Spending money on home improvements is a smart way to increase the value of a home for resale. But, only if the money is going into projects that buyers will be willing to pay for. The key to boosting a home’s resale value is spending money on the right home improvements. There are some home improvements, like kitchens and bathrooms, that will almost always have a high return. But there are other home improvements that homeowners think will result in a higher asking price that buyers just don’t want to pay for like:
Many homeowners think that it’s a huge selling point that they have installed new carpeting or gotten the carpeting professionally cleaned. But many homebuyers don’t want homes with wall to wall carpeting. They may not even want homes with carpeting only in the bedrooms. Hardwood or hardwood look floors are what buyers want. They want new floors that look great and won’t have the maintenance costs associated with carpet. Parents with children or people with pets also usually don’t want to buy homes with carpets because of the health risks of carpeting. Homeowners are better off paying to have the carpet taken out and new wood or vinyl flooring put down instead.
Homeowners can go very wrong by doing a kitchen renovation but creating their own personal dream kitchen. Whenever homeowners are doing a kitchen renovation they should choose neutral colors and high quality but not top of the line appliances. Many homeowners make the mistake of creating their own dream kitchen with over the top features and pricey appliances that potential home buyers don’t want to pay for because the kitchen isn’t in keeping with their personal style.
Have one cramped bathroom is a problem common with older homes. It’s not smart to put a lot of money into renovating that one bathroom. Even though homeowner might think that’s the logical way to do the renovation it actually won’t pay off in the end. Homeowners are better off taking that money and having a second bathroom created in the house. Even if it means leaving the first bathroom totally outdated it’s better to have more bathrooms than just one renovated bathroom.
Additions and Bonus Rooms
Additions are very expensive. In general the cost of that addition isn’t going to be returned when the home is put up for sale. Additions can ruin the look of a character home and they can make the house different from all the other houses in the neighborhood. A better use of those renovation dollars is to open up the existing floor plan and make the most of the space that is already there.