Planning a home renovation? If so, do it for your own enjoyment. Why? Because, there’s no guarantee you’ll get all of your expenses back, when you sell. Here’s a summary of some of the worst home renovation fixes for the money. The top 6 To Avoid.
Top 6 Home Renovation Upgrades To Avoid
In the study, prices were based on U.S. national averages. Plus, pricing was based on time and materials, supplied by skilled professionals. No DIY jobs here. Therefore, while some projects moved the needle on home value, more than others, most didn’t return 100 per cent of the home renovation cost at resale, according to the report.
Common Renovation Upgrades
Moreover, the six projects that yielded the least at resale time, all returned less than 61 cents on the dollar. Pretty shocking, huh? Thus, when doing home renovation, “you have to understand that it may not, add the same amount of value to your home, that it cost you.” So says Mark Ramsey. Mark is a real estate broker with the Ramsey Group at Keller Williams Realty. So, “be happy you did it and got to enjoy it,” he says.
Below, according to a recent, in-depth home improvement study, are six popular home renovation projects to beware of. These, are just some of the ones that bring the smallest return at resale. Therefore, if you are going to buy and flip homes for revenue, you just might want to proceed with caution on the following. On the other hand, if you are planning on staying put, these might fit your lifestyle quite nicely. Either way, we strongly recommend you work with professional real estate, home renovation design-build expert consultants, to minimize risk on potential home renovation pitfalls. For example, the URBREG International Team.
Office Remodels In The Home
Cost (national average): $28,000
Return at sale: 48.9 per cent
This is not your typical stuff-a-desk-in-the-guest-room office. Thus, when we priced out the project, it envisioned a professional-grade work-space. Also, “loaded with super-durable commercial-grade carpet and floor-to-ceiling hardwood built-ins.” This, says Sal Alfano, editorial director, who oversaw the study.
“Hearkening, back to an age before portable coffee-shop laptops and Wi-Fi, the estimated price also includes some heavy-duty rewiring and new walls.” And, “yes, even with professional work, you could definitely design an office for less,” Alfano says.
Home Office At Resale
At resale: “Home offices don’t sell houses,” says Ron Phipps. Ron, is a principal with Phipps Realty. As well, he is past president of the National Association of Realtors. “Hence, to spend money, making more of the house office-driven, doesn’t excite people, quite the way a home theater might,” he says. “Or, redoing other rooms. For example, updating the kitchen,” he adds.
Sun-room Home Addition
Cost (national average): $73,546
Return at resale: 51.7 per cent
Furthermore, you know from the word ‘addition,’ that this project doesn’t come cheap. “Anytime, you have to add onto the foundation and the footprint of your home, the price climbs,” says Michael Hydeck, owner of Hydeck Design Build Inc. Additionally, Michael is the past president, of the National Association of Remodeling. He’s got a lot of experience in the industry.
For instance, on a 200-square-foot room with skylights, low-E windows, automatic shades and a tile floor, “it’s a major project,” says Alfano. It can make a big difference in your enjoyment of the home. And, “depending on how it’s configured, it can also help heat adjacent rooms,” he says. Adding, “you can do some pretty creative stuff with this addition.”
At resale: “Resale value will vary by region,” Phipps says. “You have to look at what your market is.” For example, in Las Vegas, homeowners are more likely to add a roof or cover to the patio. Or, “something with privacy curtains, but no walls,” says David R. Tina, president of the Greater Las Vegas Association of Realtors. Also, David is an owner/broker with Urban Nest Realty. “Whatever you build, if you want to get the biggest bump to your home value, opt for a licensed professional. Also, make sure you only do permitted work,” he advises.
Renovating For A Garage Addition
Cost (national average): $82,311
Return at resale: 58.4 per cent
“Remember, this is not your dad’s oil-stained garage. Instead, the magazine’s estimate for this one includes building (from foundation to roof) a large, detached two-car garage. One, that’s heated, cooled and completely finished inside. Finished, right down to the moldings around windows and doors. Moreover, it is organized floor-to-ceiling, with built-in shelves, cupboards and workbench areas,” Alfano says. This upscale garage is also fitted out with high-end lighting, and the floor is treated with a stain-resistant epoxy.
Garage Renovation Resale
“Hence, it’s a high-end project,” says Alfano. “This type of renovation appeals to women as much or more than men,” he adds. “With places to store all the items that tend to clutter a garage, often, it’s more for wives who want their garages back,” he goes on.
Alternatively, a more moderate garage addition, the same size, also detached, professionally built, but unfinished inside, except for an automatic door and modest overhead fluorescent lighting, would run roughly $49,911.00. And, would return just over 69 per cent at resale, the study concluded.
At resale: “High cost or low cost, in areas where homes don’t have basements or attics, garage storage can be super important at resale time,” says Phipps.
Cost (national average): $38,186
Return at resale: 60.1 per cent
Wish you could just pop an extra bathroom onto the back of your house? Well, that’s exactly what this project does. This bathroom is a modest: 6 feet by 8 feet. Including, cultured marble vanity, chrome fixtures, ceramic tile and a fiberglass tub/shower combo.
“The magazine also wanted to demonstrate the cost of a simple bathroom addition,” Alfano says. “Because, it’s an addition, and involves extending the foundation, roof, plus adding outside walls, it’s a lot more expensive than creating a new bathroom within the existing space,” he adds.
Bathroom Renovations in Home Resale Equation
However, “in real life, homeowners would probably not be using an addition, to simply add only a bathroom,” says Hydeck. “More likely, it would be a small part of a larger addition, such as a family room,” he goes on to say. Thus, as part of a larger addition, he reveals, the cost of that bathroom goes down substantially.
But, there’s another option. “Find room within the existing square footage. Hence, without adding onto the house,” Hydeck says. “Although, with a small house, that can be difficult to do, a lot of times.”
At resale: “Is the home within neighborhood norms? If so, then one bathroom more or less won’t really affect the selling price dramatically,” states Phipps.
Upscale Master Suite Home Addition
Cost (national average): $224,989
Return at resale: 56 per cent
This isn’t your typical master bedroom home renovation remodel. Furthermore, it isn’t even your typical master bedroom addition. Instead, picture this. Adding, a luxxe hotel suite onto your house. A 640-square-foot space with a kitchenette, sitting room, high-end gas fireplace, and a spa-quality bathroom. Complete that, with a stone-and-glass dual-system shower. Lastly, a jetted corner tub set in marble.
By contrast, Remodeling Magazine, figures that a more moderate master suite addition, 384 square feet with more modest materials, minus the fireplace and kitchenette, would cost $103,844.00, and return just 67.5 per cent at resale.
Similarly, “for the upscale version, unless you want to risk ‘over-remodeling’, (building more into your house than the neighborhood home values support), you would probably need a house (and neighbourhood), where the home prices are no less than $800,000.00 to $1 million already,” Alfano says.
Master Suite Renovation Resale
At resale: “But, master suites are one of three crucial areas for buyers. Along, with kitchens and bathrooms,” Ramsey says. “Want to get a little more bang for a lot less buck? Keep the existing footprint of your house. And, update your master bedroom area too,” he says. “Pay special attention to the closets and bathroom. Double sinks, vanities, deluxe showers, new paint and carpet are very popular now,” Ramsey says. “Thus, those bring the greatest return on the dollar invested,” he adds.
Upscale Bathroom Addition
Cost (national average): $72,538
Return at resale: 60.6 per cent
This kind of bathroom is a little larger. Plus, a lot more luxurious than the more modest version. But, the percentage that homeowners recoup at resale is almost identical, according to the 2018-19 ‘Cost versus Value’ report. At 100 square feet, this project is architecturally designed as a master bath.Included, is a glass shower with body-spray features. Additionally, ceramic tile walls. As well as, a customized, jetted tub.
Also, “such a bathroom would include a stone counter with two sinks. And, two mirrored medicine cabinets. Plus, a separate water closet with a fan. Finally, it is topped-off with heated, ceramic tile floors, heated towel bars and built-in cabinetry. Moreover, since this project adds to the footprint of the home, it’s more expensive than converting existing space into a bathroom,” Ramsey concludes.
Upscale Bathroom At Resale
At resale: “If, you’re adding this luxury bathroom to the first floor, so as to create a master on the main level, that could be valuable at resale time,” he adds. The idea of a main-floor master suite is becoming more and more popular with buyers. “So, if adding a master bathroom downstairs enables the homeowner to have a master suite or second master suite on the main level, that luxury bathroom could be the smarter investment, than the smaller bathroom addition, at resale time, says Ramsey.
Home Renovation Upgrades Conclusion
In conclusion though, don’t forget, that you might be in the home for a while. Thus, you have to also look at home renovation from a functionality point-of-view. Not only, from an ROI (Return On Investment) one. Therefore, much of what you do, should depend on your lifestyle, family size and needs. Not necessarily, in accordance with the Remodeling Magazine study. Keep in mind, the magazine looked at prices on 35 popular home renovation projects. And, just how much of that money, homeowners can expect to recoup. That is, when they sell. Hence, the results might surprise you!
For example, a major kitchen renovation might be a fabulous idea, to suit the needs of a growing family. Or, for entertaining. Remember, in this article, we’re only stating information, based on national averages. Coupled with, the facts those tend to show.
Also, keep in mind, the main sources are Home Buyers Guide and Remodeling Magazine. Therefore, not the same set of rules apply everywhere. Nor, to everybody. Therefore, it’s best to get some professional help. Design-build contractor firms, such as URBREG International, are on top of all the latest statistics and trends.
More Renovation Related Links & Info
Hence, they can give you up-to-the-minute advice and coaching. Whether buying or renovating, if you need some assistance, feel free to get in touch with us, for a no obligation consultation. It could save you a lot of disappointment, unnecessary mistakes and expense. Keep in mind, “an ounce of prevention, is worth a pound of cure!”
Additionally, we’ve put together a page with some of our favorite, pre-approved, preferred suppliers. Use it as an easy reference tool, for all your home renovation needs.
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And, the landscape master plan article. There, you will learn all about the great benefits of proper landscape design at your home. As well as, why, you need a landscape design plan for your outdoor living spaces. There’s also, a comprehensive and detailed article about sustainable gardening, as well.
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