Renovations That Are Not Worth Their High Price Tags
Residents who are hoping to put their house up on the real estate market want to make it look as tempting to buyers as possible. There are plenty renovations and home improvements that can transform a house into the hottest listing in the area. On the other hand, there are projects that will do nothing more than waste your money and make a property harder to sell. Find out the renovations that are not worth pinning your hopes on or spending your money for:
Swimming Pools:
Installing a luxury feature like an in-ground swimming pool seems like it would be a sure bet when it comes to selling houses, but this assumption is wrong. The real estate website Zillow names swimming pools as one of the top home improvements that aren’t worth the money — the main reason behind this is that they barely recoup the costs when owners sell their properties. Zillow claims that a homeowner’s gain runs between $10,000 to $20,000 dollars from the renovation.
This sum seems like good news, until you realize that it pales in comparison to the initial cost of the renovation — the average cost of an inground pool based on data collected from across the country is $49, 853. Even if a homeowner collects $20,000 off of their sale, that means they get a return on investment that’s less than fifty percent. People also have to incorporate additional costs into their renovation calculations to account for maintenance and essential components, like covers and poles.
Unless your home is in a location that is warm and sunny all year round, a pool will not be a wise renovation. It will be covered up for entire seasons and be used briefly during the summer months. Since people can only enjoy the feature between June to September, it will not be considered a very enticing prospect for buyers.
Home Theaters:
Another one of the renovations not worth the investment is a swanky home theater complete with a giant television screen and top of the line speaker system designed for movie marathons and long Netflix binges. The problem with the room is that the necessary technology can get dated very quickly. People upgrade their televisions, their speakers and other electronics often to adapt to media improvements. Shelling out so much money on a room that will be revamped in a year or two is not the greatest investment.
High-Tech Kitchen Remodel:
Sprucing up your kitchen with new cabinets, a fresh coat of paint and replacements for run-down appliances is a good idea to draw in buyers. The renovation becomes a problem when you go overboard and fill up the space with expensive devices like a smart refrigerator that notifies you when you need to get groceries.
The 2018 Cost vs. Value report found that a major kitchen remodel only recoups half the costs after it is finished — it was measured against twenty-one of the most popular remodeling projects and sat in one of the lowest spots on the list. The average cost of the makeover was $125, 721 while the resale value is $67,212, making the percent recouped costs a measly fifty-three percent.
In general, you should avoid spending on grandiose additions to sell your house. When preparing your house for the real estate market, you should focus on small practical home improvements. The move will be especially convenient for people who are working with a tight budget and who want to continue living in the space during renovations.
Choosing extravagant remodels on a tight budget is a risky move. It sets up the possibility of an expense or unexpected delay catching you by surprise, leaving you a little short of what you need. If this happens, you can go to an online lender like MoneyKey to get a loan to take care of minor yet important repairs until you get your next paycheck or until your budget gets back to normal.
The extra support can help you deal with an overdue bill that slipped your mind during the renovation process or the upsetting discovery of a dangerous electrical code violation. You can explore your online options to see what type of loan works and what repayment schedule works with you so that you can get back to normal and focus on the home renovations just like before.
A house doesn’t need to have all of the bells and whistles in order to sell for a great price. The statistics show that extravagant changes rarely work out in the owner’s favor, and that their huge initial costs are difficult to regain. You’ll find that draining your bank account for the sake of home improvement is not a bright idea, before you put up the for-sale sign and after you take it down.
