A recent article at The Street lists 10 common home projects that drain home owners’ budgets and offer little return on investment, in citing findings from Remodeling Magazine’s annual Cost vs. Value survey. Do you agree with some of the projects that showed up on its list? Are these home projects a waste of money for home owners to tackle when it comes to boosting their resale value?
1. Pools: A $25,000-$50,000 investment and that doesn’t include the yearly maintenance costs and repairs that will undoubtedly be needed down the road.
2. Outdoor kitchens: Steel grills and gourmet pizza ovens outside can be nice in year-round warm climates but in cooler weather climates, many people would prefer the warmth of an indoor kitchen.
3. Garage addition: The cost of adding a garage spot could be about $58,000, but it only adds about $33,000 extra to your home’s value. You’d be better off replacing the garage door--which offers up to a 70 percent return on your investment at resale.
4. Backup power generator: A $15,000 expense can be extreme for the main reason to “prevent $30 in groceries from spoiling the next time a transformer blows,” The Street notes.
5. Sunroom addition: This could cost home owners about $74,000 and only offer about $34,000 at resale -- and “that’s assuming you built a sunroom in a climate that actually gets sun every so often,” the article notes.
6. Home office remodel: This could cost you around $28,000 but is considered one of the least valuable home improvement projects a home owner can tackle, according to the Cost vs. Value survey. While home owners like the organization home offices offer, let’s face it, many are mobile and prefer the couch or to take the laptop and work elsewhere.