24 Jun 5 Worst Home Improvements
Are you ready to sell your home? Have you been thinking about investing in some home improvement projects before you sell? Prospective home sellers, hoping to increase the value of their home, will often pick the wrong projects, not getting the most bang out of their buck. In this article we’ll review the five worst home improvement projects when selling your home.
5 Worst Home Improvement Projects
1. Pool: Pools are fun to swim in, but not fun to install—especially given the hefty price tag! Installing a pool can cost upwards of $20,000 to $60,000, plus an additional $2,000 a year to maintain. However, they don’t do much when it comes to upping a home’s value. First of all, the relatively small six to 11 percent increase in resale price for an in-ground pool depends on where the home is located. Secondly, above-ground pools have no added value to a home and can even decrease a home’s value.
2. Garage: A garage addition or conversion can be financially disastrous. Adding space onto a garage, which can cost up to $60,000, only brings about a 60 percent return on investment and can be a turn off to prospective buyers who don’t need the space. Similarly, a garage conversion—into a man cave, family room, etc—can lose you a pool of buyers that expect a home for their car.
3. Sun room: Oh, the sun room. Although lovely in theory, the sun room can be costly in reality. In fact, a sun room’s value can drop by more than 54 percent come time to sell. It’s more fiscally responsible to install the sun room’s less expensive sister, the deck.
4. Home Office: Although a home office can earn you many tax breaks if it’s your principal place of business, building it can be a costly investment. While you may spend up to $30,000 constructing it, it’s probable you’ll only get about half of your investment back when you’re ready to sell. If your home office was created out of a former bedroom, buyers who need that space as a bedroom may be hesitant—many a dollar sign will impair their vision when they realize they’ll have to convert it back.
5. Outdoor Kitchen: Entertaining outdoors is lovely, but keep the cooking indoors. Yes, a barbeque is always permissible—but a full blown outdoor kitchen is not. While this feature is always very location dependent, the return on your investment won’t be much. Stick to simplicity when it comes to outdoor projects and spend your money on financially practical indoor ones.
As a rule of thumb, bathroom and kitchen updates and remodels are always a safe bet, so stick to what works! Overall, ensure that you are wise about how you spend your money. You want the most for what you’ve come to call home, and the smarter you are about home improvement projects, the more buyers will covet this special space. We hope you have enjoyed understanding what the 5 worst home improvements are when considering selling your house!