Although your intentions are good, there are some renovations that actually won’t increase the value of your home and are thus worth a bit more consideration. Here are some renovations to avoid.
Making the master bedroom large by getting rid of a spare bedroom
Although everyone loves a cushy and spacey master bedroom, many buyers are also looking for a spare bedroom to use for guests, children or as a hobby space, so it may be wise to keep that extra room. These extra bedrooms can also be rented out or used for temporary stays such as Airbnb, especially because of the craze of renting rather than owning these days (thanks Millennials!). Depending on location and amenities, an easy $400 a month could be coming your way. So if you’re up to it, this spare room could open up both social and financial doors that you hadn’t even considered. This “flex space” can also easily be converted to a versatile space ready for movie nights, an art studio, a reading nook… really anything your heart desires. The more room-like features – like closets, doors and windows – the higher the odds it will be considered a true bedroom, which may affect your taxes. So keeping this space as a bonus room could be another way to save you some money. Keeping that spare room available rather than turning it into a fireplace or something for your master bedroom will nearly always be the more valuable option, no matter what you decide to do with it!
Wallpaper and crazy wall colors
A little 70’s, no? Although wallpaper can be super fun and make a room look super unique, it is often not advisable because you can not guarantee that everyone will agree with that shade of toile pattern. Moreover, if you’re looking to get a great value on your home through renovation, it is smart to stick to neutrals instead of your favorite hue of magenta. 2019 is revealing that blue-grey walls mixed with natural woods and bold accents are netting more than expected. Specific wallpaper and unusually colored walls will just show up as dollar signs to your potential buyers rather than the vision of idiosyncrasy you had when picking it out, so stay with the basics!
This is kind of the same idea as the wallpaper. Fabrics and colors are generally preference-based, which means that although some people may love it, there are also some people that may hate it. Also, carpeting can require more maintenance than other floors due to recurring cleaning or steaming. If you want the best value for your home and your floors, hardwood is a great choice. It is timeless, the long-standing preference and will provide the highest ROI.
Going too far with renovations
Updating your kitchen appliances is usually a shoo-in for increasing your home’s value, but there is such thing as going too far with renovations. Generally, it is just better to have a simple and functioning kitchen rather than over-extravagant appliances. An average home with a luxury kitchen doesn’t make sense and seems excessive to some; most people are not willing to pay for super high-end appliances. This goes for bathrooms as well. Jacuzzi tubs are definitely nice, but they’re not necessary. Opt for retiling your shower and updating fixtures rather than spending your money and the money of your potential buyers on luxurious but needless appliances.
Pools, pools, pools
On hot, sweltering days, a pool may seem like the best idea you’ve had all year. However, history has shown that pools do not have a good return on investment. And this is exaggerated even more if you live in a place with unsteady weather, which means a short summer season. Pools are also expensive to install, with in-ground pools averaging over $20,000. Moreover, there is also the cost of maintenance, cleaning and water/heating. Lastly, families with small children may see the pool as a safety hazard and thus may need to spend more money on fencing. All in all, pools are fun but represent a whole other load of money to sustain.
Let us help you decide which improvements are the best for you home and situation. Our 30+ years of experience have seen it all!