Before throwing down the cash, sellers should thoroughly check out ROI of home upgrades. The last thing anyone wishes to do is invest money, simply to wind up losing it. Home renovations are investments in the future return homeowners can certainly make when selling a home.
Even though it may appear to be every improvement will entice more buyers, and consequently, a larger price tag, there are a few renovations that incur a huge cost without a full return.
If your selling and getting ready to put your house on the market, it may be especially tempting to spruce things up, but be cautious about the following five changes – they can be a complete waste of money for sellers.
5 home renovations that are a complete waste of money for sellers
1. Kitchen remodels
Every one of the home design shows on TV might cause you to assume that a new kitchen is important if you’d like to sell your house. However a full-on remodel has a tendency to bring in a return that’s a mere two-thirds of its original price.
As outlined by Remodeling Magazine’s 2017 Cost Vs. Value report, a mid range kitchen remodel cost exceeds its resale value by over $21,000. The figure more than doubles in an upscale remodel. If sellers wish to enhance their kitchen just before selling their home, we recommend that you try smaller, more cost-effective updates like swapping out hardware and repainting cabinets. The freshened-up look is going to be just enough to entice buyers.
2. Luxury or universal bathroom updates
Again, it might seem a new bathrooms are all that buyers are interested in. But the majority of luxury upgrades won’t get sellers’ money back – and neither will a universal update.
As an example, buyers do not want whirlpool tubs, which can be seen more as a pain to clean than as being a luxury finish.
Over-the-top waterfall faucets and foreign tiles can also be unlikely to get renovation money back. The same goes for a universal bathroom, which accommodates both able-bodied and disabled buyers. It’s rare to get additional than two-thirds of the money back on a universal bathroom update.
3. Repainting the roof
If the roof looks worse for wear, a fresh coat of paint could seem like the best option. Prospective buyers, however, might assume sellers are hiding a problem with the roof beneath a slick of paint.
Sellers could just be better off replacing the roof – and copper shingles make the best investment.
As reported by restoration roofing experts at Huber and Associates, although you may get a 25-year lifespan out of typical wood and asphalt shingles, copper lasts centuries.
A long-lasting investment will surely entice buyers who don’t wish to have to cope with cosmetic roof issues – ever.
4. Landscaping to the nines
A modest amount of landscaping goes a considerable way. A manicured lawn and well-maintained flower beds are examples of easy approaches to enhance a home’s curb appeal.
What buyers don’t wish to see is a yard packed with landscaped hedges and flowerbeds, water features or anything else that screams “high-maintenance.”
Another mistake sellers make is getting rid of trees around their home to ensure the building sticks out. The expense of a tree removal expert is without a doubt prohibitive, but trees can provide natural shade and reduce pollutants, among other benefits.
5. Adding rooms onto the home
This is the big one. Adding a master bedroom onto a home might cost upward of $100,000, rendering it a massive investment – but one that just rakes in two-thirds of what it’ll costs.
The extra square footage and luxury accommodations could possibly make the home more desirable to buyers, however it won’t do anything to pad the sellers’ wallet.
The same goes for adding on a bathroom, sun-room, bonus room an additional structure: it’s not going to get sellers’ money back.
Choose renovations wisely
These are merely five of the numerous, changes homeowners can make to their home. If you intend to stay awhile, it could be worth the money to think about massive overhauls to personalize and perfect the home.
However, if you’re preparing to sell, you should avoid a major update. As we’ve already learned, they’re not likely to do anything to improve sellers’ net profit.
Small and practical updates sell, so homeowners should kick back, relax and watch their slightly spiffed-up home go for a big return on investment.
Ready to find out the current market value of your home? Nick & Cindy Davis with RE/MAX Premier Group are here to assist you. We are always a just a click here away or call 813-300-7116