No matter how long your family plans to stay in your current home, no one wants to throw money out the window on home upgrades that won’t recoup the costs during resale. Home renovations are a chance to make your home better and more desirable, with the opportunity to see a return of investment when it comes time to sell.
Remodeling Magazine’s Cost Report for 2020 did a comparison of average costs for 22 remodeling projects with the value those projects retain at resale in 101 U.S. markets. These findings give a better glimpse into which specific home remodeling projects recovered the least amount of money.
The top three upgrades that recouped the most amount of money were:
- Manufactured Stone Veneer – 95.6% costs recouped
- Garage Door Replacement – 94.5% costs recouped
- Minor Kitchen Remodel, Midrange -77.6% costs recouped
Below are the top 5 home upgrades that could potentially be a waste of your money.
- Upscale Bathroom Addition
Bathroom remodels and renovations are an excellent investment but going over the top with it proves to be a waste of money. An upscale addition to your master bathroom with all the works isn’t necessary. Simply adding a few luxury features to your master bathroom will suffice. The 2020 national average for job cost was $91,287, while the resale value was $49,961, a 54.7% cost recoup.
- Midrange Bathroom Addition
Continuing with the bathroom theme, it seems a midrange bathroom addition is also considered a less than ideal investment. Sticking with the space you already have in your bathroom and remodeling it seems to be the takeaway from these findings. The 2020 national average for job cost was $49,598, while the resale value was $26,807, a 54% cost recoup.
- Upscale, Major Kitchen Remodel
An upscale, major kitchen remodel is another remodeling project found to be a shaky investment. This type of remodel would likely entail gutting the entire existing kitchen and starting over with new, luxury materials. The 2020 national average for job cost was $135,547, while the resale value was $72,993, a 53.9% cost recoup.
- Grand Entrance with Fiberglass
A grand entrance makeover complete with a fiberglass door is considered the second worst home upgrade investment, according to Remodeling Magazine’s findings. This entails removing the existing door and cutting and reframing the opening. The 2020 national average for job cost was $9,254, while the resale value was $4,930, a 53.3% cost recoup.
- Upscale Master Suite Addition
An upscale master suite addition continues with the theme of major additions not adding much value to your home. The findings refer to the addition of a 32×20-foot master bedroom suite. The 2020 national average for job cost was $282,060, while the resale value was $145,486, a 51.6% cost recoup.
Center Island Contracting is your local contractor of choice for remodels on the north shore of Nassau county, Long Island in towns like Oyster Bay, Manhasset, Plainview, Jericho, etc. Our qualified team is here to help you renovate the home of your dreams. With the knowledge about local and New York State laws, our staff can answer all your questions and streamline the entire process. Email us or call (516) 481-4707.