Before you dive into that DIY project that you think will add value to your home, please consult a professional or simply read the info below. You WILL lose money on the sale of your home if you don't read this article.
If you are wanting to increase the value of your home by doing upgrades you need to know a few things to make sure you are successful in your journey. Something you value may not be valuable to the next buyer. It may make your home look amazing, but you may not recoup the investment you put into the project.
5 Home Upgrades That Won't Add Enough Value
- Highly Custom Design - If you are planning on living in your home until you die, which in today's world, doesn't happen very often. Be careful doing upgrades that are too personalized to your taste. Installing a new chandelier? The fact that you had it sent over from Murano Italy probably won't mean much to the next buyer. You would be better off choosing builder to mid grade finishes. It's great to update lighting as the years go by, be practical about your design and price decisions.
- Room Conversions - There is a certain criteria every buyer has in their head that are pretty standard, for example; 3 bedrooms, 2 bathrooms, one level home. Especially, when the standard is easy to spot in any particular area. Think twice before eliminating an expected space. In the good old Pacific Northwest, a garage is essential to a potential home buyer. If you eliminate that to add sq. footage, it might hurt you, rather than you benefiting form it.
- Adding Un-Necessary Sq. Footage - Choosing to finish your dingy basement so it becomes an additional livable floor — can be a benefit in a buyer's mind. You may love your new sunroom, but it’s not likely to drastically increase your home’s overall value. Adding square footage in a way that doesn’t flow well with the floor plan can also backfire. Sure, a half bath on the first floor would be useful, but if buyers have to pass through the kitchen to get to it, the half bath loses some of its appeal.
- Pool/Recreation Room - There's nothing better than a great pool when you're on vacation at that stunning Hawaii resort, but to have one in your backyard is a different tale. They do require a lot of upkeep and maintenance. Here in Western Washington State, it doesn't make sense to have a pool when you realistically can only use it for 3 months out of the year. Unless you heat it, but that would cost you a fortune every month. Same with some recreation rooms or media rooms. You may get many hours of enjoyment out of these amenities, but they won't always add value to your home to another potential buyer. If you have some of these items in your home, know that you may not gain as much as you thought.
- Over-Improving - Let the rest of your neighborhood dictate your upgrade choices. If the rest of your neighborhoods' homes have laminate counter tops, you probably shouldn't choose granite for your home. Buyers will always agree that granite looks nicer then laminate, but buyer's who can't afford your hefty price tag will move on and buyer's who can afford your upgrades would rather spend their money in a nicer neighborhood. You might wonder how you can find out what kind of countertops your neighbors have without being creepy and knocking on all their doors. You can always ask US! We can pull past sales and current homes near you to see the photos of upgrades that make sense for your home.