10 Home Improvements You're Wasting Time and Money On
A master suite addition
So you have a little extra space on your property and always wondered what it would be like to have a full bathroom and walk-in closet all to yourself. Here's the answer: Not as great as you'd think.
Remodeling magazine's Cost Vs. Value report cedes that homeowners will get their 24-by-16-foot master bedroom with walk-in closet/dressing area, whirlpool tub in ceramic tile platform, separate 3-by-4-foot ceramic tile shower, and double-sink vanity with solid-surface countertop. Those homeowners should just be prepared to sink more than $106,000 into a project that will add $63,000 to the price of their home at best. It's a 59.2% return on their investment that's actually a worse deal than remodeling the kitchen, refinishing the basement (66.8% return) or putting a bedroom in the attic (72.5%).
Did you lose shingles in a nasty storm? Did the neighbor's kid make your roof a roman candle target once school let out? Did a 747 lose an engine and send it crashing through your sewing room?
If the answer to any of these questions is no, don't go tearing the roof off the joint. There's a reason your parents and great-grandparents before judged their roof's value in years and not dollars: Because it's something you want to replace as infrequently as possible.Remodeling puts the average cost of replacement around $21,000. That's less than the cost of replacing leak damage, calling exterminators to get the rodents out or watching your heating bill spike. If your roof is in less-than-dire straits, though, that replacement will recoup only about $12,000 of its cost once the house is sold. Sometimes a roof replacement can't be helped, but if you're planning one just because you don't like the look of it, you may as well just shingle it with singles. Garage addition
How badly do you want to keep your car out of the rain and sun? If you have a driveway or a one-car garage and are thinking of expanding it to a two-car indoor paradise, that 26-by-26-foot dream home drains cash faster than your car drains 10W-40. All that carpentry and electrical work adds up to nearly $58,000 on average and adds little more than $33,000 to the value of your house. Never mind that you just tacked an extra room on to your electric bill and gave yourself yet another roof to eventually replace. If you have a one-car garage, do yourself a favor and consider just replacing the door instead. It's a far lower starting price ($1,500 to $3,000) and retains more than 70% of its value come selling time.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV