Most home renovations do more for your home than make them more appealing to the eye. They can add value to your property if done right. However, some home renovations can actually result in no added value to your home. Before tackling a major home improvement project, it is important to know the difference between those that add and those that do not.
Which Projects Do Not Pay Off?
The addition of a swimming pool seems like a smart investment, but instead, it might not add much value to your home. To potential homebuyers, a swimming pool is not just a good way to cool off, but an ongoing expense and a potential liability.
However, it is important to note that depending on the neighborhood in which you live, a swimming pool might not be as bad of an investment as it would be in others. If all of your neighbors have swimming pools, you not having one could be off-putting to potential buyers.
Another home renovation project that might not pay off are rooms with specific purposes that are not commonplace. For instance, if your renovation involves turning a room into a wine room and have made seemingly permanent changes to keep it that way, it could be a turn-off to buyers who have no interest in a wine room.
If you do sell the home in the future, you might have to spend funds to make the room more appealing to buyers.
What Projects Pay Off?
A great kitchen can sell a home. If your kitchen is outdated and in need of a renovation, go for it. While renovating, keep in mind that you want to be smart with your selections. If you plan to sell the home in the future, stick with upgrades that are likely to stand the test of time instead of gimmicky fads.
You also need to remember that splurging on high dollar items in a small home can sometimes be pointless. What you get back in a sale of the home might not compensate you for the upgrades.
You can also upgrade your bathroom and get a great return. Updates, such as new fixtures, can make a home more appealing to buyers and easily add value.
Consult with a professional (such as Big John's Closeouts) to learn what other renovations you should and should not try if you are looking to add value to your home and avoid wasting funds on your investment.Share