Projects to Avoid During Home Improvement
Not every home improvement increases resale value, which can be rather disheartening, especially if you’ve already completed these improvements. Don’t worry though, there are many projects that can improve your resell value, like new windows, for example. The latest, energy saving windows are always appealing to potential homebuyers, making them a good investment. You could even make new windows even more attractive by styling them with the best window shutters London has to offer. Not only will potential buyers appreciate the money spent on energy saving windows, but they’ll appreciate the curb appeal too, which is another great selling point. But of course, those home improvements that do not improve resell value loom over us. I’m thus keen not to invest in such projects as some of them are costly, yet very low value. They include the following:
In a Cost vs Value analysis, real estate experts estimate that a garage addition can cost tens of thousands of dollars but earn about 62% return on investment when sold. Therefore, I wouldn’t advise anyone to invest such a huge amount in a project that will only return a fraction of the investment.
A garage is ideal if I’m planning to stay in my home for more than two years as it will increase the value of my life and that of the family. I will have a place to keep my lawn and sports equipment and reserve some space for parking my car.
I once replaced my roof and listed my home for sale. Contrary to the expectation of fetching more money from the sale after I increased the asking price by $6,500, the realtor asserted that I couldn’t raise the price to include the cost of the new roof. I couldn’t list my home with a raised value because I replaced the roof.
In the long run, a roof must be replaced or there is a chance you might encounter costly consequences including mildew stains, mold, and ruined walls. According to experts, I may only receive 55%-60% of the cost of roof replacement if I list my home. An old or damaged roof will undoubtedly turn away prospective clients. On the other hand, a new roof will likely give me a competitive edge.
Although a laptop, good lighting, a comfortable desk and chair certainly have their perks, I know a lot of people who do not need a luxury office at home. Realtors estimate that it costs about $28,000 to renovate a home office. In return, this will fetch about 46% on the investment, which is a bit low for this pricy piece of remodeling. The quick changes in the dynamics of technology may leave the office outdated sooner than expected. Therefore, the new components and wiring in the home office may not translate into increased value.
The addition of another room to my home could be expensive, costing thousands of dollars. Unfortunately, this may not help me recoup a profit when I list. For instance, an additional family room may provide at most a 62% return on investment, while a new master suite could fetch a 66% return on investment. This could be because the more rooms, the more heating is required which most potential buyers aren’t ready to meet.
The exception here is the addition of a new bedroom as it’s likely to increase the appeal of my house to the new buyers. Nevertheless, I won’t spend a lot of money by creating another room when I can easily create an extra room by dividing a large space with a wall.
Landscaping will undoubtedly transform the appearance of my house, particularly to prospective buyers. However, investing too much to create a paradise-like backyard isn’t a guarantee that it will raise the value of the home. Such an improvement comes in handy if I’m planning to stay in my home a little longer as it offers much-needed visual stimulation. Unfortunately, I will not always recoup my money when selling it.
Therefore, instead of creating an expensive landscape, it’s prudent that I make changes to my lawn as it will make my home more aesthetically pleasing. Indeed, realtors say that a home with a beautiful, well-maintained lawn will recoup a decent percentage of the investment.
In as much as I consider a sunroom a worthy home improvement project, it’s costly and adds little to the home’s overall value. Besides, glass doesn’t provide insulation, and as such, a sunroof means more expenses on energy in the summer and winter.
Those who reside in the South or on the beach may disagree as a sunroof renders them more competitive in the neighborhood. Moreover, some potential customers would cherish having a sunroof in their homes so it is all about doing what feels right for your home.