Flo
Home Renovation Projects That Aren’t Worth the Money
Share
Whether you’re looking to upgrade your own home or trying to put a house on the market, remodeling is an enticing prospect to drive up value and double-down on your home investment. However, not all home improvements are created equal. Using Remodeling Magazine’s 2018 Cost vs Value Report as a guide, we whittled down the least cost-effective renovations based on money recouped, invested costs, and resale value. Consult a savvy contractor or an expert appraiser before you embark on any of these projects.
Totally renovated kitchens
53% – 59% Costs Recouped
Remodeling your kitchen gets a lot of lip service, but it doesn’t yield the same returns as other, more necessary home updates and usually cost upward of $60,000. Consider making smaller improvements to your kitchen like new flooring, fixtures or hardware, but don’t feel the need to deck it out with carrara countertops, unless that’s to be expected from every other house in the neighborhood.
Backyard decks and patios
47% Costs Recouped
Although adding a deck or patio is a smaller investment than anything else on this list, it has the lowest resale value. Less than half of the money you spend on building a backyard porch or patio will likely be recouped with this investment. You may not factor in value when building an outdoor addition like deck or porch if it’s for your own personal enjoyment. But if your goal is increasing resale value, consider the regional weather, outdoor “culture” in your area, and whether this is a niche investment for a few or broadly appealing to all house hunters.
Finishing the basement
55% – 70% Costs Recouped
These are extremely costly renovations, and much of the time buyers prefer to renovate the basement to their own preferences. It might seem like a smart investment given the ROI — the space is already there, after all, and there’s no need to move walls. It’s just added value per square foot, right? Nope. Below-ground square footage is valued at about half of above-ground space. Even with proper ventilation, it’s still the space in your home most likely to house moisture, mildew and mold. Before you sink money into finishing your basement, make sure to do a cost vs. benefit analysis of how much money you really stand to make from finishing your basement.
Additions to the house
48% – 60% Costs Recouped
Unless this is your own personal passion project — let’s say you really want a bigger bathroom, or you really need that master bedroom — tread carefully. Adding additions to your home start off at the $100,000 range and only climb from there. It’s also likely your homeowner’s insurance will rise as a result. If you’re adding square footage, that’s more square footage they have to insure! Talk to your insurance company and your appraiser before considering adding an addition to your home.
Articles You May Like
Smart Home Market Declines as Homeowners Look for Integration to Connect their Smart Devices
What smart ecosystem are you building in your home?
The Story of Flo
Say hello to the father and son team behind the Flo by Moen Smart Home Water Security System!
5 Best Smart Home Devices to Lower Your Utility Bills
5 Crucial Ways to Protect Your Home When You’re Gone
How to Prevent Mold and Mildew
6 Money-Saving Tips for Airbnb Hosts
How to Ensure Your Vacation Home Isn’t Wasting Water When You’re Away
Read More9 Ways to Maintain Healthy Plumbing in Your Home
Your Toilet Could Be Leaking Right Now
How to Find Leaks in Your Home
7 Ways You Can Help the Environment at Home
Waiting For Frozen Pipes To Thaw? What To Do Instead
How to Adjust Your Water Pressure Regulator
Why a Smart Home is a Smart Investment
Will a smart home pay for itself in the long run? Will it simplify your life or complicate it? Read on to see how you may benefit.
How to Find and Repair Water Leaks – A Comprehensive Guide
Sump Pumps – Usage, Installation, and Troubleshooting
In this article, we’ll explain how sump pumps work and give you some basic maintenance tips to keep your pump running for years to come. We’ll also go over some common issues you might have and show you how to replace an old pump.
5 Ways To Extend The Life of Your Water Heater
Plunger Won’t Work? 5 Ways To Dissolve Waste From Pipe Walls
10 Tips for Finding Small Water Leaks at Home
But small leaks are a big deal. Here are a couple of reasons you should be paying attention to small leaks.
What To Do About Roots In Your Pipes (Without Killing the Tree)
Find out how tree roots make their way into your pipes and how to get rid of them without doing harm to the tree itself.
10 Easy Ways to Unclog Your Drains
There are plenty of DIY methods to unclog a drain, but it’s not always clear which method is appropriate for your home’s plumbing.
What to Do When a Pipe Bursts (and Before the Plumber Gets There)
Everything You Need to Know About Pressure Reducing Valves
In this guide, you’ll learn how pressure reducing valves work and why they’re such an important part of your plumbing system.
10 Best Practices to Hurricane Proof Your Home
Plumbing Tools List – Everything You’ll Need for DIY Projects
How to Clear a Clogged Sewer Line
Garbage Disposal Troubleshooting – The Ultimate Guide
Bad Dishwasher Smell? Here Are Some Quick, Easy Fixes
In this article, we’ll give you some pointers to help you clean your dishwasher, get rid of those horrible smells, and keep it clean in the future.