Renovations That Don't Add Value
Renovations are widely known as a way to increase your home’s value to some extent. That extent ends where the renovation projects you choose are no longer integral in selling your home for more money. It’s easy to recognize the projects you’re personally invested in, but which will give you the most ROI? Perhaps putting the larger projects at the top of your list and working down to smaller ones is not the way to go about home renovations. Here are renovation projects that may not give you as much bang for your buck as you think when it comes time to sell your home.
A huge trend in home design is creating open concept homes where you can watch the little ones play in the family room while you cook dinner in the kitchen. While this works for communal areas, don’t get too carried away. Whether your home is listed as a 3 bedroom or 4 bedroom is a huge discrepancy. Some families need those walls up to accommodate the size of their family so each child has a bedroom no matter how big or small. Take caution when choosing to immediately eliminate a wall just to combine two rooms into one large, attractive suite. Sometimes it’s better to leave the walls as is & figure out a way to utilize that smaller space more efficiently.
Ditching the Bathtub
Homeowners dream of a beautiful walk-in shower with wonderful water pressure and a luxury shower head to match. While you’re dreaming, don’t forget about the bathtubs. Leaving at least one bathtub in your home allows the next homeowner to decide if they want to replace it themselves. By replacing all tubs with walk-in showers, you’re letting buyers know that if they have a little one they have to re-replace that shower with a tub themselves. Instead of getting into the nitty gritty of the bath time debate, save yourself money and don’t replace too many tubs with walk-ins.
Playrooms are a wonderful way to keep your kid’s mess out of the family room. While creating this space is a brilliant idea to add functionality to your own personal situation at home, don’t expect it to increase value. The time, money and energy you put into creating this playroom won’t always equate to value added. Would it be smarter to replace all your light fixtures or paint all the baseboards in your home instead of renovating this space?
Placing a beautiful chandelier in your walkway won’t keep buyers from overlooking all the attributes of the home they don’t enjoy. A buyer’s eye may glaze over, but their agent will certainly keep them on track to look past all the beautiful, shiny “things” that make your home glamorous. Are the utilities outdated? Or maybe they spot mold in the house. The beautiful, high-end pieces that can create instant appeal won’t always add value to your home- especially when the buyer learns you’ve chosen to take them with you.
Niche, High Maintenance Projects
So it goes without saying that a swimming pool is a luxury & not every homeowner wants or needs this luxury in their backyard. Nor do they want to deal with the maintenance that comes with it! Don’t feel the need to add extravagant pieces to your home thinking it will seal the deal with all buyers. While these projects are great for personal benefit and might bring in a few, they can become very niche attracting only those willing to heavily maintain the property.
It’s important to remember in all scenarios that your situation is different than the situation of your home’s next owner. Be sure to treat yourself with the “wants” from time to time, but also weigh the negatives that come from investing in those wants and figure out the bare minimum of what your home “needs” in order to increase its value.