Location, Location, Location… What About Renovation?

davis island real estate stats

Davis Islands is arguably the best location in Tampa to live. Residents pay a premium for homes that would be much more affordable in other neighborhoods, especially outside of South Tampa. Whether you live in a home that is just 10 years old or one that is several decades old, you might be one of the many who are contemplating at least one home renovation project over the coming months.

We all know that kitchens have become a focal point of the home, so that is an obvious area to consider for your own enjoyment. Bathrooms, too, are rooms that most homeowners desire to update and give a personal touch.

From a resale perspective, the current market conditions can realize an 85 percent ROI on the investment in a kitchen remodel and a 65 percent ROI on a bathroom. Both of these items are major drivers in making a home more desirable to buyers.

Outdoor kitchens and living spaces continue to grow in popularity, especially in warmer climates. Adding an outdoor kitchen sees an average ROI of 100 to 200 percent in Florida! An excellent example of these kinds of coveted outdoor spaces is the rooftop patio and covered kitchen of this beautiful Davis Blvd home that I had the pleasure of listing.

davis islands listing

Photo courtesy of Michelle DiGiore, REALTOR, Tomlin St Cyr Real Estate Services

davis island home for sale

Photo courtesy of Michelle DiGiore, REALTOR, Tomlin St Cyr Real Estate Services

According to Brent Hebert of Sabal Construction, a local veteran-owned and operated construction company, he is seeing many new design trends, such as the affinity for elongated plank tile flooring, but the most prevalent trend would be the increase in demand for functionality. “We are in a time where soft-close hinges and self-closing drawer slides on cabinets have become the norm, and customers are now expecting more,” he said.

The instances of specialty hardware being added to the cabinet package are on the rise, even on remodels with tighter budgets. Pull-out spice racks, pots and pans holders, appliance lifts, roll-out trays, tiered-cutlery dividers and pull-out recycling centers are common. Additionally, custom closets, designed to each client’s specific needs and desires, are being completed more often.

Another trend that Hebert has recognized is the inclusion of technology controls. He said, “The technology to provide basic controls for air conditioning, lighting, alarm systems, cameras, etc. has become easy and inexpensive to implement. Of course, a fully-automated smart home is a highly-involved and costly project, but it is now possible to provide some basic functions without drastically expanding the project budget.”

Now that granite countertops seem commonplace, the trend is moving to alternative countertop surfaces. Quartz countertops are being used more and more, and for good reason: engineered quartz is an incredibly strong stone with a perfectly smooth, pristine surface that is also stain resistant. Concrete countertops can be completely customized in size, shape, texture and color and can be fabricated with specialty design elements such as recessed dish drainboards, embedded stainless steel trivets and one-piece seamless sinks.

Photo courtesy Brent Hebert, Sabal Construction

As Davis Islands residents living in a flood zone, we have to adhere to FEMA regulations which place limits on the amount of improvements allowed per calendar year. This can affect decisions on whether to remodel or tear down to build new.

Hebert stated, “A home can only improve up to 50% of the Adjusted Value (total value minus the value of the land) of the home per year without having to bring the entire home up to current FEMA standards. With all that in mind, many homeowners on Davis Islands choose to focus on smaller yearly projects that consistently raise their property value but stay below the FEMA guidelines.”

Here are some other renovation tips to consider:

  • Replacing exterior doors gives you a 101 percent ROI
  • Replacing garage doors gives an 88 percent ROI
  • Replacing the siding on your house may give you 80 ROI
  • The average ROI of a professional deck construction is 73 percent; however, this rate tends to be higher for higher-quality wooden decks
  • Patio additions have an ROI of 30 to 60 percent
  • Spending $35,000 to screen in your porch has an average return of 75 percent, while spending $50,000 has an average return of only 50 percent
  • Landscaping can add as much as 28 percent to the value of a home in addition to cutting the time a home spends on the market by 10 to 15 percent, according to Inman
  • Adding outdoor lighting can give you a 50 percent ROI
  • Adding a pool is trending downward, only adding a 7 percent ROI
  • Re-sodding your lawn, adding flowers to your home’s entrance, sealing your driveway or adding mature plants to a garden all can cost less than $1,000 with each project seeing an average ROI of up to 200 percent

Resident Contributor, Michelle DiGiore, can be reached at 813-453-3931 or Michelle.DiGiore@TomlinStCyr.com.

About Michelle DiGiore

Michelle is ecstatic about merging the aspects she loves from her experience in television advertising sales, direct sales and as a health education instructor for K-12 students, merging into a career that fits her like a glove. Earning her clients' trust and helping others by educating and finding the right solution for them has been Michelle's passion in each of these fields. After talking with several brokerages, Michelle said she chose Tomlin St Cyr Real Estate because they stand for the same values when it comes to serving their clients and working together as a cohesive team. As an Ambassador of the South Tampa Chamber of Commerce and Co-Founder of the Tampa Bay group, Women in Transition, Michelle loves to connect with and help empower others in their professional and personal lives. Previously, she spent many years in various positions of the PTA and foundation of her children's school and sports teams, and volunteering at various local charities. Born and raised in Colorado, Michelle graduated from Colorado State University with a Bachelor of Science in Business Administration-Marketing. With her time in the Rocky Mountains in addition to spending the last 28 years in Tampa, she is an outdoor enthusiast. She enjoys spending her free time with her sons and with friends taking in all that Tampa Bay has to offer. Read more about Michelle: https://www.tomlinstcyr.com/staff/michelle-digiore

Uncategorized

Leave a Reply

Your email address will not be published. Required fields are marked *