Today I’ll discuss the two final types of renovations to consider when you’re upgrading your investment or personal property.
The National Association of Realtors cites that new siding and kitchen renovations like new countertops, state-of-the-art appliances, and new windows are some of the most beneficial projects when it comes to getting the most value during a sale. Upgraded bathrooms, refurbished decks, and energy-saving improvements also offer a lot of bang for your buck.
Personal preference projects that you want but other people may not like include amenities like swimming pools, tennis courts, hot tubs, wine cellars, game rooms, and ponds. Believe it or not, pools rarely add a lot of value to a home. It’s usually expensive to maintain an in-ground pool, and many buyers view it as a high-maintenance hassle and potential safety hazard. There’s no harm in adding these items to your home, but don’t expect potential buyers to be willing to pay a premium when you’re ready to sell.
Be careful when it comes to replacing a popular or commonplace feature in your home. If all the other homes in your neighborhood have two-car garages, you should probably think twice about converting yours into a game room. You should also think hard about large-scale changes like eliminating a bedroom or removing walls before you commit to them.
Remember that your primary residence isn’t just a house—it’s your home. If you plan to live there for many years to come, add the amenities you’ll love, regardless of their impact on the resale value. When it comes time to sell, you can do the basics to get the property up to the neighborhood standards and add some curb appeal.
However, don’t bother undertaking expensive projects strictly to increase the purchase price of the property. Those custom upgrades may add more appeal to you than your potential buyers. Keep your renovations small, neutral, and centered around improving the functionality of your home.
If you’re wondering how your home compares to others in your neighborhood in terms of value, reach out to me. I’m happy to give you a free, no-obligation home valuation and share what your home could sell for after renovations. Hope to hear from you soon!