real estate, like any other luxury real estate, can benefit from an upgrade like that. Unfortunately for your full kitchen redesign dreams, though, your best investment won’t be a complete facelift. Instead, the best kitchen ROI comes from a minor remodeling (roughly 70%).
Unlike full kitchen remodels, minor ones only include updating broken or painfully outdated hardware, replacing old appliances, or repainting/refinishing some tired elements. It’s more about updating the room's usability and durability instead of changing it completely. Keep your remodel under $25,000-$30,000, and you’re looking at a perfect investment-friendly kitchen remodel. Much more than that, and you’re really just updating for your own tastes. While the room might end up your dream kitchen, that doesn’t matter much if you’re selling the home, right?
Window replacement
Old windows are a quick way to lose buyers and lose money on your utility bills. It’s no surprise, then, that window replacements sit at 60-67% ROI. Whether you prefer wood or vinyl in Naples, homes for sale, both options are lucrative options for homeowners.
If you go for vinyl windows, replacing ten costs roughly $6,500-$9,500 depending on the size of the windows, insulation, etc. Meanwhile, wood windows can have a vast price range because of the different types of wood. In one case, a pine window can cost anywhere from $600-$900, while a teak one costs a staggering $1,400-$1,900. Overall, wood windows will cost you in the $20,000 range. Though expensive, wood windows are a particularly durable kind of window trimming. They'll last up to 60 years and could be a good selling point for your home.
Garage door replacement
For a few years, the garage door replacement has been the ROI king of the renovation game. Wherever you go in the country, it is one of the top, if not the number one, valuable upgrades for a home.
Considering Naples real estate, in particular, it’d be clever to choose metal as your go-to material. In that case, you can help make sure your home is better protected against the strong winds of hurricanes and other storms.
If you want to replace your garage door, it will likely cost you upwards of a few thousand dollars, but with its ROI at an impressive 92.1%, it can be quite a lucrative upgrade.
Deck addition
While most people think about interior renovations when they get invested, outdoor entertaining has its own hidden gold mines. For example, a deck addition can add impressive value to a home, with a 58.6 -64.5% ROI depending on the material used. So, create the opportunity for future buyers to appreciate your home's outdoor living space.
The two most popular deck materials for Naples real estate are wood and composite. Technically, wood is cheaper ($45-$55 per square foot for an average of $17,000) and has a better overall ROI. However, considering Naples hurricane concerns, the more sturdy composite might be worth the increased cost. After all, the weather conditions are a valuable concern in a place like Naples.
Entryway replacement
Every entrance is particularly game-changing in protecting Naples, FL, homes for sale. So, while entrances are already positive ROI upgrades, they’re even more notable in Gulf Coast Florida.
For one option, you can pick a steel door. It's a fairly sturdy choice and will only cost $1,500-$2,250 for purchase and installation. If you want to get a little more intense and choose the most hurricane-proof option, you should go with fiberglass. A proper, well-reinforced fiberglass door will cost a minimum of $2,000, possibly more. However, with an ROI range of 55.4%-61.7%, door replacements are a good investment in this region.
Manufactured stone veneer
As the most lucrative ROI in the Southeast US, a manufactured veneer is a perfect renovation for Naples real estate. Owners get better curb appeal and a sturdier base for their homes. With a 92.5% ROI, few renovations can compare to the manufactured stone veneer. It doesn't hurt when well-done ones can look quite attractive, too.
When Florida homeowners are exploring their options with stone veneer, they should consider the different types of material and what will work best with the Naples homes. This includes durability and aesthetic concerns. At a cool $8,000-$16,000 cost, make sure to pick a veneer your buyers will love. Perhaps lean towards ones that look like sandstone, which match the beach vibes of the area around Naples.
Ready to improve your home or put it on the market? Reach out to local agent Vincent Branda for expert guidance.
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