4 Renovations That Won’t Necessarily Add Value to Your Home

4 Renovations That Won’t Necessarily Add Value to Your Home
  • Opening Intro -

    Some home renovations, such as adding insulation to the attic or putting in a more secure front door, add 100% or more to your home.

    However, not all home renovations are equal.

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Converting a nearly finished basement into generally usable living space will have a nearly 100% return on investment while others see the ROI reduced. Here are four renovations that won’t necessarily add value to your home.

The Yard No One Else Wants

Planting trees for shade or creating low maintenance gardens is generally an improvement for a home and cleaning up existing landscaping is always worth the effort. A veritable Garden of Eden-style edible garden may be wondrous to you, but new home buyers may wonder how much work it is to maintain. Ask your Northeast MN realtor how many people would be interested in a house with a pool, given how short the swimming season is, or the extra work involved if there is a solar pool heater.

Composite decks have a low return on investment as well, typically around 60%, because for every person who loves the deck someone else sees the hassle of staining it every few years or the space that could have been used for a swing set instead.

Outdoor living spaces with stone patios, outdoor kitchens, and other amenities have a 55% ROI. Indoor/outdoor living spaces like sunrooms have an equally bad ROI. So if you want a fire pit, buy a metal one you can take with you when you move and sell if you get tired of it.

view patio fire pits

Backup Power Generator

The average value recouped for the cost of a backup power generator is 60%. This number is actually worse for the rest of the country when you realize that the ROI is increased by buyers in Florida and other hurricane prone regions paying full price for such an amenity, since they live with the power being out for days at a time, sometimes several times a year. For every other market, the ROI is closer to 54%.

Master Suite Addition

The addition of a new master suite may add living space to a home, but you see around two thirds of that cost recouped when you sell the home. The better choice is a mother-in-law suite, mortgage helper, or other variation of living space that can be rented out for extra income or utilized by an older relative to live relatively independently. Instead of the master suite with a bathroom and bedroom, install a kitchenette and separate entrance, too, to see nearly a full return on the investment.

Siding Replacement

If your existing siding is falling apart and lacks insulation, new insulated siding installation has a nearly 100% return on investment. If you have well-maintained siding, you won’t see a good return on the money spent upgrading it to something even better. And nothing has a better ROI than a fresh coat of paint, assuming the underlying structure is fine.

What if your home is made of brick? If you need to replace the brickwork, such as repairing the damage from a shifting foundation, installing a new stone veneer has a high rate of return. Some renovations add money but others don’t, so choose your projects wisely.

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