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Compass R e al E s tat e SMART RENOVATIONS We all want to believe we’ll get back every penny we put into our homes in upgrades so we don’t have to rationalize the cost. Luckily, the Remodeling Impact Report provides a more realistic perspective. TEX T BY STACY W YNN 1. The Kitchen: Limit the cost of the project to no more than 20% of the home’s value and you can expect to get about 85% return. 2. The bathroom: The national guideline is to keep upgrades under $20,000 to get 80% ROI. Obviously, luxury homes will be proportionately higher. 3. Patios & Decks: These can range from thousands to tens of thousands. Look around you and don’t overbuild for the neighborhood to get up to 80% return. 4. Front Door: Replacing a tired front door or upgrading a plain one significantly enhances a home’s first impression and can pay back as much as 75% of the cost. 5. Garage Door: This is one of the most profitable home investments you can make. On average, you’ll yield a whopping 87% on the investment. 6. Windows: Energy-efficient and impact windows will not only save on energy costs now but, on average, give a minimum of 70% return. 7. New Siding: Got a classic Florida home with an aging wood exterior? Vinyl siding returns up to 83%, while fiber-cement siding pays back 79% and is termite-proof. 8. More Space: Adding on, whether it’s a bathroom, large master bedroom or any other room, can pay up to 90+% ROI if completed with permits, depending on the location and current market. PRIME PROPERTIES Whether you want to upgrade to a bigger home on Key Biscayne or experience living on the island for the first time, these properties may be what you’re looking for. 46 CLUB TOWER II $2,900,000 3 BD + 4.5 BA Ocean Views Doug Kinsley / Cristian Gonzalez 305.215.5900 / 305.775.3426 ISLAND DRIVE $8,050,000 6 BD + 6.5.5 BA Oversized Lot Mark Chatburn 305.393.6032 OCEAN TOWER II $10,500,000 4 BD + 5.5 BA Asian Pergola hot tub Jacquie C. Gallardo 786.473.3067