Remodeling Without Return
Many home remodeling projects do wonders for the value of the
home. Certain upgrades and renovations pay dividends when it comes time to
sell, and you often can recoup the money you’ve invested in the upgrade.
There are exceptions, however. And one stands head and shoulders
above the rest (or should I say below) when it comes to return on
investment:
The home office.
Surprised? It may seem like a home office would be a boon for your
home at sale time, especially considering the number of people who telecommute
and work online. But the fact of the matter is, a home office seldom recoups
more than 45% of the money invested in the remodel.
Why? A couple of main factors.
First, even people who work at home often don’t work at home. When
was the last time you walked into a coffee shop and didn't see a laptop
open? Many people still find space outside the home to work.
Second, a full-on home office renovation often takes up a bedroom
which new owners might want to be able to convert back into a bedroom. If
you’ve spent the time and money having built-in furniture added, media wiring,
and other “office like” details installed, it represents a cost to restore or
lost-usage for the new owners.
Of course, if you need a home office and want to have the home
office of your dreams, it might be worth it to you to put the return on
investment aside. But don’t undertake the project thinking it will pay off down
the line.
This post has been authored by Eric Slifkin, REALTOR® and Accredited Buyer’s Representative serving South Florida’s Treasure Coast. You can reach me at 888-288-1765, or visit my Web site. As your resource for information on new or resale homes throughout the Treasure Coast, please be sure to contact me about any home you may find on the Web, yard sign or ad and I will research the property, arrange showings and handle all the details.
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