These are the four home upgrades we don’t advise for getting the best ROI.
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In a previous blog, we discussed which home improvements we recommend to get the best return on investment. Today, I’m sharing the opposite: the top four home upgrades that won’t get you great ROI. However, never say never; if you’ve already made any one of these enhancements to your home, you’ve likely enjoyed it, so it was worth it.
Nevertheless, these are the renovations that, if you’re planning to sell soon, won’t get you all your money back:
1. Pools. Buyers love pools, but if you install a $50,000 pool, buyers aren’t going to give you a dollar-for-dollar return for it. Not everyone wants a waterfall or special pavers; some like a cleaner look—it’s a very personal preference.2. Glass-enclosed lanai. Some buyers love these, but many are only here for a few months of the year; they want to be outside in the beautiful weather, enjoying the breeze. So many buyers see no value in a glass-enclosed lanai. However, if you already have one, other buyers will like it because it’s a multi-season room.
"Forgoing these refurbishments will
save you both time and money."
3. Expensive bathroom remodel. The exception to this rule is if you have an extremely outdated or worn-out bathroom; if you can’t stand your bathroom, chances are, the buyer won’t either. There are many levels of upgrades, but I suggest not doing a large remodel if it isn’t truly needed. You don’t want to sink too much money into it. I’m also more than happy to come out for a consultation if you’re unsure what to do.4. An expansion to the home. If you want more space, it’s better to move to a larger home rather than building an addition and making your current one bigger. For example, if you think buyers would prefer three bedrooms instead of two, putting in the kind of money it would take to build a new bedroom won’t get you a full return on the investment. Always be careful not to over improve the home for the area. You may find there is a maximum price a particular community can bring especially to a resale or older home. Don't get caught by diminishing return!
Forgoing these refurbishments will save you from losing valuable marketing time and increasing your cost to carry, only to get a modest percentage of it back.
If you’re thinking about doing any remodeling of your home, we’re more than happy to help. If you have any questions, call or text today at (239) 248-8000. I’d love to help you.
