If you are considering renovations prior to selling your home, make sure your hope of return on investment meet market expectations and what home buyers are willing to open their wallets for. Here is a list of the least valued home renovations that offer the lowest return.
For renovations that offer the highest return, read my blog TOP 5 HOME RENOVATIONS THAT OFFER THE HIGHEST RETURN ON INVESTMENT
- BATHROOM ADDITION: Although the idea for an added bathroom may seem like a sure-fire bet to a high rate of return, the cost vs resale on this project is meek. Be sure that if you embark on adding an additional bathroom to your home, you are doing it for the comfort and liveability of you & your family.
- The average job cost for a bathroom addition is $42,233 with a resale value of $23,727 offering only a 56.2% return on investment*
- UPSCALE BATHROOM ADDITION: If you are planning an upscale bathroom addition for your home, you will see a higher return than a simple bathroom addition, however, by no means should you expect 100% return on this project. Before embarking on this project, please check your motivations and set yourself up for realistic payback.
- The average job cost for an upscale bathroom addition is $79,380 with a resale value of $45,006 offering only a 56.7% return on investment*
- UPSCALE MASTER SUITE ADDITION: Although buyers swoon over a large master bedroom, the cost vs. resale of this project offers less than 60% return.
- Average job cost for an upscale master suite addition is $245,474 with a resale value of $140,448 offering only a 57.2%% return on investment*
- UPSCALE BATHROOM REMODEL: Although the bathroom is an important room to any home owner and definitely to any buyer, be sure that youre watching your wallet when it comes to any bathroom renovation project costs. Things like new faucets, new handles on vanities, new shower heads and new lighting are great ways and inexpensive ways to bring beauty into your bathroom. If an upscale bathroom renovation is on your radar, plan the project for your own benefit.
- With an average job cost of $57,411 and a resale value of $32,998 you will see a 57.5% return on your investment*
- DECK ADDITION (Composite/Upscale): Your deck should be useable, safe and meet all building code standards, but if you are planning a large upscale deck addition prior to selling your home, know your ROI forecast first.
- The average cost of this renovation project is $37,943, with a resale value of $21,877 offering a 57.7% return on investment.
*Remodeling Magazine Cost vs. Value Report