4 Renovations With Not Much ROI
Here are four renovations not to make in your home if ROI is your goal.
Today I’m sharing four home renovations that are not worth the return on investment (ROI). Of course, you can tackle them if you want them for yourself, but you won’t get all the money back when you sell, so consider this advice before undertaking these projects:
1. Wainscoting, chair railing, and crown molding. All of these are beautiful additions to your home, but you will not receive a large ROI from them. These are cosmetic items, so do them for yourself—not the return on investment.
2. DIY projects. For example, it can be fun to take out the kitchen cabinets and refinish them yourself, but buyers will spot this instantly. If you want ROI from these projects, hire a professional so they don’t have the do-it-yourself look.
The lifespan of fads is fairly short.
3. Solar panels. If you plan to buy (and not rent) solar panels because you’re concerned about the carbon footprint and/or energy efficiency of your house, that’s wonderful. However, solar panel technology is always evolving, so a newer version will invariably be available. You’re likely to spend between $11,000 and $14,000 on solar panels, and your ROI will probably not be more than 10%.
4. Wallpaper. Wallpaper is currently very trendy, and it’s an excellent idea in a powder room or for an accent wall. However, the lifespan of fads is fairly short. If you plan on living in your property for 10 years or more before selling, you won’t get any ROI from it. Though, if you like it and plan to live in your home for a long time, go ahead. Just be sure to remove it before selling.
If you have any questions about this topic or want more information, contact me via phone or email. I would love to help you.
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