The best attitude to have when thinking about home renovations is to know that you are doing it for yourself and not for the return on investment. In fact, many home renovations never guarantee that you’ll get all of your expenses back when you sell your home. While some home renovation projects will increase a home’s value, some really don’t tip the scale for pricing when it comes to a buyer purchasing your home. Here are the 5 worst home renovations for the money.
- Upscale Bathrooms – Expanding your current bathroom into an even larger luxury one has proven in recent reports to recoup at resale at the same value as a more modest version. Adding stone counters, heated floors and tile bars, and built-in cabinets won’t necessarily add value to your home, especially if you are taking space away from surrounding rooms to complete the home renovations.
- Upscale Master Suite – Many people are looking to renovate their bedrooms to look like a modern hotel. With additions such as a sitting room, high-end gas fireplace, and attached spa-quality bathroom, upscale master suites are popular home renovations. However, the same resale value can be reached by merely updating your current bedroom instead of adding expensive additions. Pay special attention to closet space, new carpets, and double sinks in en-suite bathrooms.
- Home Office Remodel – When you think of your dream office, you may think of commercial grade carpet, wall-to-ceiling cabinets, and a professional-grade work space. However, these kinds of home renovations can be costly, including new walls, rewiring, and custom cabinetry. Most home buyers are looking for flexibility in their new home, and while you think having a stationary home office would be a great addition, a new home owner may have other thoughts for that room, leading them to wonder what to do with all those built-ins.
- Upscale Garages – Gone are the days of oil-stained, dusty garages. Upscale garages are one of the most popular home renovations being done today. You may be thinking of adding a two-door, heated, cooled, and completely finished indoor garage to your property. However, a moderate garage addition, professionally built with an automatic door, will give you the same amount of return on investment as a luxury garage would.
- Sunrooms – The simple fact that sunrooms are “additions” is likely going to tip you off that it won’t be cheap. Whenever you have to add an addition to your home, you have to add foundation, lighting, insulation . . . the list goes on, and so does the price tag! Although sunrooms can make a big difference with the enjoyment of your home, you can receive the same value on resale from adding a roof to your outdoor patio, creating privacy without the hefty bill.