Things that impact a home’s value are a bit of a mystery to those not employed in the real estate or finance industry. Sure, some of them are obvious, such as the positive impact of living
3 Renovations that Will NOT Increase your Value
It’s one thing to make renovations to a home with the goal of making it more enjoyable or comfortable for you and your family and quite another to make these renovations solely to boost the home’s value. It’s the latter we want to take a look at today.
In fact, these three renovations are only “goofs” if you made them thinking you’ll get your money back when you sell the home.
- Converting the Garage
A small home with a growing family bulges at the seams and, rather than sell the home, many homeowners turn the garage into a bedroom. Big mistake, says
George Holmes of Eagle Appraisal in Las Vegas; your home’s value will take a hit.
In fact, he says that a tract home may lose up to $10,000 in value, but cautions that “it’s not cut and dry, however.”
Garages are a hot button for buyers, not only as a car’s refuge from the elements, but for storage as well. In fact, 86 percent of home buyers surveyed for Remodeling magazine’s Cost vs. Value report said that they want a garage for the storage space.
- Swimming Pool
Install a swimming pool because you want one, not because you think it will increase your home’s value, because it won’t. The tens of thousands of dollars it takes to install the pool, unless you live in an area where pools are in demand (Phoenix and Las Vegas, for instance), won’t be returned when you sell the home.
If you live in Maine, swimming pools aren’t as in demand as they are in areas with year-round swimming weather. In regions with short summers, a pool represents nothing more than a maintenance headache to homebuyers.
- Bedroom Conversion
If you must convert a bedroom into a home office or a workout room or anything else, make sure that you can undo the conversion before putting the home on the market. A permanently converted bedroom will decrease your home’s value.
After all, three-bedroom homes typically cost more than homes with only two bedrooms so the appraiser will knock down the value of your home accordingly.
When considering which renovation or repair projects will add value to the home, put your money into upgrades to the home’s major systems (if needed) or into updating the kitchen and/or bathrooms.
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