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Expensive Updates that May Not Increase Your Home’s Value

If you’re considering renovating your home to maximize sale profit, be aware that some renovations may not yield the returns you expect. The following five renovations are all projects that shouldn’t be undertaken merely for resale profit.

Swimming Pool Before you invest in a swimming pool, study the market in your area. Depending on the region or even the neighborhood, a pool can add or detract from the resale price of your home. While you might see a pool as a luxury item that will provide hours of fun in the sun for you and your family, potential buyers may see nothing more than high maintenance costs—not to mention a safety hazard for young children and pets. If you’ve got your heart set on a pool for your home, be prepared to reap little or no return on your investment when it comes to sale time.

Topnotch Accessories Unless your home is awash with topnotch accessories, installing these items in one or two rooms only could be a mistake. You’re unlikely to see any return on your investment if you install high-end accessories such as a state-of-the art refrigerator or a fine Italian marble counter top in one room, yet leave worn and outdated accessories and fittings in others. Keep the same standard of appliances, accessories, and furnishings throughout your home and don’t push the value of your home to above 20 to 25 percent of the current value of the highest-valued homes in your neighborhood.

Wall-to-wall Carpeting It’s always a good idea to replace faded and worn carpets, especially if you’re thinking of selling soon, but this particular renovation project is costly. What’s more, when it comes to selling your home you may find that potential buyers are put off by the carpeting, particularly if it’s in a color that doesn’t fit in with their envisioned design plans. A safer bet is to spend the money on either restoring the original hardwood floors you have in your home, or having hardwood floors, or a comparable alternative such as bamboo or cork, laid by a professional. Rugs can then be placed in those areas where you feel they’re needed when showing your home.

Elaborate Landscaping Some potential buyers may see landscaped gardens, especially those incorporating water features, as requiring too much maintenance. Of course, carry out this renovation if you want to enjoy the results, but don’t expect it to increase the value of your home significantly, as you may not recoup even a quarter of your investment when reselling your home. The best landscape designs are simple and unfussy and allow a homeowner to enjoy his or her immediate environment without having to constantly preen it.

Home Office While you may need space in which to work at home, if you go full out and remodel a room into a well-appointed office, one that’s specifically designed for work with built-in bookcases and the like, don’t expect to recoup more than about 50 percent of your outlay. Many buyers aren’t prepared to pay for something they may never use. You’re better off buying furniture and accessories that you can take with you when you come to move, and which will leave potential buyers with the option of using the room as an additional bedroom or family room should they wish to do so.

Although no one should decorate their surroundings to suit others, you may want to keep a few considerations in mind when renovating if you plan to sell your home in the not-too-distant future.

 

About William Brundage – Max Broock Realtors:

Named the Best Realtor by the Oakland Press, William Brundage is an industry leading Realtor bringing over twenty years of experience to successfully marketing and selling fine homes and estates. His dedication to his clients places him in the top 1% nationwide. Personalized service and client satisfaction are paramount. William is committed to getting you the best price and terms in the shortest amount of time.

Cell: 248-980-2455

Email: william@williambrundage.com

Website: www.WilliamBrundage.com

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