When it comes to our homes we all want what we want. Perhaps you found a house in the right location but it didn’t have all the qualities you expected. Maybe you want to make some renovations to get it just the way you want, but are a little confused on exactly how to spend your hard earned money.
While there are many things you can do to improve the value of your home, there are also things you can do that will NOT return your invested money.
1. Sunrooms – There’s no shortage of companies advertising on television for sunroom construction, and while you may love to have a place to bask in the sun – studies have shown the average cost to be around $75,000 while you only get back around $36,000.
2. Swimming Pools – Swimming pools are great if you aren’t the one maintaining them. Not only do pools cost a lot of money, generally 10,000 to over 100,000, but they carry a big risk with insurance, lawsuits, injuries, etc. Did I mention the upkeep? The cost for this alone would make them unappealing for most people. Plus, if you are ever going to sell your home you limit your potential buyer market to people who desire this added cost and risk.
3. Bathrooms – Looking to install a fancy bath tub, steam-room shower, or tub side fireplace? All these things sound nice but again studies show you can expect to recoup only 30-50% of the overall costs.
4. Elaborate Landscaping – Creating nice curb appeal can be achieved without a Koi pond, expansive flower gardens, and exotic shrubs. Maintaining these things may be a hobby for you, but the next home owner will probably see it as a burden that requires a gardener.
5. Garage Addition – Is collecting cars your passion? If so, you probably want more space in your garage to store your toys. This seems all good, but don’t expect to get the money back you spent adding on. At best you can expect to get about 55% back at selling time.
One thing you have to keep in mind when thinking about renovations and changes to your home is – what do you want out of your home? If you aren’t concerned about recouping all the money you put into it, then these things shouldn’t worry you. Sometimes you can’t put a price on making a house a home.
However, if you are looking to make some strategic moves that would add value to your home then hopefully these five things will help you when trying to decide. If you need further advice on adding value to your home through renovations, feel free to reach out to one of our qualified agents here at EXIT Realty Bob Lamb & Associates.