Home renovation is a $400 billion industry, however, this isn't an assurance that every renovation is worth your penny. When cashing out for a home project, it is important to know which ones can give a high ROI and which ones aren't worth your time and money.
Based on Remodeling magazine's Cost versus Value Report, here are 5 renovations you don't want to waste your money on as reported by Realty Times:
Mid-range bathroom remodel
"The average cost is $16,634 with an average resale value of $10,668. The cost recouped is 64%," said WCVB. But, if you talk about a high-end bathroom remodel, it fares worse with just 59.8% ROI and average $76,429 spending.
Master suite addition
"The average cost is $108,090 and the average resale value is $68,146, putting the cost recouped at 63%," said WCVB. If you are looking at creating an extra room, you might want to consider adding an attic bedroom instead. It promises a significantly higher ROI of 77.2% with $55,596 spending for a midrange project.
Family room addition
At 62% ROI, a family room addition of $85,740 may not be the wisest idea. Instead, look at building a deck addition instead and enjoy 80.05% ROI for a $10,048 midrange project.
Garage addition
Unless getting a high ROI is not a problem with you, a garage addition is something you should reconsider when thinking about your next home renovation since "the average midscale job cost is $60,608 with an average resale value of $35,876. The cost recouped is 59%."
Bathroom addition
Are you leaning towards adding a new bathroom instead of just renovating? Re-assess your decision and consider that an addition's average cost is $40,710 and only returns 53% or $21,695. Would you rather spend a hefty amount on an expensive tub and shower, fancy vanity, and tricked-out toilet when you can achieve a similar effect of a brand new bath with painting the cabinets anew, getting new light fixtures and bathroom hardware?
