7 Home Improvements That Will Lose You Money

Many homeowners want to make improvements to create their own space. Before you bring out the sledgehammer, make sure you are aware of the return on investment any improvements will make.

Every situation is different, but here are 7 home renovations that may not have much return when it?s time to sell:

1. Home Office Remodel ? According to Remodeling magazine, the average cost of a home office remodeling job is about $27,963. On average, 43% of home office remodeling costs are recouped in the resale value of a home. If you want to improve your home office without a large investment, stay away from custom built items.

2. Sunroom Addition ? Many people believe sunroom additions are cheaper because they don?t require heating & cooling, are usually smaller spaces and generally don?t have a bathroom. However, all the little extras and unexpected labor costs can easily add up and generally don?t return on the amount invested.

3. Bathroom Addition ? Sometimes additional bathrooms are needed, especially if there is a waiting line outside the available bathrooms in your home. However, they tend to require a lot of costly work (think ?water?) and generally only return about 51% of your?initial?investment.

4. Garage Addition ? Building a garage is?essentially?building a house for your car. It often requires a foundation, constructing walls and to build a roof along with many other labor intensive efforts. Homeowners generally recoup only 57% of the average costs, which are around $58,000.

5. Master Bedroom Suite ? Master bedrooms can get very elaborate. Adding bedrooms can add value to the house, but the costs are even greater. The average cost per square foot varies, but anyway you look at it ? you?re likely to lose money. The average master suite addition runs over $100,000.

6. Fiberglass Entry Door ? If you?re going to upgrade your door, don?t choose the higher-cost fiberglass alternative to a heavy steel door. Steel doors will provide greater security and weather-resistance and tend to return 17% more on your investment than fiberglass.

7. Swimming Pools ? Pools can be a lot of fun but they?shouldn?t?be added with the hopes of a huge return. Some home buyers see a pool as a burden when they are shopping and focus on the maintenance costs instead of the benefits.

Before you jump into any home improvement be sure to consider the potential return.

If you decide to move forward with any improvements, you may want to think about refinancing as a way to fund your improvements.

Whatever you decide, the most important thing is that you will enjoy it while you are living in the house.

Source: http://ozsalinas.benchmark.us/2012/07/7-home-improvements-that-will-lose-you-money/?utm_source=rss&utm_medium=rss&utm_campaign=7-home-improvements-that-will-lose-you-money

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