Whether you plan on selling your home in the near future or years down the road, it’s always great to make ongoing renovations to keep your home fresh and updated. While a lot of renovations can improve the value of your home and provide a return on investment, others end up costing a lot more than they’re worth. These are the renovations you want to avoid:
1. Mid and High-Range Bathrooms
While small and lower range bathrooms provide a great return on investment, larger bathrooms are the exact opposite. When redoing a larger bathroom, you can spend up to $75,000 only to get 60% of your money back in return.
2. Adding on to the Master Bedroom
Avoid redoing your master bedroom. With an average cost of $110,000, the resale value is less than $70,000. If you have an attic, you may instead consider turning that into a bedroom, as the ROI is much better (but still not at or over 100%).
3. Adding a Family Room
It’s hard to properly add on a family room to a house. Usually it’s obvious to buyers that it wasn’t part of the original floorplan. It’s not wonder that your return on investment is only around 60%.
4. Turning a Two Car Garage into Three
While three car garages are desirable, it costs too much to add one for the value you’ll see.
5. Home Office Redesign
The absolute worst renovation is the home office. Adding in built in desks and cabinets won’t improve your home value. Everyone has a unique idea of what they want their office to look like. Instead, just make sure the room is clean.
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