4 Tough Truths About Home Value After Renovations

4 Tough Truths About Home Value After Renovations
  • Opening Intro -

    There are plenty of renovations you'd like to make to your home.

    And your goal is ultimately to increase the value of your home with those renovations so that when you go to sell it, it will both sell for a higher price and be more appealing to buyers.

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If you’re planning home renovations to increase the value of your home, however, there are some hard truths that you’ll want to consider before you get started.

All Renovations Are Not Created Equal

Some home renovations–high-quality kitchen and bathroom remodels, for example–will have a high return on your investment. People look for things like high-quality appliances, bathrooms with big walk-in showers or other great features, or kitchens with plenty of cabinet space.

Other home renovations, however, are unlikely to add much value to your home. Bright colors and custom tiling, for example, are more likely to appeal to you alone than they are to make the mark you want them to on potential buyers for your home.

Swimming Pools Aren’t Always an Upgrade

A pool seems like a surefire way to add value to your home. After all, you’ll be able to add the cost of your pool into the selling price, right? Actually, an in-ground pool is an expensive addition to your home that may not be as desirable as you think when the time comes to sell.

Some people are indifferent about the pool altogether. Others, especially families with small children, may be actively against having a backyard pool that children might fall into. Not only that, keeping up with maintenance for the pool over the years you own your home may end up costing you more than you can ever recoup after you sell your home.

You Have to Consider Your Neighborhood

You chose your neighborhood because it was reasonable and inexpensive, making it a great place for you to create your dream home. If you were hoping to sell your home for what you put into it when it’s the biggest or flashiest property in the neighborhood, however, think again.

Overbuilding for your neighborhood–that is, creating a home that is far more expensive than others in the neighborhood–can significantly decrease the value of your home when the time comes to sell. Instead, keep your home similar in scale to others within the neighborhood. You’ll find that this helps make it easier to price your home when you’re ready to put it on the market.

Inconsistency Shows

You have a limited budget for your home upgrades, so you’re trying hard to focus on the things that will matter most to potential buyers. That’s a great way to add a little value in some critical areas, but make sure you spread out the renovations in a way that’s consistent across the whole home! Having a kitchen with the latest and greatest appliances is all well and good, but it will also make that outdated bathroom with tiles from the 70’s stand out all the more.

When buyers walk through your home, they want a consistent experience, not a jarring one. If you’re thinking about renovations, consider taking a course like Success Path or consulting with a contractor so you have solid plans long before you start construction. The more you plan, the better you can make a renovation fit in to your home’s style.

Home renovations are an excellent way to add value to your home, increasing the selling price. If you have the money to make a few renovations before you put it on the market, you may discover that you’re able to make back far more than you put into it on some critical upgrades.

Other upgrades, however, can have little or no benefit–so make sure you’ve carefully thought through exactly what you need from your renovations before you begin in order to ensure a smoother process that will actually add value to your investment.

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Categories: Home Values

About Author

Brook Chaplan

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan