When you set out to renovate your home, you want to avoid the property upgrade faux-pas and ensure the largest return on your investments. Unfortunately, not all home renovations pay off when it comes to adding value to the house. There are some projects that while fun, won’t help you finding a buyer as you try to sell your property.
Adding value to your home to gain more out of a property sale is tricky business. Before undertaking any large projects, make sure you consult with a real estate expert. We can tell you what works and what doesn’t. In many situations, people spend thousands of dollars and delay a sale for as long as a year in an effort to add value to their home, and end up selling at just about the same price they could have gotten a year earlier with a lot less hard work and stress.
Property Upgrade Faux-Pas
Here are some property upgrade improvements that just aren’t worth it when it comes to ROI:
- The outdoor kitchen: This is Florida, and while there are plenty of people who love spending a day out doors, it isn’t always to cook. If you want to add a nice grill for yourself, go for it, but don’t expect a $10,000 outdoor kitchen to add half of that to your home’s value.
- In-ground pool: Jacksonville residents have the benefit of being close to the beach, and so when it comes to purchasing a home a pool isn’t always a deal-breaker. In fact, a lot of people look at swimming pools as a huge maintenance cost and security risk. If you want to go swimming, go for it—just don’t add a pool in an effort to sell.
- Back-up generator: Unless the person considering buying your house has personally experienced extended power outages, this just isn’t something people put a lot of value in. This is one of those upgrades that costs a lot and often gets overlooked.
- Home Theater: Custom seating, large screen, surround sound… what’s not to love? While adding a Home Theater can be a lot of fun for the family – it is unlikely to markedly increase the value of your home.
- Fancy Driveway: While it is true that a stained, cracked driveway with weeds growing here and there can negatively affect curb appeal, investing too much in a fancy driveway is not the answer. If a fancy driveway is the thing you want for your home, go for it! Enjoy it. Just don’t expect to get your money back if you ever decide to sell your home.
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These three upgrades have a few things in common. They are expensive, which means that to get a positive ROI you’ll have to gain a lot of value from the improvement. They are also subjective—some people like it, some people don’t. If you are going to put your effort into one of these improvements, do it for yourself, not just to sell your current property.