Renovations that do not Pay

While it’s certainly a smart move to make a few improvements, don’t overdo it. If you spend stacks of cash on remodeling expenses, you’ll probably never recoup your investment – especially in this buyer’s market.
So how do you know which upgrades are worth the hassle and which ones aren’t? For the most part, real estate experts agree that new kitchen countertops and appliances, bathroom remodels and energy-saving improvements will pay off in the long run. On the other hand, pros point out that the following upgrades aren’t worth your time and money.

Over the top

Before you invest tons of money in an elaborate full-house renovation project, consider what the competing properties in your neighborhood have to offer. While you want your house to stand out from the competition, you shouldn’t make unwarranted upgrades that greatly exceed other properties in the area. Not only will you end up losing money, but you may even scare off potential buyers.

Find out how similarly priced homes in your neighborhood measure up, and make improvements based on your specific marketplace

Swimming Pools

Believe it or not, a swimming pool rarely adds value to a home in this day and age. First of all, it usually costs a small fortune to have an in-ground swimming pool installed. Secondly, you’re probably not going to recoup your investment. Why? Because many homebuyers view an in-ground swimming pool as a high-maintenance hassle and safety hazard.

 Replacing a popular Feature

Before you consider making a major home change, such as converting your garage into a game room, take a look around. If every other home in your neighborhood boasts a two-car garage, you should probably think twice. Do you really want to be the only house in the area with no garage? Most homebuyers would prefer to have a sheltered place to park their car than a room to play ping pong and darts.

Daring Design

We all want to design and decorate our home so that it reflects our unique style. However, if you’re trying to sell your home, now is not the time to incorporate bold design choices into the d√©cor. If your home already beams with your eclectic tastes, try to tone it down before you plant that “For Sale” sign in the front yard. Homebuyers should be able to imagine themselves living in your home.
Overall, it’s good to put some work into your house before you try to sell it, as it can add value and make it more attractive to potential buyers. However, there are some things that will have the buyer running for the door – or will at least not add anything to the house’s closing price. We can help you determine what may be helpfull in selling your home and what would simply be a waste of money.

Source: http://www.investopedia.com

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