Are you considering home renovations to increase the value and appeal of your home in preparation to sell? Here are three projects that don’t have the high rate of return you may be looking for.
1. Adding a pool – Unless you live in an area where the weather permits a pool almost all year round, building and maintaining a pool will cost you more than it is worth. A pool can be a huge selling point, but it does have the potential to turn buyers off due to the cost associated with maintenance and upkeep.
2. Highly personal redesigns – Your dream bathroom is not everyone’s dream bathroom. Consider neutral colors and popular materials in your bathrooms and kitchen to see an increase in your overall home value and a cost effective way to tackle a renovation.
3. Room conversions – Turning a loft into a bedroom is a realistic renovation that will benefit you in the long run. Turning a bedroom into a movie theater might be a little too much. When considering converting a room or altering a layout, it’s important to think about how the new space will benefit the new home owners.
Your priorities when considering renovations should be your happiness, cost effectiveness, and return on investment. When considering redesigning your home for the specific reason of making a profit on it, it’s worth knowing that not all renovations will pay off.
Talk with a local real estate agent or licensed appraiser to learn which renovations will add value in your market.
