Don't Waste Your Money: Remodeling projects that payoff - News, Weather, Sports, Toledo, OH

Don't Waste Your Money: Remodeling projects that payoff

(Toledo News Now) - Thinking of redoing your kitchen? Or perhaps adding a home office? With some projects, you'll get your money back, but with others you won't.

Home improvement used to be so easy. Redo your kitchen, bath, or deck and add thousands of dollars to your home's value. But in these days of stagnant home prices, it's no longer so easy.

Put in a new kitchen? Five years ago, spending $25,000 usually meant you could get another 25 grand at selling time, but not anymore.

Bloomberg News says many projects now return only half of what you put into them, unlike the prerecession days.

Among the best projects right now:

-A kitchen redo: $24,000 on average, Bloomberg says, and you'll recoup 66 percent of the cost at resale

-A full bathroom remodel: $10,000 on average, with a 62 percent return at resale.

-Adding a deck remains a good investment: $8,000 and it returns 70 percent of what you paid.

But from the doesn't that stink file: Some projects don't return much on investment. Bloomberg says a home office costs $4,000 but you'll get back just 40 percent at resale. You might say doesn't that stink? Sunrooms and garage additions also don't bring the big dollars at selling time.

There's nothing wrong with remodeling, as long as you plan to stay in your home a few years. So don't be afraid to remodel, it gives local contractors work and helps rebuild the economy. But do it wisely, so you don't waste your money.

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