Most homeowners believe that renovating is helpful if you plan to sell your home. In many cases, this is true. If rooms are rundown, or if there are spaces that need modern or stylistic updates, renovations will likely serve you well. Fixing or replacing old walls, ceilings, and fixtures, for example, painting rooms that need a new coat, and updating the kitchen and bathroom, will usually add value to your home. But surprisingly, if improving the selling price of your house is your main goal, not every type of renovation is recommended. Following is a brief list of renovating ideas that might not serve you well, at least when it comes time to sell:
Over-the-Top Kitchen or Bathroom Renovations: As much as you might love a fancy kitchen or bathroom with all of the latest, greatest kitchen appliances or fixtures, buyers might not be prepared to pay for expensive extras. By all means, if the purchase is for you, install a professional cooking range complete with a porcelainized cooking surface and infrared broiler—and enjoy every minute of the exquisite cooking experience in your home. But if your purchase is designed to improve the price of the house, keep in mind that not every buyer will pay top dollar for super fancy kitchen appliances. And not everyone needs or wants a Mosaic Travertine and Marble Vessel Sink in the bathroom. Remember, too, that additions such as oversized Jacuzzi tubs might seem appealing, but water-conscious buyers might worry about the water bill. Visit the showrooms of Atherton Appliance & Kitchens and BSC Culinary for advice regarding kitchen renovations and appliances that will add value to your home without breaking the bank or prompting potential buyers to reconsider their purchase.
Renovations That Stand Apart: Although it might be tempting to build an addition that will make your house larger and pricier than the homes around it, Yahoo! Finance notes that buyers might think differently. If most of the homes in your neighborhood are single story homes in the $150,000 price range for example, renovations that price your house at $250,000 might not be a good idea. Although the house itself might be appealing and more spacious, buyers who want to spend at that level might buy in a neighborhood with houses that are similarly priced. Your house might end up looking overpriced for its location.
Fancy Landscaping: If every house on your street has a beautifully landscaped garden, by all means you should follow suit. Most buyers won’t be amenable to the one house on the block with an overgrown garden that needs extensive improvements. But if the houses around you have moderate landscaping, don’t go overboard with extensive gardening. A prospective buyer might be attracted initially by how pretty the property looks, but a closer examination might reveal the need to work hard to maintain the landscaping, or hire a professional landscaper. If that’s the case, be sure you’re house is in a location that will attract buyers prepared to do one or the other.
Pools: According to Yahoo! Finance, an in-ground pool can add value to your home (an average of 11% in the Southwest, or 6% in the Midwest where swimming season is shorter). But above ground pools are usually viewed as less appealing, and can actually decrease the purchase price of your home. Some buyers might also view pools as a source of ongoing expense (upkeep) and even as a potential hazard, especially if they have small children. So if you don’t have a pool and you plan to sell your house, it might be best to let your buyers decide if they want to install a pool in the future.
Specialized Rooms: If you and your family are movie buffs, you might decide to transform your family room into a home cinema, complete with movie seats and an oversized screen. But what if your buyers would be satisfied with a flat-screen TV, and they really need a family room? Specialized rooms are fine if you’ll be around for a long time, or if they match the usual preferences of buyers in your neighborhood. But if they’re too specific and unusual, and replace a more utilitarian room, a buyer might move on, thinking they’ll have to renovate themselves to turn the house back into a home they can use.
The important thing to realize is that renovating for yourself, and renovating for sale, are two different things. When planning renovations designed to increase the value of your home, make sure the value added is equal to or greater than your expenditure, and focus on the preferences of your average potential buyers. What price range will they look for in your neighborhood? Which features would they be willing to pay a little more for, and which will come across as extraneous costs? Will the average buyer be in a position to maintain additions such as landscaping, a hot tub, or a swimming pool? Will changes you make for yourself be costly for your buyer to reverse?
When your house is for sale, renovate wisely, with your potential buyers in mind. You can always invest extra in your own new home, when you know you’ll be staying for a while.
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