WHAT NOT TO SPEND YOUR MONEY UPGRADING
TOP 6 HOME UPGRADES WITH THE LOWEST ROI
Your home is one of the greatest assets. As more of more an asset, it also requires maintenance with regular repairs and upgrades. You may own a less expensive yet classy house and get a very expensive house without the homely touch. The difference in both is the return on investment you get from your upgrade budget. The best home upgrades will always leave your home with that homely feel and at the same time; increase the valuation of your home. There are, however, other upgrades that do not offer any return on investment to your budget at all. These upgrades may even depreciate the value of your home in extreme ends. In this article, we take a lot at some of the home upgrades with the lowest ROI.
1. Elevator
You may want to surprise and ease the movement of your parents on their next visit, but this is too much to spend on. Elevators top as one of the features many home buyers don’t want for their upgrades. Installing an elevator may cost you up to $25,000 to install which is high considering that there are other best home upgrades that you can achieve with less the amount. If you are however in need for some climbing the stairs, installing a chair lift is a better option and you may spend less than $5,000 which can be removed especially if installed on a rail system.
2. In-Ground Swimming Pool
Pools require a lot of money to install and maintain though you may not use it as much. When it comes to reselling your home, potential buyers may value your swimming pool as a liability in the maintenance. Imagine spending $50,000 to install a swimming pool that you only use once per week without the thousands you will spend to insure and secure.
3. Outdoor Kitchen
Picture a house vacated by a single man and he plans to invest on an outdoor grill. He may have company from time to time but for what it costs and its usage, an outdoor kitchen is one home upgrades that may not yield any return on investment at all. On average, an outdoor kitchen will cost $12,000 up to $15,000. This is a high amount considering the reports that have been published based on what mid-range home buyers want, which includes 35% not in need of an outdoor kitchen. A better option, however, can be a “tricked out gas grill” which will also serve the grilling purpose.
4. Backup Power Generator
You may think that installing a power generator in your home is a smart way to keep you sees you when the power in the area goes kaput. Power outages may at times seem as occurring more often but in the real sense they don’t. You only need a few dollars to buy batteries for some portable lights, radios and TVs. To power your iPods and cells phones, a car adaptor will do the trick. Dry ice can also be used to keep your food fresh in the freezer. If you need additional power in some occasional emergencies, a portable generator especially one that is gasoline powered will suffice costing you $200-$500 only.
5. Window Upgrade
Windows can be expensive with some types such as the vinyl models costing up to $15,000 for an average home replacement project. It is estimated that window replacement may recoup up to 73% of your total investment resale of your home. New windows may give your house a new look and save on some energy but if all your frames are not falling off, most windows can be repaired.
6. In-Ground Spa
Everyone would love that aching of the muscles while being surrounded by warm water bubbles. In-ground Spas are as expensive pools on average up to $20,000 to install. This is exclusive of the maintenance fees you will undergo, electricity, chemicals and the security of the Spa, especially from children. The ROI of Spa like in-ground pools will depend on what the next buyer is looking for. Unless you have enough money to spend on the spur or you have a condition requiring hydrotherapy, you won’t need a Spa as much and a portable hot tub may as well do the trick.
Investing in upgrades with low ROI can be harmful to the next resale value of your home. There are a few factors, however, that may call for these expensive upgrades, for example, an increase in security faults of an area.