Just because a home upgrade is expensive doesn’t mean it’ll add value to your home. Turning your extra bedroom into a home office may serve your needs but might not appeal to future buyers. Don’t waste your money. Read on to learn which home upgrades just aren’t worth it.
Did you know most homeowners recoup only 43% of the cost to install a pool, according to a NAR report? Typically, it costs more than $51,000 plus extra charges on your insurance! If you’ll genuinely love having an outdoor oasis, then installing a pool could be nice—but keep in mind that the cost and labour involved don’t make this upgrade worth it.
On the plus side, adding a sunroom provides space and function that all buyers love. However, this upgrade can increase your property taxes, and you’ll only see a 50% ROI at best, according to HomeAdvisor. What’s more, a sunroom can take away from yard space, which some buyers won’t be happy about. Plus, you’ll have to factor in the extra cost of heating this extra space if you want to enjoy it in the winter.
Wall to Wall Carpeting
It costs an average of $1,632 to install carpet, but it can actually drop the value of a home! If you’re trying to sell, you need to replace carpet with permanent stains, holes, or heavy wear. Still, if the existing carpet is in good condition, chances are buyers will want to replace it with something of their choosing. Moreover, if you’re going to replace stained and worn-out carpeting, replace it with hardwood. According to HomeAdvisor, buyers are willing to pay up to $2,080 more for wood!
Converting Your Garage
You might love having a new home gym or spare bedroom but keeping your garage available for cars adds the most value. Besides, converting your garage into a bedroom or basement can be extremely costly when you factor in flooring, electricity, plumbing, and heating. If possible, use your attic or basement as an extra space instead.
Expensive sound systems, high-end pool lights, or LED showerheads and toilets may look cool. Still, they won’t add significant value, and they can be expensive to install. If you love having the latest gadgets in your home, opt for high-end Wi-Fi access, a smart thermostat, and keyless entry.
If you’re looking to add serious value to your home, don’t waste your money on any of the projects mentioned above. Instead, focus on areas like the kitchen and bathroom. For more helpful home advice, read the Falconcrest blog.Read More