If you are planning to live in your home for the rest of your life, then the improvements you make should be based entirely on your preferences. However, if you plan to sell your home within the next decade or two, it is wise to consider the return on investment of any remodeling you are considering. Read on to learn about some improvements that are often not worth the cost.
- Home Office Do Not Add Much Value It does not matter where it is located or how well you have it designed, it is unlikely that adding a home office is going to bring in any money. In fact, it could hurt the resale value of your home. Why? Because buyers want larger bedrooms. They may choose to turn a small bedroom into an office of their own, but outfitting the room so that it cannot be used as a bedroom is not likely to bring you much return on your investment.
- Master Suite There are two ways to look at this. On the one hand, master suites are a lovely amenity. You may enjoy it immensely for the next years of your life. You may also find that when it comes time to sell your home, the master suite is a selling point. That said, it is unlikely to recoup the cost of building it. Upgrade if you want to but not with the purpose of increasing the value of your home.
- Adding Another Floor to Your Home If you do not have room to expand out, you may be tempted to expand up. Keep in mind that this will likely cost as much as it costs to build a brand new home. It will also add extra square footage that can double or even triple your tax bill. It may be worth adding another floor if you are adding several bedrooms and several bathrooms, but do the math before making up your mind.
- Choosing a Sun Room Over a Deck or Patio It is possible that a potential buyer will love a sunroom or three-season room and it will be a selling factor. More likely, they will view it as wasted space or will think of the cost required to get rid of it. Instead, install a deck or patio and add a temporary barrier that protects you from bugs and the elements.
- The “Latest and Greatest” in Kitchen Ware Could Ruin a Sale Any real estate agent will tell you: Kitchens sell homes. If you have a classic quartz countertop and a well-appointed island then you will be in good shape. However, if you add the latest and greatest in high-end appliances and finishes, a potential buyer who does not cook may see it as a burden to keep up. Once again, if you are upgrading for your own needs, then add that amazing refrigerator and stove. If you are upgrading just so you can add value to your home, stick with classic additions.