Worst Home Renovation Projects for Your Money
Your house is the place where you go to relax after a long day and customize to make it your own, but it’s also an investment. Professional remodels and additions are pricey. At resale, you get back only around half of what you spend. Not every remodeling project will bring a nice return on investment, therefore, might want to think twice about whether you should remodel or not.
You might love these renovations, but they’ll cost you in the future. Read below to see which of these renovations you should consider avoiding to keep your home’s value high.
When it comes to remodeling, bigger is not always better and certainly not as cost efficient. Upscaling your post-war kitchen to a modern kitchen will surely increase your home’s market value, but installing a granite countertop, stainless steel appliances and a chandelier over the kitchen island probably won’t pay off. Remodeling could make your home too upscale for the neighborhood and turn buyers away to older, less costly homes. To get the best bang for your buck, see what’s standard in your area and then bring your home up to speed.
These are a hit or miss. Some see a swimming pool as a great addition, while others see it as a chore they don’t want to complete. Pools can be a great time, but they also come with the work of skimming, filtering, keeping a good PH-balance, and repairing and winterizing. Other costs include the pump and heater, chemicals to maintain, fencing around the pool if it’s required, and so on. If you build a top-of-the-line pool with lights, waterfalls and a surrounding deck, you very well could be spending more than five figures in the process. Most buyers see it as a liability rather than a luxury.
Home office overhauls
These are a must-have space only for the people who work from home. However, not all buyers want a space exclusively to work. There is a lot of money that has to go into these offices that future buyers may not even need. For example, you’d need connectivity in the office like wall outlets, internet and phone jacks, electricity, and Wi-Fi. Furnishings can be costly and often are built-in in home offices, and some buyers may just be looking for a simple room. These spaces add little value to home buyers.
A sunroom can be a great place to enjoy the outdoors away from the elements, but it can also be a place to get burnt when putting your house on the market. This is one of the more expensive projects that you could take on when remodeling. It’s an extra room that some people may not see as a necessity. According to HomeAdvisor, a sunroom costs around $42,051 and offers a low resale value. Think carefully about how often you’ll actually use a sunroom before committing to this costly renovation.
Wallpaper can be overwhelming and it’s famous for being difficult to remove. Buyers may see wallpaper removal as a headache and it could deter people away from a great home just because they don’t want to deal it. Buyers would rather see simple walls with neutral colors than walls covered with patterns and textures. If you have wallpaper up already, you may want to look at the benefits of removing it before potential homebuyers come for a showing or open house.
Remodeling your home is a personal decision and you won’t always be thinking about the resale. Maybe your trip to Japan inspired you to add a koi fish pond in your backyard, or you’ve always dreamed about big sliding barn doors connecting your living and dining room. No matter what the project might be, don’t expect every prospective buyer to share the same interest.