If you're embarking on a home improvement project to simply make your home more comfortable and enjoyable to live in, then when you're looking at the cost it's a matter of what you can afford, and what you're prepared to pay for the benefits the improvements will bring.
1-800-805-8354 to Connect with a Top Real Estate Agent in Your Area - ANYWHERE!
| Home Values | Contact Us | Blog |
| Las Vegas | Reno | Denver |
| San Diego | Rancho Cucamonga | Seattle, WA |
WONDERING WHAT YOUR HOUSE IS WORTH?
In contrast, if you're having work done with a mind to increasing your home's value in a future sale, then you need to take a somewhat harder-headed approach. Contrary to popular belief, not every improvement to your home will be reflected in its sellable value, so if you want to realize a return on your improvement budget, here are four types of project to avoid - and two others to give more serious consideration.
Home Improvements That Make a Poor Investment
#1 A Home Office
You may feel that adding a quiet and comfortable study to your home will make it more attractive, but the truth is that only a small proportion of prospective buyers will truly have a use for such a room. For those who do have a need for it, they'll probably want to refit their office to suit their own needs and preferences, and for those who don't, a home study is simply a waste of a room that will need money spent on it in the future to convert it for a more useful purpose.
Related Article: What you need to know to increase your home value…
#2 Extensive, Individual Remodeling and Redecoration
The idea of dream decor can vary considerably from person to person, as anyone who's viewed a home with a lurid 1970s bathroom suite can confirm. While giving your home a spruce up to make it more presentable may make a sale more likely, it won't add any significant value to the property - and if you go overboard on a quirky and individual style, you could actually be turning people off and driving the price downwards.
Similar: 4 Home Strategies believed to increase luck and fortune at home
#3 Swimming Pools
Even in those parts of the country that might expect to see it being highly used, adding a swimming pool to your yard is unlikely to represent a solid investment. Not only are they expensive to install compared to any value they may add, but many buyers will be actively discouraged by the prospect of a pool - they represent a lot of maintenance work, and for today's affluent but busy professionals a gym membership is often a preferable option when it comes to fitness and relaxation.
Finally, before embarking on any ambitious renovations, look at the average prices of similar properties in the neighborhood. If your planned work will double the theoretical value of a $150,000 home, you're unlikely to realize that $300k if other nearby properties are nowhere near that price bracket. If you go too far above the local price ceiling, you're not likely to get all your money back, no matter how desirable your improvements may be.
There are two main types of home improvement that generally have a decent chance of earning back the money you've spent on them. The first is any work which makes your property larger - extra rooms, attic conversions, extensions; all of these will appreciably raise the value of a property.
