3 remodeling projects that add minimal resale value
If you intend on staying in your current home for a long period of time, it's perfectly reasonable to choose a home improvement project regardless of the resale value it adds.
Alternatively, homeowners who intend to sell their home in the next five years should tailor upcoming projects to appeal to the buyer and increase the value of the home.
If your primary goal is to increase your home's value, experts recommend avoiding the following home remodeling projects.
1. Swimming Pools. Installing a swimming pool may seem like a great idea, and some homeowners assume that a buyer will automatically see a swimming pool and immediately think of lounging in the water on a hot summer day.
However, many homeowners tend to think of a swimming pool as a safety hazard, an added maintenance cost and grounds for a potential lawsuit.
According to Yahoo! Finance, an in-ground pool can cost anywhere from $10,000 to over $100,000 to install, in addition to yearly maintenance costs. So your return on investment will be low, if anything at all.
Nick Reynolds, owner of highly rated Eye 4 Design and Renovation in Eagle Rock, Calif., says installing a swimming pool will add little resale value to a home as opposed to a kitchen or bathroom remodel. “However, if you are not planning on selling, then these things may add value to your quality of life.”
2. Adding luxury accessories and appliances. Unless you can afford to install brand new, high-end accessories in each room of the house, installing a restaurant-style grill, a thousand-dollar espresso machine or fancy cabinet knobs will not add much value to your home.
Luxury accessories look odd if they're placed among ordinary items or other more mundane appliances. Most experts would recommend keeping a uniform look to your home.
3. Carpeting. Carpeting is often highlighted as a selling point in real estate ads, but it doesn’t always translate over to potential home buyers. Carpeting is expensive to install and can be time consuming to maintain.
Additionally, home buyers have different preferences for the types of carpeting they like, or may prefer hardwood floors all together.
If you are thinking about remodeling your home, consider talking with a home remodeling company to ensure you are making the proper investment to fit your needs. Angie’s List can connect you with a highly rated company and provide authentic consumer ratings and reviews. Join today for a happy hiring experience.