Homeowners the world over spend a great deal of time and money making improvements to their homes. From kitchen remodels to adding on, the list of home improvements is virtually endless.
If you’ve been thinking of making some changes to your home, be sure you read through the list below first, especially if you’re planning to sell the property anytime soon. While the new buyers are sure to enjoy your renovations, you’ll probably not recoup the cost of making them in the sale price of your home.
1. A Major Kitchen Overhaul
While it may be tempting to completely overhaul your kitchen, if you plan to sell your home in the next year or two, it’s wise to let the full-scale remodel to the new owners. Remodeling a kitchen is expensive – the average cost is around $60,000 – and the return is only about 50 cents for every dollar spent.
2. Swimming Pools
Most homeowners think that installing a swimming pool will undoubtedly increase their home’s value. The reality is, however, that a pool costs around $30,000 (at the low end) to install and it only brings in about $10,000 more on the sale price of the home.
If you’ve got your heart set on putting in a pool, chances are you aren’t thinking about the monetary aspect of it and are more concerned with the relaxation it will bring once it’s installed.
3. A Finished Basement
A finished basement adds extra living space to a home, but if you’re planning to sell your home soon, it may not be in your best interest to foot the bill for this project. With a return rate of only about 48 cents for every dollar spent, buyers simply aren’t willing to pay more for a finished basement.
If your home will be on the market in the next couple of years, forgo the basement remodel and simply mention the potential for a finished basement as a feature of the home, which is something people find appealing when looking to buy a home.
4. Home Additions
Whether it’s more space for the children or extra space for your hobbies, there are many reasons a homeowner might consider adding on to their existing property.
Costing thousands of dollars to complete, home additions of any kind usually aren’t worth it if you plan to recoup some of the expense when you sell the home.
Homeowners make major home renovations all the time, usually because the changes will benefit their lifestyles in some way. While the home renovations listed above aren’t worth it from a financial point of view, they do increase the beauty of the property and can provide plenty of benefit for the families that use them once they are complete.