It’s only natural to want to make upgrades to your home and sometimes it pays off when it comes to the resale value of your home. However, your potential home buyers may perceive some of your home improvements as unattractive or too expensive to upkeep and ultimately it turns out to be a project that doesn’t pay off.
4 Home Improvement Projects To Reconsider
Before you consider embark on your home improvement project, ensure that you understand whether or not your project will add value to the home. Here are four remodeling projects or additions to your home that are most likely not going to add value in the long-run if you are looking to sell your home.
1. Installing A Swimming Pool
Adding a swimming pool in your home can be an excellent idea for the hot summer days; however, this doesn’t necessarily add any value to your home. Nowadays, many potential buyers dislike pools and consider them as a liability, rather than a perk due to the high maintenance and insurance costs. Additionally, families with small children may find pools as a potential threat for drowning accidents. Adding a new swimming pool will cost you nearly $20,000-60,000, however, you may recover just a small percentage out of your investment in resale value, and you may end up losing several prospective buyers in the process.
2. Gourmet Kitchens With High-End Accessories
As much as you love your $15,000 commercial stove, and stylish tiles, these expensive additions may not pay off once you intend to sell your home. Consider investing in quality and serviceable appliances if you want to remodel your kitchen since they appeal to many potential buyers. Expensive, fancy gourmet kitchens may not help you attract that prospective buyer.
However, if you live in an upscale neighborhood, remodeling your kitchen to “gourmet” class may increase its value because buyers expect to get a gourmet kitchen in your home. But, this doesn’t guarantee you entire investment recoup after you sell your home.
Rather than investing in a high-end gourmet kitchen, you may consider several other kitchen improvements that will cost you less and yet have significance on the resale value. Some of the things to do include:
• Fresh painting
• Installing laminate flooring
• Resurfacing cabinets
• Install Formica counter tops
• Improving light fittings
3. Expensive Landscaping
This home improvement project can enhance the quality of your life especially if you are planning to stay in your home for a while mostly in the warmer months. But, future plans to sell your home may not recover the expensive cost of landscaping.
It’s a good idea to own a well-maintained yard, but ensure you limit yourself from expensive landscaping that all your prospective buyers consider costly to maintain.
4. Wall-To-Wall Carpeting
In the past, complete carpeting was the norm in almost every homestead. Now, this has changed and in fact, many
home shoppers have chosen hardwood floors or a wood/carpet mix.
Instead of selecting a ceaseless option, consider refinishing ancient hardwood floorings with the same or fewer charges than installing a carpet. Setting up hardwood flooring could be more costly although there are laminate flooring options that much more appealing and are cheaper than solid hardwood.
Do Your Market Research Before Proceeding
As a homeowner, you may have different reasons for performing a home improvement project. However, you should think twice about the above-mentioned home improvement projects if you’re planning to sell your home anytime soon.
If you are uncertain of whether your home improvement project will pay off once you sell your home, you should consult with a real estate agent concerning the current local market trend. Also, you can refer to your region’s Cost vs. Value Report averages, and implement the home upgrades that are proven worthwhile by research and experience.