Well… the weekend is over and hopefully you had a chance to have some fun, bask in the sun or maybe work on a much needed home improvement or renovation project. Before deciding to improve a space in your home one should look at the Return of Investment (ROI). This figure can help you decide between updating that rundown kitchen, or building a new office space.
Here are some improvements that might not be worth your investment:
Home Offices
Despite their popularity on Instagram and Pinterest, these are not a worthy investment if increasing your resale value is what you are looking to accomplish. In fact, according to Remodeling Magazine’s 2014 cost vs. value, home offices averaging 28K only recoup 48.9% of the money when reselling.
Upscale Garage
The cost for turning an average garage into an upscale one can cost up to 82k, and has shown to resale at only 58.4% of its value. A moderate and cheaper garage renovation without sophisticated lighting, a finished floor and designer shelves has higher ROI (69%) than its upscale counterpart.
Back-up Power Generator
Though this one may come in handy in times of hurricanes or terrible weather, but some potential buyers may not consider this installment a top priority. The value for one of these can cost up to $14,718, and you’ll most likely only be able to recover 48.5% of your money when reselling.
Have you ever made a remodeling investment that did not pay back?