Thinking about making some improvements to your house? Maybe you need to consider if they will actually improve your home’s value…
When you own a home, there are improvements that you can make that will improve the value of your house. And some of these improvements will also make it easier to sell your home someday.
For example, an updated kitchen or bathroom really makes the house more desirable to buyers. Additional storage space can be a very good improvement without spending a fortune. Fresh paint does wonders for helping a home sell quickly. In the Southeast, a nice rear deck or patio has the potential for a great return when you sell the house.
Despite what you might think, some improvements actually do not improve your home’s value. Also they may make your home less attractive to most buyers. Here are a few examples of things that you think might add to the value of your home, but do not:
A pool may be very desirable to some people but it is not to everyone. If you look at the amount of money you get back when you sell compared to the cost of a new pool, it looks less attractive.
For some buyers, a pool is a great feature. And you have to consider how much fun you will have in your pool.
Can you live with not getting a good return on the money you spent to build a pool? Can you live with gambling on whether or not a potential buyer wants a pool?
There is no doubt that a beautifully landscaped yard helps with curb appeal. However, the cost of adding this feature may NOT add to the selling price.
Many buyers do not want to spend their time working in the yard. If they don’t have time to do the landscaping, they will need to hire a gardener which will add to their expenses.
A Special Room
Thining about changing a room in your home into an art studio, a library or a wine cellar? Odds are that this will not add a lot of value to the home because many buyers will not like your tastes.
Not only will specialty rooms not help your home’s value, it may actually hurt it. The next owner may not want to spend the time and money renovating the room.
A Lost Garage
While you may love the additional space, converting your garage into a den may actually hurt when you sell the home. Most buyers want a garage to be a garage. Buyers are looking for a garage that is a place to park their cars and store their yard stuff and tools.
The Take Away:
These are a few examples of home improvements that may not help the value of your property. Just remember that there are exceptions to every rule. You have to weigh the costs versus the increase/decrease in value. Consider the increase in your enjoyment and the decrease in potential buyers.
And most importantly, consult with a local REALTOR to discuss your ideas.
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