Home renovations don’t pay off

In the last three months many more homeowners are investigating and starting renovations to add value to their homes says buyers advocate Peter Kelaher. However research from the USA indicates that renovations typically add 19 to 44 per cent less to the value of the home than the costs involved.

The improvement projects that held their value the best (although still lost money) were wooden decks (recouped 82 per cent of the cost), new kitchen (80 per cent), new windows (77 per cent), new bathroom (75 per cent), attic bedroom (74 per cent). A second story addition recouped only 71 per cent of the money spent on it.

Source: The Age