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Some upgrades improve the value of your house, while others do not. Some may even decrease its value. Here are seven home improvements to avoid if you are thinking about selling your property.
1. Adding a Sunroom
Sunrooms are a great space to enjoy the outdoors away from bugs and the elements. Building a sunroom is expensive, ranging anywhere from $30K to $70K, depending on its features. It is a beautiful addition, but has one of the lowest returns on investment (ROI).
2. Luxury Bathroom Upgrades
Upgraded bathrooms can add value to a house; however, some bath features are too luxurious and scare off buyers. These might be over-personalized finishes, hot tubs, or whirlpool baths.
According to Remodeling magazine, on average, you only recover half of what you spend in upscaling your bathroom. So if you want to renovate, do it a few years before you sell, so you can enjoy your newly-renovated bath.
3. Extensive Landscaping
Landscaping improves your curb appeal. Doing regular maintenance is good – pruning the trees, raking leaves, and mowing the lawn. Be careful, though, about adding elaborate features, like ponds, waterfalls, or bridges. Buyers see these enhancements as an increase in maintenance. Moreover, they prefer to add their own personal touches to the yard.
4. Swimming Pool
Once upon a time, a pool or hot tub added value to a house, especially in hot climates. Now buyers see them as an added cost of maintenance and a potential hazard that requires insurance. At best, a pool increases your house value by a mere 7%.
5. High-End Kitchen
Buyers want a kitchen that is both functional and aesthetic. However, the resale value of a high-end, chef-quality kitchen recoups only 54% of its cost in added value. Rather than invest in expensive appliances and materials, you can make small upgrades that yield a bigger payoff. These include painting the cabinets, replacing hardware, and adding energy-efficient models.
6. Upgraded Systems
Doing an overhaul on your plumbing, electrical, or HVAC systems is not considered an improvement. Instead, buyers see it as maintenance. If your goal is to sell the house, do regular maintenance to make sure you pass the home inspection.
7. Solar Panels
Energy-efficient upgrades can add value to your house. However, solar panels are not viable. The cost and ROI of solar panels vary widely by location and the type of panels. The average return for them is often around 10%.
Another issue is if you lease the panels, they belong to the solar company, adding no value to your house. Also, panels age and improved versions are available every year.
Upgrade Your House Sale, Sell to an Investor
Rather than remodel your house to sell it, there is an easier and more affordable solution. Instead, sell it to an investor AS-IS. Our investors love houses that require TLC. Better still, you skip the home inspection and close when you want to. You can enjoy a hassle-free, cash offer and invest your money to improve your next house.