July 26, 2023
When you're planning to sell your home, it's natural to want to spruce things up. A house in top condition fetches top dollar, right? Maybe not as much as you think. If you're planning to sell soon, avoid these 5 home improvement projects that add no value.
Families with small children may see a pool as a safety hazard, and installing a barrier can be pricey. In most cases, your homeowners insurance company will require you to purchase additional insurance, and pool ownership in general is expensive.
The return on investment is only around 15-25%, so if you want to install a pool, do it purely for your family's enjoyment.
While it's still true that kitchens and bathrooms sell homes, buyers are not willing to pay for high-end upgrades. According to Remodeling Magazine's annual Cost vs. Value report, upscale kitchen and upscale bathroom remodels ranked as the 5th and 6th worst home improvement projects, with an ROI of 59.7% and 60.2% respectively.
Not all buyers are willing to pay more for rare marble and professional grade appliances. Unless you're in your home for the long haul, stick with a minor kitchen remodel and recoup about 80%.
A well done garage conversion that creates a mother-in-law suite or bonus room can expand your home's usable square footage. To buyers who are looking for that space, this project could boost your home's value.
But losing the garage for parking or storage space could be a turnoff to some buyers. A garage was the top 'must have' feature in a recent survey, so it may be wise to tread carefully if you're planning to sell soon. A good rule of thumb is to look at your neighbors. If everyone has a garage that functions as a garage in your neighborhood, chances are that's what buyers are going to expect.
Bathroom and bedroom additions are expensive, and they affect multiple systems in the home. In the same Cost vs. Analysis report, a midrange master suite addition, upscale bathroom addition, and upscale master suite addition were ranked the 4th, 3rd, and 1st worst home improvement projects. An upscale master suite addition will only return 50.4% of your investment.
Only do an addition if you plan to stay in your home long term and truly need the space.
A popular trend in older homes is to merge two smaller rooms into one large master suite. Like converting a garage, this project is subjective and only adds value if you find a buyer willing to pay for it. Other buyers may see the loss of rooms as a negative.
If you're planning to sell, a good agent can evaluate your home and guide you in making decisions about home improvement projects. Newzip matches you with an agent you love. Guaranteed.
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