Usually when deciding on a costly home improvement project, we do it so we can get some enjoyment out of the finished project. But we might also be thinking about the added value the project might bring when it comes time to sell. money.com, though, says not every project is going to make you money. In fact, some home improvement projects might actually make it tougher to sell your home and could force you to lower the asking price.
Remodeling Magazine and the National Association of Realtors is out with their annual Remodeling Costs vs. Value Report. It looks at 36 midrange or upscale home improvement projects. The report estimates the return on the dollar you’ll make on a remodeling project when it comes time to sell your home.
Replacing your front door is the only project where you’ll recoup all your money with a 101.8% return on your investment. You’ll come close to breaking even if you add manufactured stone veneer to your home or replace your garage door. But that’s it.
So, unless you plan to stay in your home another 10-15 years, you might want to think twice before spending the money on these home improvement projects.
POOLS
While adding an in-ground swimming pool can add a lot of enjoyment and add to the beauty of your backyard, it’s not that great of an investment. Many buyers don’t want a backyard pool because of all the upkeep they require. Some buyers with young children also don’t like in-ground pools due to the potential danger.
A PERMANENT HOME OFFICE
More buyers prefer an extra bedroom over an office. So it’s better if you make a home office more temporary, instead of permanent, so you can turn it back into a bedroom when it’s time to sell. Permanent shelving units and built-in cabinets could be a turn off for buyers looking for that extra bedroom for their kids.
TURNING A GARAGE INTO A BEDROOM
While it makes sense to add more space, in particular a bedroom, for your growing family, don’t do it in the garage. While it’s an economical way to adding a room, many buyers want a garage. Without one, you’re, once again, looking at the possibility of reducing your asking price.
OVERDOING THE LANDSCAPING
While a garden with flowers, fountains, and so on is so aesthetically pleasing, many buyers see it as a lot of upkeep and might not want to spend their time-off from work weeding and trimming.
TOO MUCH COLOR
While bright colors can be fun, most buyers prefer walls to be neutral white. It seems the blander color scheme makes it easier for buyers to picture their own families and furniture in the house.
If you or anyone you know is interested Scottsdale Real Estate, please check out my website, www.Realestateforsaleinaz.com, and I’ll be happy to help.
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