In a recent post we discussed a few projects that will reportedly help Connecticut homeowners see the most return on their household remodeling investments. But according to the Remodeling Magazine’s 2014 Cons vs Value report, many common home remodeling projects yield pretty small returns for homeowners. Here are some projects that you might want to pass-up next time you’re thinking about doing some work around the house.
Home Office Remodels-
According to the 2014 Cost vs Value survey, Hartford homeowners who did midrange home office remodel saw only a 31 percent return on their costs of the remodel. The average return throughout New England for this type of home renovation was only 44 percent, making home office renovations the least rewarding modification tested in the survey.
While sunrooms have been historically popular in the southern regions of the United States, New Englanders tend not to seek these spaces out when purchasing homes. The survey indicated that Hartford homeowners recovered only 38 percent of their costs incurred by adding a sunroom to their property. As a whole, New England property owners recovered a mere 52 percent on their sunroom investments.
Bathroom addition/ remodeling-
Adding a bathroom to the master bedroom to create a “master suite” might seem like a no brainer for many home owners who enjoy the privacy and convenience of having their own facilities. However, bathrooms can be some of the most costly household additions, especially if utility lines need to be adjusted or newly established. As a homeowner this addition might be a necessity, but experts warn not to go over the top when it comes to bathroom choosing fixtures and features, especially since most Hartford homeowners only see a 40-44 percent return. In fact, the data shows that the more money homeowners spent on their bathroom addition the fewer costs were actually recovered. When it came to remodeling a bathroom the consensus was similar.
While some renovations can help improve the value of your home, others can just turn into a homeowner’s headache. From the financial expenditures to the additional liability and risk exposures, home renovations can be a tricky undertaking. It is important to review your Ashford CT homeowners insurance policy when considering any renovations.
At Byrnes Agency, we understand that your home is one of your biggest investments. Homeowners throughout Connecticut and Southern New England look to us to protect their properties in the event of damage or liability. To learn more about our Homeowners Insurance CT policies, please contact us today.