Renovations that add value to your home can make a critical difference when it comes to listing and selling your Boca Grande home. With our busy winter season around the corner, now is a good time to plan or complete those projects that can offer more profit in the long run.
Renovations that Add Value for Resale
Protecting one of your potentially most important investments is high up on the priority list, and the information we’ve gathered can make a significant difference. Renovations that add value when selling your home may be the single-most important investment you can make before listing in the luxury real estate market.
A leading source for builders and professional remodelers, Remodeling Magazine, recently published their Remodeling 2019 Cost vs. Value Report. The report included 22 projects measured across 136 U.S. markets to see which renovations provided the most bang for the buck upon resale.
Below, we’ve highlighted some notable findings from the national study along with the top five renovations for Sarasota and Boca Grande areas specifically. These factors can have a profound effect on the luxury real estate market.
Returns are up
Despite the increase in cost for goods (likely due to tariffs affecting commodity markets), all 22 projects surveyed on the study reported increases in value resulting in slight growth.
Curb appeal always wins!
Out of the top 10 highest returns on investment, 9 involved the exterior of the home – with minor kitchen remodel as the only interior modification/enhancement in that lineup.
Consumer confidence is high
Perhaps the most notable of national commentary is the slight uptick in big ticket remodeling projects year over year. The seemingly insignificant increase actually says a lot.
Upscale renovations, such as major kitchen remodels with top-of-the-line appliances and finishes, have historically provided a lower return than their more modest counterpart. Despite this logic, buyers have invested in more opulent choices at a greater rate this year, showing a strong sign of consumer confidence.
Renovations that Add Value – Selling Your Home
1. Manufactured stone veneer
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- 124.7% ROI
- Enhances curb appeal
- Stone veneer is a popular accent that adds character and visual interest.
- The unsung hero for the exterior of your home!
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2. Garage door replacement 106.2% ROI
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- 106.2% ROI
- Secures home
- Enhances curb appeal
- Updates style – modernizes an older home
- Improves energy-efficiency
- Less maintenance
- Quickens sale process
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Specific to our region, garage door integrity is especially important during hurricane season. According to FEMA, a breach in the garage door during a hurricane or tornado can cause a build-up of internal pressure, resulting in a blowout of the roof and supporting walls.
The added benefit to sellers that do replace their garage doors in anticipation of selling is that it can be an appealing talking point for your realtor and help expedite the inspection and closing process.
3. Grand entrance (fiberglass)
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- 101.6% ROI
- Secures home
- Enhances curb appeal
- Improves efficiency
- Less maintenance
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Front doors are the second first impression of your home and act as both a means to welcome and keep out. For the Remodeling 2019 Cost vs. Value Report, a fiberglass door with 12″ glass sidelights proved to come out on top for being equal parts secure and grand.
4. Deck addition
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- 99.2% ROI
- Enhances outdoor living
- Increases living space
- Adds function
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In the land of indoor-outdoor living and the pocketing slider, a deck or lanai that allows views of your scenic surroundings is definitely a draw. But beyond the vistas, adding a deck also adds versatility and functionality to your home – evoking visions of future backyard barbecues and tranquil weekends of relaxation in the minds of many buyers. A composite deck addition yielded 89.5% return.
In Boca Grande, decks which enhance the view and allow the island experience to be enjoyed at its fullest are often made from a variety of higher-end materials. Builders in the area can advise you in deciding what will work best for your home. Carol Stewart can help in finding the right company for the job!
5. Siding replacement
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- 89.9% ROI
- Enhances curb appeal
- Improves efficiency
- Less maintenance
- Quickens sale process
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Exterior materials in Boca Grande and Southwest Florida must withstand our wet climate and heat. For the most part, siding doesn’t even begin to show discoloration until about 8-10 years into your home ownership. Signs that your siding could need replacing are: sagging interior wallpaper, higher than normal electric bills, interior issues with mold, and apparent warping or external wear.
Listing Your Home
If you’re considering listing your home, read the full study to see the potential return on investment for your renovations. Contact Carol Stewart for a complete market analysis of your home.
- Call: 941.276.1162
- email: [email protected]