A house is, for most people, the biggest asset they have. Home ownership is a source of pride. Moreover, property is a terrific investment that hopefully increases in value over time. In order to make a house even more appealing for a new buyer down the line, many homeowners spend time renovating and adding on new features. If you’re interested in home improvement, make sure you’re not putting time and money into an upgrade that may not yield a profit in terms of resale value. You want to be confident that you’ll be getting back more than what you spent on a given upgrade.
Here are five home improvement projects to give some serious thought to before starting:
A Swimming Pool
With an above ground version ranging between $2,500 to $7,500 and an in-ground version costing $20,000-$30,000, a swimming pool is a big commitment. While you may love them, pools aren’t for everyone, and can actually turn off potential buyers.
A stunning kitchen is very appealing to new buyers, but you don’t need to buy top-of-the-line countertops to get great value. Granite or marble look-a-like tile can provide outstanding results, as well. After all, a lot of the appeal of a nice kitchen is the overall impression, not necessarily the specific materials.
While some outdoor remodeling projects increase home value, investing in a large fountain, rock formation or other luxe landscape additions can set you back in terms of the return you get on investment. Remember, reselling a home quickly is about mass appeal, so focusing on niche tastes can work against the seller.
Sunrooms can range from $1,000 for a do-it-yourself option, to $70,000 for a fully-installed unit. While providing some much needed sun in the winter, there are potential buyers out there that just see it as one more room to heat. On average, homeowners get back 50% of what they put towards a sunroom.
New Home Office
A fancy new home office sounds like something potential buyers would want. A brand new desk, office chair, flooring and cabinets looks very nice, but the truth is, home office spaces can go underused. Research shows that they typically only recoup about half the value of their investment.
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