When you think about it, so much planning, energy, and money goes into making a home improvement project become a reality. Homeowners often make the mistake of assuming that specialized renovations will yield a handsome return on their investments when listing their properties for sale. Unfortunately, many popular home improvement projects not only deter buyers but actually diminish the value of a property. Before taking on the following expensive projects, think again!
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1. Bigger Isn’t Better
When it comes to most renovations, over-the-top luxury improvements are simply not worth it. Sure, updating your ancient bathroom is a great way to attract buyers, but marble tiles and expensive showerheads are unlikely to give you a good return on your investment. Before dishing out a lot of money on home improvements and upgrades, you need to ask yourself this: does it make sense for your neighborhood?
Pay attention to the upgrades people in your neighborhood have made by checking out local comps. For example, if people prefer traditional classic kitchens, an ultra modern Scandinavian style is not going to do you any favors. It also makes sense to consider the budget of your target audience when making upgrades to the property.
2. Bedroom Into Home Office
For those working from home, an office space where they can carry out daily tasks is a must-have. However, it’s important to consider that this is a feature not all buyers may want or need— especially if it comes at the cost of losing a bedroom! You can certainly create a home office with a luxurious appeal and mahogany built-in furnishings, but know that you’ll only recoup about 50% of the costs. A bedroom should be just that, choosing the right Costco mattress will help you to sleep better at night and create a comfortable environment.
Swimming pools for some people are seen as the ultimate symbol of a luxury home, but some simply see it as one more unnecessary headache. When designing your backyard, you need to take into consideration that a swimming pool requires a lot of maintenance that includes checking pH levels, skimming, filtering, winterizing, and repairing. Unless you live in a particularly warm climate where pools are used year-round, it’s very likely you will actually lose money and potential buyers by investing in one.
4. Newly Installed Roofing
A new roof is a necessity sometimes and hardly a luxury, but if the only reason you wish to replace yours is to attract buyers, don’t do it! Regardless of how wonderful and appealing new shingles are, buyers expect a functioning roof and don’t see the need to pay extra money for it. Having said that, if your roof is missing shingles, damaged or leaking, by all means make the necessary repairs. Buyers will definitely notice if your home has major issues with the roofing and therefore, they will expect a timely fix.
5. Don’t Get Personal
One of the biggest mistakes you can make as a homeowner is to make your home improvement projects all about your own needs. From creating a man cave in your basement or adding a very cool front door, these are so-called enhancements that aren’t everyone’s cup of tea. You need to consider how taste specific your projects are and whether a potential buyer may see it as a turnoff.
It’s okay to feel enthusiastic about certain things, but bear in mind that it’s a very small target audience that will share your enthusiastic approach to home renovating. Most importantly, such projects aren’t just costly, but more often than not, buyers aren’t likely to pay a premium price for them. It’s much better to invest your money elsewhere by modernizing the space and adding new fixtures that are neutral but still offer potential buyers an upgrade. If you insist on personalizing your home, make sure to do it in a way you can remove it when you sell.