Property Upgrades that Rarely Add Any Value
Whether you're preparing to sell or just want to upgrade your home, renovations can be a great way to add value... if you do it right! Here are a few things that often aren't worth the expense.
Tearing a wall down.
Removing a wall doesn’t necessarily add value—it just leaves you with one less room. Yes, it will create a bigger space, but you should think twice as the room could lose its intended purpose. For example, it’s fine to tear down the wall between your kitchen and dining room as it could create a better flow between the two rooms. You can also add a wall to change the layout of your house, just make sure you do it correctly or it could be a waste of time.
Converting a room.
Some owners spend thousands on transforming a bedroom to an office or a home theatre. However, doing so can limit a room’s usefulness—and just makes one lose money. Just keep your rooms simple and let the future buyers transform according to their needs.
Buying new windows.
Replacing old windows can cost a lot, money that you won’t get back when you sell. Just keep existing frames regularly cleaned and well maintained. Only replace old window frames when they’re in a really bad shape and could cause leaks and a chilly home. It’s another one of those things that can go both ways - it can bring life back to a space, or be a waste.
Choosing bold designs such as custom tiles or brightly coloured walls can be a turn-off to potential buyers. Instead, choose elements that are subtler such as neutral-coloured walls or tiling. This way, the new owners can change them easily according to their tastes.
Good lighting is important in selling a home, but it’s not really a buyer’s deciding factor. Fancy lighting fixtures cost thousands alone, without considering electricity bills. A better and more affordable alternative is going for LED lights which are energy efficient. Keep it simple with some attractive lighting that doesn’t cost a fortune.
Installing a new roof.
Buyers won’t pay you extra for replacing your roof, while it’s appreciated, it won’t make them shell out a few more dollars. Just make sure that your roof is well-maintained, gutters clean, and you’ll have no problem—and you’ll save more money. Rather than replacing your roof, just keep good care of it before it gets damaged!
A good-looking front yard looks appealing but extensive landscaping is not advisable. Since buyers usually want to add their own touch to the garden, just make sure that your yard is neat and well-maintained—no need for topiaries and ceramic gnomes. When done correctly landscaping can actually have one of the best dollar-for-dollar returns, but not if you go nuts and spend way too much on it!
Adding a pool.
The thought of swimming in your own pool is lovely—until you think about cleaning and maintaining it. According to a recent survey, only 11.3% of homebuyers look for a home with a pool. That’s only a small pool (no pun intended) of buyers you’re appealing to.
If you don’t have the budget for renovations, don’t fret. A is well-maintained home can ultimately get sold and it can go both ways! If you need any help or advice, feel free to message me any time.