Let’s say you’re a Naples, Florida-area homeowner interested in turning your home into a custom luxury retreat tailored just for you. Perhaps you want to improve the home’s layout, increase square footage, modernize kitchens and bathrooms, and endow the home with opulent architectural detailing and materials. Maybe you also want to incorporate new luxury features such as an entertainment room, smart-home technology, home spa, exercise room, swimming pool, or other water features.
Whatever the case, the custom luxury home building experts at Naples, Florida-based Carlson Harris General Contractors will advise you that your first decision should consider whether to renovate or start from scratch with a new custom build. It’s not necessarily an easy decision, as you’ll need to consider numerous practical, financial, and personal factors. Let’s look at these factors to help flesh out the pros and cons of when to renovate and when to build from scratch.
POTENTIAL OBSTACLES TO EITHER OPTION
Start this exercise by uncovering potential barriers that might make renovations or new home construction unfeasible or highly challenging. For example, your existing lot size and parameters might not allow for a significant expansion of square footage or otherwise restrict it. However, if the existing lot size limits home expansion, it will likely impede a new custom build’s size and/or layout. Thus, if you are bound and determined to significantly expand square footage in an undersized lot, a new home built on a larger lot is likely your only option.
Zoning, homeowner association, and historic district issues can also impede either option. Your planned luxury home renovation or new home build will have to pass Naples’ zoning laws and may also be under the restrictive purview of a homeowner’s association or historic district. Before getting too deep into the decision process, try to figure out the potential impediments these entities might raise with renovations and new home construction.
THE COST COMPARISON OF LUXURY RENOVATIONS VS. NEW BUILDS
Given that you’re interested in incorporating “luxury” into your custom renovations or new home build, we assume costs are no object. However, if your plans have any budgetary restrictions, you’ll need to compare the costs of renovations versus a new build. Expect to pay at least $150-$300 per square foot for luxury home renovations in Naples or $300-$500 for new custom home builds. Tack on at least $500,000 for a new home build if your current lot won’t work.
If timing is no object, great; otherwise, know that high-end remodeling could take six to 18 months, depending on the extent of the work. Timeframes for new luxury custom home builds in Naples range from a year and a half to two-and-a-half years or even longer, depending on size, complexity, and other factors.
OTHER PROS AND CONS TO CONSIDER
Luxury home renovations in Naples will likely be cheaper and faster than a new custom home build, but you may not be able to completely fulfill your vision for what you want in a luxury home. Also, from a positive perspective, renovations allow you to retain the charm of your existing older home and remain in a neighborhood you may not want to leave.
On the downside, you might not know the extent of necessary luxury home renovations in Naples, Florida, until work is well underway. Given our humid coastal climate, it’s not unusual for contractors to uncover deterioration, rot, mold, and other problems that must be addressed along with the planned renos. Hurricanes should remain fresh in mind, so any renovations should include hurricane-proofing, which will add significantly to the cost. Last, with renovations, you will have to either rent elsewhere or prepare to live in a construction zone for months on end.
The sky’s the limit on what you incorporate into the design, construction, materials, and opulent features if you opt to build a new custom luxury home in Naples. It’s likely going to cost much more than equivalent renovations, but such is the price of luxury. A new build makes it much easier to incorporate energy efficiency, low maintenance, smart technology, and hurricane-proofing features into the home. If it comes time to sell your home, newer ones often sell faster and at higher prices than equivalent older ones that have been updated. Last, a new build might make the most sense if your chosen option is slated to be your final home, However, if you know you might be moving within 10 years, renovations may be the smarter option.
EXPLORE YOUR NAPLES LUXURY HOME RENOVATION AND BUILD OPTIONS WITH CARLSON HARRIS
If you’re still feeling torn between renovating your existing home or customizing a new luxury home from scratch, consult with the expert custom home builders of Naples’ Carlson Harris General Contractors. We can assess your existing home’s quality of construction and materials integrity to see if they can seamlessly be melded with your vision for what you want in a luxury home. We can also provide objective cost estimates for renovation work versus a tear-down and rebuild job.
Begin your luxury homeowner journey by checking out our stunning portfolio of custom luxury homebuilding work in Naples. With hundreds of satisfied homeowners in the Naples area, we hope you’ll join them by contacting us today.
