It used to be that home improvements were an investment where you could count on recouping most your costs. However, times have changed and it makes it important to really consider those ‘investments’ of your time and money.
According to a recent survey conducted by Remodeling Magazine and the National Association of Realtors, the 2010-2011 Cost Vs. Value report indicates that the majority of home improvement projects will never recoup their costs. The best home renovations recoup only about 70-80%, while many of the more popular projects are lucky to get anywhere close to 40%.
Of course, that doesn’t mean you shouldn’t tackle that next project. If you plan to stay put for a while, you should remodel and improve your home to fit your lifestyle. But, if you’re spending the money assuming you’ll be able to recoup the cost, you’ll want to be careful. It’s always a good idea to talk with a local Realtor to see which improvements are getting the most bang for their buck in your market before making the investment.
Sometimes the best improvements you can make are the easy ones like focusing on the exterior of your home (windows, doors, paint) and then on the interior. Simple improvements like replacing carpet and slapping on a fresh coat of paint go a long way.
Below is a quick glance at the best and worse home renovations for the money according to the survey. You may be surprised by some of these.
- Entry Door Replacement (Steel)
- Garage Door Replacement
- Fiber-Cement Siding Replacement
- Minor Kitchen Remodels
- Wood Deck Addition
- Vinyl / Foam-backed Vinyl Siding Replacement
- Mid-Range Wood Window Replacement
- Attic Bedroom Addition
- Mid-Range Vinyl Window Replacement
- Basement Remodel
- Home Office Remodel
- Backup Power Generator
- Sunroom Addition
- Bathroom Addition
- Mid-Range or Upscale Garage Addition
- Mid-Range or Upscale Roofing Replacement
- Entry Door Replacement (Fiberglass)
- Family Room Addition
- Mid-Range or Upscale Master Suite Addition
- Mid-Range or Upscale Bathroom Remodel
Of course, some improvements are worth the cost in terms of improving lifestyle and making your home a place you love. What do you think? What’s been the worst home improvement you’ve made in terms of cost vs. value?
(Photo by Sitka Projects LLC)