Five remodeling projects that may not pay off at closing!
When you are getting your house ready for sale you may want to do a bit of remodeling to help add more value to your home. The problem is some remodeling projects may not pay off well and may not raise the value of your home enough to compensate for the money and time spent in the process. Some upgrades are not worth the time and expenditure; keep reading to see the top five bad remodeling items.
Luxurious bathrooms and kitchens may seem like a great idea to help add more value to your home. a spokesperson for the National Association of Realtors, Stephanie Singer stated, "People should be careful about over-improving for their neighborhood" and went on to say, "If you’re in a neighborhood with traditional kitchens, and you put in a Viking stove and granite countertops, that’s fine. But keep in mind that buyers probably aren’t going to value that to the extent that you do." It is best to check out other homes in your neighborhood, you want to stay with what is standard without going over the top to help sell your home.
Inventing a home/office sounds great for those that work out of their home. However, making your bedroom or other room smaller to invent a home/office will not pay off in the end. Using space from other rooms will not give you a big boost at closing. In most cases, this project will only give you back around half the cost of inventing the room in the first place.
If you do not already have a swimming pool in your back yard, do not add one. Not everyone loves the idea of the time and expense of caring for a pool and those with small children may turn away even faster. This is kind of a coin toss upgrade. Some people will love the idea while others will want to find a home without a pool. Just remember the cost of the swimming pool and if you really think it is worth the risk.
A new roof may seem appealing especially with all the new materials that can make your home stand out. On the other hand, most homebuyers only look at a roof as a necessity and not something they want to add to the price they wish to pay for a home. Of course, if the roof needs repaired, fix it, but do not go all out and add cedar shakes or other expensive roof materials.
Dramatic renovations are not always a draw for homebuyers. There are all kinds of things you can add to your home that will provide you with comfort such as converting your attic to a game room, your basement to a wine cellar, or even an elevator to the second floor. These may be great for your family, but not everyone wants these extras. Some projects may help with the value and selling points of your home, while others may seem a bit extravagant.
Singer stated, "Remodeling a home is a personal decision anyway, so sometimes there are projects you just want to do for yourself" and went on to say, "You do have to live in the home; you’re not always thinking about resale. Is it a worthwhile project for you? Is it going to increase your enjoyment of the house?"
If the remodeling project will make you more comfortable and you are not considering selling your home, then do the project. On the other hand, if you are only considering remodeling to add value, then forget the idea.
And call one of our San Diego Homes experts at (888) 865-5055 to give you some helpful suggestions on how to prep your home for selling in today’s market.