3 Renovations that Will NOT Increase your Value

Dated: 01/31/2020

Views: 255

Renovations and Home Values

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.

 

  1. 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.

  1. 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.

  1. 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.

Blog author image

Audrey Sherrod

Thank you for taking the time to visit my website. I specialize in assisting buyers and sellers in your area. My website contains ALL listings from ALL Real Estate Agents, there's no need to look anyw....

Latest Blog Posts

The Pet Predicament

The most obvious similarity between children and pets is that we can count on them making messes. Every pet owner has experienced the pet 'accident,' either vomit or urine on the floor. Usually, it

Read More

Selling the Home Yourself: Is it a Good Idea?

When you toy with the idea of going FSBO (For Sale by Owner) you aren’t alone. Although the number of homeowners who decide to sell without the assistance of a broker has fallen over the last

Read More

How to Sell and Buy a House at the Same Time

When you graduate from first-time buyer to second, the process becomes infinitely more complex. “How are we going to do this?” is a common question from homeowners in the market for a

Read More

Buy First or Sell First? 3 Things to Consider

The most common chicken-or-egg-type question in the real estate business has to be “Should I sell my current home before buying another?”And, like many real estate questions, the answer

Read More