Not every renovation project will pay off in the long run.Today we're going to discuss five projects that won’t add value when it comes time to sell.
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Not every renovation is worth the time, money, or hassle. A lot of sellers think that any improvements they make to their home will bring a big return, but the truth is that some of those renovations really won’t pay off. Of course, making renovations for personal enjoyment is fine, just don’t expect all of them to make you money in the long run.
With that said, here’s a brief list of things to avoid if you’re simply trying to add value to your home:
1. Installing a swimming pool. In hotter climates like the west coast, adding a pool onto a property makes sense. But, while some homeowners here enjoy idea of a pool, adding one to a home won’t help you resell it. It’s very expensive to install and maintain a pool, and they can even pose a safety hazard for pets and children. You should only install a pool if you’re doing it for personal enjoyment.
2. Over-renovating for your neighborhood. Sometimes, less is more. If your home stands out like a sore thumb compared to other properties in the area, appraisal issues could arise. And an over-renovated property may also turn away potential buyers. You never want your home to be the most or least expensive property in the neighborhood.
It’s often best to keep things simple when it comes time to list.
3. Providing extensive landscaping. Trimming back trees and bushes, mowing the lawn, and planting flowers are all it takes for your yard to look great. Sometimes, less is more.
4. Making high-end upgrades. If your home has one super-luxurious feature while the rest of the property is filled with mid-grade pieces and appliances, buyers will likely be confused. It's not necessary to add an expensive, top-of-the-line appliance right before you list, especially if it stands out against the rest of your home. It’s often best to keep things simple when it comes time to list.
5. Finishing your basement. If you are going to sell anytime soon, you may not want to completely finish your basement. Contractor wages and material coasts are both currently high, so you may want to think twice about doing this renovation. An exception would be if you can add a regress window and create another bedroom out of the space. This change is not that expensive and can add a lot of value to your home if it means you'll go from having a three-bedroom home to a four-bedroom home.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.