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| So you’re planning on renovating your house this year? That’s a bold undertaking, and a risky business if you’re doing it in order to increase the value of your home prior to selling it. Mark Ramsey, a broker with The Ramsey Group at Keller Williams Realty in Charlotte, N.C., warned, “You have to understand that [renovation] may not add the value to your home that it cost you.†It’s better to do it for your own enjoyment, and the incidental return you get when you eventually sell your home could be considered a bonus. These are the lowest returning home improvement projects based on a 2013 Remodeling Magazine survey. The decked-out home office Sure, it makes working from home a little easier, but home offices aren’t exactly exciting to homeowners. In-home theaters, granite countertops, etc. are more popular and more likely what a homeowner will be looking for. The national average for a home office remodel was $28,000, a price that included in some cases new walls, built-in cabinets and book cases, professional-grade filing and desk space, and commercial-grade carpet. No matter how fancy people made their offices, the best you can expect to return at sale is 48.9%. Adding a sunroom Any construction that expands your home beyond its footprint is not going to be cheap. You’ll be adding foundation, exterior paneling, roofing, electrical wires, and duct work whenever you plan an addition and all this adds up fast. Now, it can all be worth it if you base value on the additional enjoyment you get out of enjoying sunlight and warmth indoors, the warmth imparted to adjacent rooms, and the aesthetic beauty and creativity that can come from such a project. However, the return you get is dependent on what area you build in. For instance, in Las Vegas it’s more popular to build a covered patio with slatted curtains but now walls. The national average price tag for a sunroom is $73,546 with just a 51.7% return. Adding a bathroom Remodeling Magazine based the cost and return of this project on the assumption that the homeowner was actually adding on to the home’s original footprint to create this bathroom. In reality, hopefully no one would choose this option seeing as it is prohibitively expensive and there is often room within your existing space where a half bath could fit. It could also be part of a larger addition, which would also reduce the relative cost of the bathroom itself. Based on their data, adding a modest bathroom to the side of a home would be $38,186 with a 60.1% return at resale. Interior Decorating and Remodeling News Brought to You by BaseBoardHeaterGuru.com Source: nasdaq.com/article/6-worst-home-fixes-for-the-money-cm320659 |
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