When planning home renovations, you are making a substantial investment into the enjoyment of your home. But do these renovations actually add value to the sticker price of your abode? Read on to get the scoop on five home renovations that, while they may be useful for you and your family, don’t typically add value to your home when you’re ready to sell.
1. Converted Bedrooms
You might have a four-bedroom house and only need three of those bedrooms. It’s a great idea to convert one to a wine cellar, library, or workout room, right? Not if you plan to sell your home. In most cases, an additional bedroom will give your home more value than an interest-specific space that may or may not appeal to potential buyers.
2. High-End Appliances
This is largely dependent on the neighborhood where you live, but it typically doesn’t make sense to add high-end kitchen appliances and other luxury items. The reason? These types of renovations may add value to your home, but if you have the most expensive house in your neighborhood you may price out potential buyers and be unable to recoup your investment.
3. Adding Carpet
These days, the majority of buyers prefer hardwood, engineered hardwood, or tiled floors. Adding new carpet is an investment that will not add substantial value to your home. If you truly need to replace the flooring in your home before putting it on the market, consider an option other than carpet. Not only is wall-to-wall carpet expensive compared to other options, families with young children may be concerned about its durability and exposure to potential allergens.
4. Internal Systems
While you should certainly plan to have heating, air conditioning, plumbing, and electrical systems up to date before you sell your home, doing so won’t add substantial value. The reason? Buyers expect these items to be in good working order before they decide to make a purchase.
5. Swimming Pools
While a pool may increase the enjoyment of your home for you and your family, it can actually be a liability for potential buyers. Families with very young children may be concerned about the safety issues around a pool, while others may not want the additional insurance expense that a pool brings.
In the end, the renovations you choose to make on your home should reflect the way that your family lives. However, if you plan to sell in the short-term, consider avoiding these expensive renovations.