Education and news for smart DIY landlords!
When you’re trying to sell your house, you’d want to sell it quickly and sell it for the best possible price. This inclination tempts many homeowners into investing in unnecessary upgrades to make their homes more sellable and get a top-dollar offer. But while it’s understandable to aim for the maximum selling price, it’s wrong to assume that upgrades and renovations will always increase a home’s value.
Some projects, such as kitchen remodeling or bathroom improvements, may be worth the investment as they can add value to your home. Other projects, however, may increase your home’s appeal but not the selling price, making them a failed investment. Knowing what upgrades to avoid can help you save more money. Here are six home improvements that won’t add value at resale.
Ensuring that your existing garden is trimmed and maintained is fine, but you don’t need to invest in landscaping and spend too much money to make the whole place attractive to buyers. Garden landscaping doesn't add value to your home or even guarantee buyers. While it may increase your home’s curb appeal, a buyer may not be willing to factor this upgrade into the purchase price.
If you desire to landscape the yard before selling it, make it simple and allow interested buyers to explore what they want for the house. In this way, you’ll spend less and will draw potential buyers.
Unless there is already one in the house, you don’t need to waste your money by constructing an attic. It’s expensive and will not guarantee a top-dollar offer once you decide to sell it, which significantly decreases your potential return on investment (ROI). Some buyers are not convinced of having an attic and will not see its benefit.
A good home improvement alternative is building a sufficient storage area or room to accommodate unused or unpacked boxes of things. Some preferred to have room to keep all their stuff organized.
Adding a swimming pool before selling your property may not be the best idea. It's costly and a complicated home improvement to have. You’ll need to hire some people or a constructor team to do diggings, and it will take some time before it's finished. The swimming pool will not add any value to the house, no matter how big and deep it is. Some will even hesitate since having a swimming pool requires maintenance, which not everyone is willing to do.
It is better to improve the bathroom and invest in installing a good and durable shower, or you may add a bathtub for a good resale value.
Installing solar panels will surely help your potential buyers have lower electric bills and save mother earth. Some may thank you for being that considerate, while others won’t care much about solar panels. Buying Solar panels is expensive, yet you can’t increase your house value by installing them.
Research more on solar panel options and see how it works. Prices will likely vary depending on the type of the system, the size, and the location. Don’t be in such a hurry to purchase one. More importantly, seek professional advice from a real estate agent and solar panel companies.
Generally, home buyers want a spacious room to install a walk-in closet, toilet room, and working area all in one room. In this case, sellers tend to reconstruct the house by making one bedroom an extension of another room. However, this home improvement won’t add value to the house.
The more bedrooms available, the better and the higher the value. Potential buyers are usually families or are planning to start one. They may want to invite guests to sleep over at their house, which is more convenient if there are enough accommodation rooms.
Not all home improvements are equivalent to a value. There are minor improvements such as repainting, installing a new plumbing system, or changing door knobs that won’t add value to the house, no matter how pricey they may seem. Usually, potential buyers treat them as part of the package.
When you feel it’s necessary to do minor upgrades, think of them as giving your home some TLC (tender loving care) for free.
The key to selling a home is ensuring it’s clean, presentable, and everything is functioning well.
If you want to save money, avoid unnecessary renovations and focus on repairing issues on significant parts of your home, including the flooring, sinks, faucets, walls, or ceilings instead.
The six home improvements discussed in this article are only a few of the many other upgrades that are costly but not worth the investment.
Read more articles here!