The Five Remodeling Jobs with the Worst Returns on Investment

 It’s the first week of March and as spring fever starts to creep into many people’s minds, so too does remodeling projects. Spring is also known as real estate season, which means that many homeowners are looking for small improvements they can make on their properties to increase their home’s sale price.

Back in January, Remodeling magazine put out their annual Cost versus Value Report, where they compared the average cost for 30 remodeling projects with the value those projects retained at resale. When the report came out, I covered the project with the top resale value, which was added to the list for the first time and shot to the top with a 162.2% return on investment. That project was adding fiberglass insulation to your attic and I wasn’t surprised by the result. Adding insulation to your attic is easy, cost effective and will save you in heating and cooling bills for years to come. Plus with 75% of homes in our area deprived by under-insulation, it’s an investment that can make a home stand apart from the resale competition.

So we know what the best investment is, but what about the worst? The five projects with the lowest resale value in Hartford County might surprise you!

Number five is a family room addition. With an average cost of $96,298 in Hartford County, a family room addition offers an average resale value of under $48,000, making the cost recouped a mere 49.6%. 

Number four is a backup power generator. Many homeowners think these will come in handy, and often times they do, especially with our wild weather. But with a cost average of $13,337 and a resale value of $6,458, you’ll only end up getting back 48.4% of the money you put into it.

Bathroom facelifts are always popular on the list of remodeling for resale projects but don’t expect to make your money back on this one. With an average spend of $19,384 and a resale value of $9,318, that job will get you back just over 48% of the cost.

Well, what about the basement? A man cave or rec room might sound like a good idea, but it will only get you back 45% of your investment, according to the report. This is based on a spend of $75,063, which equates to a resale value of $33,750. Yikes!

So if these popular remodels occupy spots five through two, what could possibly be number one? Believe it or not, the worst return on investment would be the coveted extra bathroom, netting home sellers only 43.6% of the average $45,904 put into it. It’s a big job too!

With spring, and real estate season on the way, it’s a good idea to know what fix-it jobs will offer your home real value, especially if you’re in the market to sell. You can view the Remodeling Cost versus Value Report in its entirety by visiting remodeling.hw.net and filtering the report by region.

Give that water heater a tune-up

With frigid temperatures on our doorstep today, you might be one of many Connecticutians hoping that your hot water heater won’t leave you out in the cold.

The average lifecycle of a water heater is about eight to twelve years and they can cost anywhere from $300 for an electric tank system to well over $1,000 for a tankless energy efficient natural gas machine. Whichever way you go, when you’ve invested in a hot water heater, you want to make sure that your model is able to go the distance.

If you have a water heater that’s climbing up in its years, there are a few simple steps you can take to ensure you’ll get a good run for your money. Here are a few ideas:

As a water heater operates, it collects sediment that can cause decay if left in the tank over time. Don’t let this happen to yours. Drain your water heater at least twice a year to get rid of any buildup, which will prevent corrosion and increase the machine’s energy efficiency.  To do this, first turn off the unit and give it plenty of time to cool down. Then, using a garden hose and pump, drain the water into a bucket. If the bucket becomes filled with brown, sediment-tainted water, continue to refill and drain your heater until the water looks normal again. When you’re in the clear, you can disconnect your hose and turn the unit back on.

Keep your water heater at a steady 120 degrees and lower it down if you’re planning on leaving the house for three days or more. For every 10 degrees you decrease the temperature, you’ll save five per cent in energy costs.

Insulate the tank and pipes with fiberglass. For the tank, fit a fiberglass blanket using foil tape, but be sure not to cover any valve or pipe openings. For the pipes, you can use fiberglass wrap or foam insulation. By adding a layer of insulation to your water heater, you’ll keep the warmth from escaping into the air and you’ll protect the machine from condensation in the warmer months.  

If you have a valve that’s leaking, make sure that the fittings are nice and tight. If that doesn’t work, you might have to replace the valves or fittings. You can find the parts you’ll need at a local hardware store – just don’t forget to shut off the water first!

Remember, working with electric or gas appliances can be dangerous. If you’re not familiar with how your unit operates or if you’re not comfortable with this kind of work, contact a plumber for a routine maintenance check. 

Tackle Your Spring Projects This Weekend

If you’re like me, you’re probably enjoying the unseasonably warm winter that we’re having here in Connecticut. With temperatures predicted to hit the mid-40’s this weekend, I got to thinking about some of the “around the house” projects that you can get out of the way now, rather than waiting for spring.

Basement Remodeling

Does the anticipation of Super Bowl Sunday have you day dreaming about the perfect man cave?  Winter is an excellent time to tackle the task. Obviously being in the basement, you don’t have to worry about any outside or weather-related factors, and generally you might find that contractors lower their rates during their slowest time of the year. You might even be able to enlist the help of a few friends with the promise of refreshments and a seat in front of the new big screen!  

Painting

Give the rooms inside your home an instant facelift with a coat of fresh paint. This job is perfect for this kind of weather because you can open up the windows to let the paint dry quickly and evenly. A painting project should take no more than a weekend to complete and if you’re not up to the task yourself, take advantage of those low rates I mentioned and contact a professional. The winter slow season might just be the time to nab a deal.

Leaf Pick Up

Raking leaves is a rotten task but with a little mid-winter maintenance, your job will get much easier come spring. First, invest in an ergonomic rake so you don’t hurt your back and shoulders. Move the same way as the wind and rake using smaller, sweeping motions rather than trying to grab huge piles as you go. Cleanup along the way so you’re not chasing leaves you’ve already raked and don’t push your piles into the street so they blow into your neighbor’s yard.  Use them as compost for your spring planting instead. 

Wood Floor Treatment

If your floors are looking a bit dull, brighten them up by giving them a light sanding and a few coats of polyurethane. Wood can be tough to maintain because it’s used and abused so often, but if you have a maintenance schedule that you stick to every few years, you’ll not only keep them looking great, you’ll also lengthen their lifecycle. Keep those floors shining by putting felt pads on furniture legs and avoid any cleaners with ammonia, vinegar or harsh chemicals. 

Deck Staining

Staining the deck is one of my least favorite jobs around the house, so getting it over and done with is something I always look forward to. Firstly, make sure no rain is in the forecast, as you’ll want a few sunny days to ensure your stain dries properly. Sweep or blow any leaves and pesky maple helicopters from the surface, cracks and crevasses of the deck. Apply a cleaner to get rid of any mold and mildew and replace missing nails or screws to ensure your boards don’t creep up. Always apply stain on a dry surface in thin, even coats to get the best result.  

Do you have a weekend project that you’re tackling in the warm winter weather? I’d love to hear about it. Send me a message on Facebook at www.facebook.com/odonnellbros.