Plenty of experts advised on making home improvements to sell your home fast. However, several home improvement projects can detract from the asking price when you decide to sell. No matter how big or small changes you make to your home, you need to have a way to pay for them. That’s why it is essential to know which projects you should avoid so you’ll be able to save that cash.
Here are some home improvement projects that won’t increase the resale value of your home.
In-Ground Swimming Pools
If you’re not planning to live in permanently, the best way to sell a house fast for cash is not making any drastic home improvements like an in-ground swimming pool. There are plenty of downfalls when building and owning a pool. Many potential homebuyers are families with small children, and these people prefer not to have an in-ground swimming pool for safety reasons. You may have fewer prospects when families with younger kids are off your market.
Most people also prefer not to have pools because it requires a lot of maintenance. On average, pool maintenance can run as high as $4,000 yearly. Owning a pool can also result in higher home insurance. Insurance companies typically recommend increasing liability coverage from $100,000 to $500,000 when a homeowner installs a swimming pool. Making an in-ground swimming pool can also cost up to $75,000 depending on the type. The extra home insurance and building cost may cut a significant share in your profit.
Landscaping can help make your house look appealing to any potential buyers, but it won’t add any value to your home. You won’t also have a high profit if you’ve spent too much on landscaping. Buyers may also view an elaborate garden as an eyesore if they are unable or unwilling to maintain it. Most buyers won’t likely consider buying your home if it requires a gardener to maintain.
You can stick with a well-maintained lawn with small shrubs and trees to add curb appeal to your home. The cost of maintaining a yard and a few shrubs is a lot cheaper compared to maintaining a whole garden and landscape. If you choose to have a little greenery, stick to native plants because they are cheaper and easier to maintain than plants that are foreign to your region. You can also try to keep your yard green and groomed at a low cost with composting.
If you’re planning to sell your home fast, avoid unnecessary personalized renovations like adding wallpapers, painted trimmings, carpeted floors, and textured walls. These upgrades won’t add any significant value to your home. These upgrades are usually a personal preference, and there’s a high chance that your buyers won’t appreciate your choice of design. It will only bother buyers as they may have to replace them anyway.
To avoid this, it’s best to freshly paint your walls and trimmings with either white or neutral colors. You should also avoid having all your wall textured and opt for wood or tile floorings instead of carpeted ones. Treat your house as a blank canvas where buyers will have the opportunity to customize it themselves. Keep in mind that any personalized renovation will only make the home an ill fit for them.
Over-The-Top Kitchen Upgrades
The kitchen can be one of the best ways to improve a house and increase its value. The kitchen is also one of the most desirable for any home buyer. However, going over-the-top with your kitchen does not necessarily mean more income. Avoid spending too much on any kitchen renovation because it can create disproportion. Homebuyers may hate the mismatch between different areas. Imagine putting a $150,000 kitchen in a $200,000 house.
When selling a house, it’s essential to ensure that renovations still coincide with the rest of the house. The kitchen renovation should also not exceed 25% of the house’s value. Stick to simple upgrades like fresh cabinets, well-thought kitchen layout, and new backsplash that recoup the investment.
Home Office Remodeling
In selling upper-fixer homes, you should always consider what appeals to most buyers. Avoid renovations that most buyers don’t necessarily need like a home office. Renovating a home office will roughly cost $28,000, and it will only give you about a 46% return. Aside from that, most people only need a room with good lighting and a comfy desk and a chair for an office. Investing in home office components won’t also generate additional income as technology becomes outdated. There might be a new home office system available at the time of sale. It’s best to skip this upgrade if you’re selling your home.
For you to have the best return of investment, avoid home improvement projects that will not increase the home’s value. It may be challenging to determine which renovations will give the highest return but, focusing on what appeals to most buyers is a great start.
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