There are home renovations that don’t have a history of high return on investment.
If you are doing a home renovation for yourself and for you to enjoy, then you may not be concerned with resale value of your improvements. But if you want to ensure that your improvements can help your Baltimore house value, there are a few to consider NOT doing.
- Medium-sized Patio in the Backyard. No, this is not a wooden deck (which has around 83% RTO (return on investment), this is a backyard patio. Often concrete. Patios tend to have about 47% return on investment. The reason? There could be many. Part of it is that many people may see a patio as an “expected” item in a yard, not an “improvement.”
- High-end Master Bedroom Suite Addition. Essentially, an addition like this is generally something you do if you want to try to make your current home work for you. The cost of this addition is SO high that it is hard for there to be a high return on investment. Average return on investment is about 48% of the cost.
- High-end Kitchen Renovation. To note, this is only for high-end renovations. A mid-range renovation often can get about 81% of return on investment. A high-end renovation, though, offers only an approximately 53% return on cost.
- High-end Bathroom Addition. Note, again, this is an addition, not just a renovation (that’s #5.) The average for the bathroom addition is about 55% of cost.
- High-end Bathroom Renovation. The cost of a high-end renovation is pretty high – and doesn’t get the return on investment. It may help sell a home, but it doesn’t mean you’ll get back what you put in. The average return on investment for the high-end renovation is about 56%. A mid-range bathroom renovation generates about a 70% return on investment.
Thank you to HomeKeepr for the numbers to share.
If you are considering a home renovation, and would like to know how it could potentially help your Towson house value, please contact me. I would be pleased to be of assistance!