9 Additions to Avoid Before Selling Your Home
Think twice before making these so-called upgrades. They may actually cost you money when you go to sell your home.
The average cost of installing an in-ground pool is between $30,000 and $60,000. When compared to the average return on investment? Not good. Especially in colder areas where pool use is limited or where surrounding homes don’t have pools. Many buyers simply don’t want to take on the maintenance, insurance and liabilities that come with a pool. Or they steer clear of pools because they have young children who cannot swim.
While outdated refrigerators and stoves will not do much to entice potential buyers, going too far the other way and purchasing expensive upgrades can be just as big of a problem — especially when dealing with those who are not well versed in the kitchen. Some buyers see high-end appliances as a waste, some as unnecessary. The best option? Remove old and outdated appliances altogether and give buyers an allowance to buy their own replacements. That way they can get exactly what they want.
Those built-in tech features may have been cutting edge and a “wow” factor when they were first installed, but over time they have a tendency of turning into relics. Stay away from integrated items that cannot be updated with ease. In general, built-in electronics become obsolete quickly, along with the custom cabinetry that houses them.
For the most part, homes with character and personality are a positive. But keep in mind that not all renters/buyers are going to embrace a home that caters to your personality and quirky preferences. The best way to determine the amount of personalization to incorporate into your home is to decide whether this is going to be your forever home or if a move is in your near future. If the former is true, go to town customizing it to fit your personality and lifestyle. However, if there’s a chance for a move, consider going more mainstream.
You’ll be hard pressed to find a potential buyer that chooses to purchase a home because a room was painted the latest trending color. But you may find some that are turned off by it. Simply put, avoid too-trendy hues that scream “look at me.”
Gutting the Kitchen
When you crunch the numbers, you’ll find that a major kitchen remodel costs approximately $66,000 and nets a 62-percent return on investment (ROI). A minor remodel only costs around $22,000 and nets an 81-percent ROI. Pretty obvious, right? High-priced overhauls like new cabinet installations should be avoided and more budget-friendly options like replacing cabinet doors should be considered instead. In many cases, simply changing out the countertops, updating cabinet fixtures, and upgrading the lighting can do wonders.
Bathrooms are popular rooms to remodel, but if your hope is to make cash back when you sell, dumping money into luxury upgrades there is not a good idea. For example, whirlpools or oversized tubs that cost thousands to install will not provide a good ROI. A better alternative is to go the modest route — re-glaze the tub you have and make it look like new for about $1,500.
While carpeting is still a popular feature in some markets, it can prove to be a tough sell in others. House hunters generally approve of the use of carpeting in bedrooms, however the color or pattern can be limiting. Use caution when deciding for or against carpet, and try to choose a versatile color that will appeal to a wide range of potential buyers.
The look of hardwood flooring is hard to beat, but having it installed is expensive — $9 to $18 per square foot for popular woods like maple, oak, cherry or walnut. Cheaper options, such as faux wood-like laminate or wood-like tile, can offer about the same ROI. Not only do these less expensive alternatives look and feel like real wood, they also are more durable. Plus, they’ll appeal to a wide range of potential buyers — fans of hardwood, pet owners, and parents of younger children.