Kitchen Remodeling Tips for Naples, Florida
Naples is a unique real estate market
Anyone who has purchased real estate in Naples, Florida knows that the marketing in this region is unique. The combination of nearly perfect weather coupled with an extremely affluent home buying community, a vigorous luxury rental business during the winter months plus limited housing inventories creates opportunities not seen elsewhere. As has been well documented, the housing market is currently undergoing a resurgence. Persistently low interest rates and a dearth of new construction has created demand for homes unseen since before the Great Recession.
As noted by the Joint Center for Housing Studies at Harvard University, the market forces are creating a huge upswing in remodeling spending as well. According to the Harvard research, remodeling contractors have seen increasing demand for remodeling during each of the past four quarters. The future indicators selected by the Harvard researchers predict dramatic upswings in remodeling to continue. This finding is consistent with the fact that as home prices increase owners are more confident in returns from remodeling projects.
Why it makes sense to remodel a kitchen in Naples
As noted above, the conditions are favorable to consider a remodeling project in the Naples region. Here are four factors working in your favor:
1. Borrowing costs are at historic lows – Although most in the Naples market are quite capable of funding remodeling projects with cash, why not let the power of leverage and borrowing work for you? At the current borrowing rates, one may remodel and create 15 or 20 years of new value to a home. Over a 15 year period interest rates are almost certain to rise – making the investment even more attractive.
2. With housing inventories extremely low coupled with high demand a high end remodel will hold or exceed its cost – The recent Realtor.com National Housing Trend Report has found that national home inventories have decreased by 5.24 percent in July comparing year over year. One of the top markets charting a major decline in inventories is Naples, Florida. Naples was measured by the report to be in the Top 5 markets for declining inventory year over year at an astounding 23.05 percent decrease. This indicates that any potential buyers will likely be literally bidding up the few available properties for sale in the near future.
3. A kitchen remodel is among the most profitable amendments you can make to your property. According to Realtor Magazine a kitchen remodel is a high yield improvement to your home. Remodeling a kitchen ranked in the Top 5 improvements in terms of getting your money back. Interestingly, this doesn’t include the joy and value of actually living in a home with a brand new kitchen – which is the main reason most homeowners remodel.
4. If you haven’t remodeled your kitchen in the past few years there are a plethora of new ideas, materials and technology available. New electronics and materials have become married to traditional wood in recent years to arrive at a thoroughly livable, cozy yet modern kitchen. If you haven’t considered your options for a while, a look at the new concepts, materials and layouts may get your really excited to start a new project.
Profitable kitchen remodeling
In the Naples market the operative word for a kitchen remodel is: customization. From unique materials like exotic woods to custom designs and even custom designed and fabricated furniture for your kitchen – buyers in the future want to see a kitchen with style and a ‘wow’ factor.
According to Naples kitchen remodeling expert Neil Heuer a co-founder of Grand Woodworking, custom furniture can be the difference between a good kitchen and a great kitchen. ”I’ve often heard that a primary reason for custom kitchens including cabinets and furniture is to create a home to meet the very specific needs of the homeowner. Whether it is to specifically match a complex molding or to compliment an exotic wood species from existing flooring, or to extend an existing cabinet theme – custom woodworking is often the only viable option.”
To extract the maximum profit from your kitchen remodel follow these tips:
1. Know the market. If you are expecting to add value to your home, seek out a local realtor with experience in your local real estate market and in your home style and price range. Have a walk through with the realtor and describe in as much detail as possible what you are anticipating doing. Listen closely for feedback on which features or upgrades are most desirable in the current market.
2. Don’t neglect the basic layout of your kitchen. Whether you select a classic triangle layout or a more contemporary zone layout – potential buyers will notice how functional the kitchen is in addition to the craftsmanship and finishes. You can acquaint yourself with the five most popular kitchen layouts at HGTV.
3. Research the newest appliances. A great kitchen remodel will include new appliances and these have evolved considerably over the past few years. Make sure to visit a high end appliance retailer or two in your neighborhood to see what each manufacturer is packing into the new lines. You can see a few new trends in state of the art kitchens here at Houzz.com.
To get further information, to to view an extensive portfolio of previously produced kitchen remodel projects or to get started on designing your new dream kitchen contact Grand Woodworking today at: 293-594-WOOD (9663). Plan well and enjoy the benefits of a profitable new kitchen in your home.