Home Renovations That Don’t Always Add Value
You know how they say too much of a good thing is a bad thing? From everything that I’ve read and know about renovating and adding value to your home, this couldn’t be more true. And it makes sense. Just because you drop a ton of money into overhauling your bathroom or putting in a pool, doesn’t mean you will see a return on your investment. Eventually the effect tapers off. So how do you strike that right balance? Well today I’m going to share common renovations that may not add value. Let’s save some money!
1. In-ground Pool
If you plan to stay at your home for several years and would get use out of a pool then it’s worth it. Personally, I had a pool growing up and we were in it everyday in the summer! But, if the return on investment is one of your motivating factors for installing an inground pool then you may want to reconsider. For one, pools are incredibly costly, not just to install but also to maintain. During the summer months your energy bills are likely to be higher and your homeowner’s insurance may even go up just from having a pool. Potential homebuyers might not want to take on all those associated costs of having a pool. You also want to keep in mind that not everyone is interested in having a pool. For instance, pools can present as more of a hazard than a luxury to families with small children.
2. Expensive Landscaping
To make your home stand out, simple and neat landscaping is necessary. A nicely maintained lawn with well-laced shrubbbery and trees adds to the curb appeal of your home which intrigues potential buyers. First impressions, right? But if you intend to create a backyard paradise as a strategy to increase your home value, you may need to rethink your plan. Think simple, neat, and aesthetic for resale.
However, if you’re not moving anytime soon and a luxurious backyard would add to your quality of life then there’s nothing wrong with spending that little extra.
3. Over-the-top Kitchen
A kitchen makeover goes a long way. According to HGTV, you can expect to recoup 60%-120% of your investment on a kitchen remodel. The caveat here being that you don’t go overboard. You don’t want to make the kitchen look far fancier than the rest of the home or as if it’s straight out of a high class five star restaurant. Sure that commercial stove and those Tuscan tiles may say “gourmet” but when it may not pay off when it comes time to sell.
Don’t spend an erroneous amount on high end upgrades such as top tier appliances. Instead, stick with reasonably priced energy efficient stainless steel appliances that appeal to most people. And remember, a little paint goes a long way. Start with the basics such as a fresh coat of paint on the walls and look for modern cabinetry at Ikea.
4. Room Conversions
An at-home theatre?! Sure, that sounds great for any movie junkie. But, not everyone wants their entire basement converted into a cineplex. As soon as you convert a room it limits its potential and usefulness and the new design and function might not appeal to a prospective home buyer. If you’re keen on a themed room or let’s say, turning a small bedroom into a library, just keep it simple and easily repurposed.
5. Whirlpool Baths
The thought of getting into a luxurious bath seems so appealing but realistically not enough to see return. Once again, this not one of those big ticket items that homebuyers typically use to justify offering a higher price.
6. The Necessities
Believe it or not, but most buyers don’t like to pay for the extras that they can’t see. Think septic, plumbing, and HVAC. If it’s not part of the aesthetic, potential buyers are not overly interested in paying the premium. Instead, make sure that your current systems are in good working order. Buyers want to know that their toilets and sinks are functional but they couldn’t be bothered with the specifics.
My biggest piece of advice would be to really consider why you’re wanting a particular renovation or upgrade. Is it simply for resale? Or is it for your own enjoyment? If it’s the former, be strategic and don’t overspend. But, if an upgrade is mostly for your own enjoyment than be reasonable and considerate of how it will be affect resale value but don’t be restrictive. If your heart is set on a pool and feel it would improve your quality of life, then go for it! If you’ve done any big renovations recently to help the sale of your home let us know on Facebook and Instagram!