July 25, 2014
Remodeling Mistakes - 10 Home Upgrades to Avoid!
Last time we talked about 10 great ways to improve the value of your home. However, it is also important to know which popular upgrades can actually do the opposite. Some things that seem like a great idea at first can actually reduce the desirability of your residence. We’re going to give you the heads-up on these to make sure you don’t fall into the home improvement trap!
1. In-ground Pools
While the long swimming season in the south makes this sound like a slam-dunk, installing a pool may not always be the best idea for improving the resale value of your home. Many people don’t swim. Others think a pool is too labor intensive and costs too much to maintain. And there are those who are concerned about the additional responsibility of pool safety and the additional insurance that may be required. If you are installing the pool for yourself, because you would love to have one, it’s the right move. If you’re doing it just to be able to hike the asking price of your home, stay away.
2. Additional Power Generators
Most homes don’t experience the extended power outages that make having backup generators practical. The investment in an additional power source doesn’t equate to an increased listing price when your home goes on the market.
3. Home Offices
Even though more and more people are working from home these days, the overall percentage of home workers is still low. Office spaces are highly personal surroundings. What works well for one person is a nightmare for another. If you don’t have a home office, don’t add one. If you do, don’t upgrade it in hopes of asking more for your home. Keep the area simple, so that prospective buyers can “see” the room being used for another purpose if necessary.
4. Extreme Appliances
Many remodelers make the mistake of going “whole hog” when replacing appliances in their homes. Expensive gourmet-quality stoves, ovens and wine coolers might sound like a great idea, but in most communities, they’re overkill. So few people have a need for these high-end appliances – there aren’t enough interested consumers to make the expense pay off in the long run.
5. Hot Tubs, Spas and Whirlpools
Much like fancy appliances and in-ground pools, these specialty items will only be seen as desirable by a limited number of people. In many cases, upkeep is an issue. Others may want to repurpose the space in a room or in the yard and see these “treats” as liabilities.
6. Roof Replacement
We’re not talking about putting a new roof on a home that needs it. By all means, if the roof isn’t sound, replacing it is the way to go. However, replacing the roof simply to put a higher sale price on the home doesn’t work. It is expected that the roof will be intact and in good working order when a house is sold, so putting a new one on doesn’t increase the asking price on a home.
7. Wall-to-Wall Carpeting
Home fashions are always changing, and right now, hardwood floors are “in”. Wall-to-wall carpeting used to be a hot selling point, but now, in many cases, it is a liability. People are much more aware of how carpets trap allergens, and many people with pets or small children find cleaning carpeting to be a hassle.
8. Home Theaters
Expensive, hard-wired home theater systems appeal to a small percentage of the population. Most people don’t have an intense appreciation for these high-ticket items, and won’t pay a premium price for a home outfitted with super-sound and an enormous screen TV.
9. Colorful Bath Fixtures
If you’re looking to remodel your bathroom to increase the value of your home, stay with neutral colors. If you add avocado green “retro” tile or a pink tub to your bath because you think they look “cool”, most prospective buyers will see these “upgrades” as renovation “to-do’s”.
10. “Adding On”
Most additions don’t pay for themselves in the long run. Some of the biggest offenders are sunrooms, extra garages and master suite additions. Additions are expensive to complete, and rarely add enough to the overall value of the home to make them worth the financial outlay. While many homeowners splurge on these projects because they appear “upscale” or “custom”, it is usually much more economical to work with the area of the existing home when upgrading.
If you have any questions about choosing the best upgrades for your home, ask the professionals at Ernest Signature Homes. We’ll give you the advice you need to create the home you want – with an eye to later resale value!
