Home Renovations That Can Help (or Hurt) Property Value

Posted by Steph Kaye on Monday, September 11th, 2017 at 2:49pm.

There are improvements that you can make on your home that actually devalue the potential sales values. It’s important to be aware of what kinds of things that are beneficial and what are not. Now, admittedly, we understand that some things on this list aren’t applicable – like installing in an indoor basketball court or movie theater (unless you’re in an upscale neighborhood which warrants that). However, those realities aren’t the norm, yet there are other aspects of home improvement that are more reasonable and can still mitigate sales attraction.

 

Remodels to Avoid

Luxury Rooms
Installing amenities like a basketball court, wine cellar or sauna sounds like Lottery material, however, these addition do happen and sometimes to one’s detriment. Setting up these kind of luxuries transfers a burden onto the incoming seller who might not be as appreciative of these things as one would like. Thus, turning off potential buyers.

Swimming Pool

While the prospect of having a pool might sound awesome the reality can be anything but. The cost of upkeep is a major deterrent for many buyers. They just  don’t want to deal with added insurance premiums and, if kids factor into the picture, additional safety issues.

Gaudy Accents
Even though one’s home is one’s palace. If, however, you choose to decorate your house like a palace it might be a turn off for potential buyers. Remodeling choices made on passing fads can negatively impact your power position when looking to put your home on the market.

Changes Contrary to Area Standards
If you aren’t watching the trends common to your area, you could end up losing a lot of money. A home that totals $600,000 after all the renovations won’t sell in a neighborhood where homes are netting half that price. Likewise, knocking down the walls of extra bedrooms for an open layout won’t be appealing in a family-oriented neighborhood.”

Remodels that Pay

Steel Doors
Don’t install a cheap door! A steel door is not only affordable, durable and burglar resistant, but reports show that this upgrade has the highest ROI of any home remodel.

Solar Panels
Although, the price of solar paneling is not cheap, the price to install them has markedly decreased. After approximately, 7 years, the time it takes to pay off the panels, the ROI is great and there are big money-savings to be had. Furthermore, people are more and more willing to pay top dollar for houses that offer such amenities.

New Siding
The first thing people see when they view your house is the exterior. Thus, the best course of action is to ensure that everything looks up to snuff or to invest in new siding. “Increased curb appeal and improved energy efficiency” provide a value-add that’s hard to overlook for potential homebuyers.

Even if now is not a time to sell your home, it never hurts to be apprised of the value-add improvements that can pay off for you in the long run. 

photo credit: 

Copyright: <a href='https://www.123rf.com/profile_franckito'>franckito / 123RF Stock Photo</a>

Leave a Comment