Even if you aren’t considering selling your home any time soon, it’s important to make renovations to your home that are practical and worth your time and money! How do you know which home renovations to avoid and which ones to tackle? Let us offer some guidance in today’s blog!
1. Home Offices
Yes, it may seem like a practical investment. And for you, it very well may be! However, building a home office can cost as much as $20,000, but you’ll only get back about half of what you spend when you go to sell. Only invest in renovating a home office if you can justify losing part of your financial investment. For those of you who work from home and need a space dedicated to your work, it could be right for you.
Think about closing in your patio or adding floor-to-ceiling windows to an extra bedroom? Turns out that idea may not be so bright, as sunrooms see less than a 60% ROI. However, consider investing in an outdoor deck or patio! These are typically less expensive and can potentially give you a higher return.
3. In-ground Pools
Believe it or not, an in-ground pool is not the best renovation to make. You may spend from $20,000-$60,000 and potential homebuyers could be turned off by the maintenance, insurance, and hazard of having a pool. If you do invest in an in-ground pool, do it for your family and summer days spend by the pool – not to increase your home’s value.
On average, a garage addition brings a 60% ROI. Why? Adding more garage space is expensive and it isn’t for everyone. If you’re a person who has multiple cars, or drivers, then adding a garage may be in your best interest. However, most potential buyers won’t need the extra room.
5. Master Suites
Renovating a master suite is only wise if you plan to enjoy it for many years to come. Investing in a master suite upgrade is an easy way to lose up to 40% of your investment. So, similar to most of the renovations above, renovate a master suite to enjoy, not to make money when you go to sell.
Instead of tackling the home renovations above, consider doing some on the list below:
- Kitchen remodel (up to 85% ROI)
- Deck/patio (up to 80% ROI)
- New siding (up to 80% ROI)
- Window replacement (up to 77% ROI)
- Bathroom remodel (up to 65% ROI)
We Can Help!
No matter which home improvement you choose, be sure to call The Bosworth Company! From electrical, to attic insulation and everything in between, we can help! We’d be honored to be the ones you choose for your home renovation project. For other tips and tricks like these, be sure to follow our boards on Pinterest!