Anyone interested in selling a home, will consider upgrades to add to the home value. These upgrades can include adding granite or solid surface countertops, installing hard wood floors or adding a deck to the back. However, there are some upgrades that might seem to make sense but in reality will not add the home value that you seek. Here are the top 5 home upgrades to avoid.
1. Highly Personalized Designs
If you add anything that is highly detailed or personalized, you may actually be putting yourself at a disadvantage when it comes time to sell. You may think those very trendy green kitchen tiles will appeal to the next buyer, but you may be very wrong. If the goal is to sell the home, it is better to stick to the basics. Go with neutral colors and clean lines, not ornate finishings that may not suit everyone’s tastes. Use builder grade materials because spending a ton on a specialty marble may not give you the return on investment you desire. If your plan is to stay in your home for the long haul, then go ahead and add whatever gives you pleasure but don’t install something too unique if you are looking to sell.
2. Backyard Pool
While the majority of people in Tampa do prefer a pool in the backyard, installing one simply for the purpose of adding value doesn’t always add up. Usually the cost of the pool, plus the cost of maintenance means that you will at best break-even on this huge expense. Some people with toddlers may not want to take a risk on a home with a pool in case of an accident. Others may not like the upkeep necessary especially if there is a community pool nearby. Plus pools in this area can be quite elaborate with waterfalls, spas and different levels. Better to avoid the extra expense if the only reason you want to add a pool is to gain more profit at the closing.
3. Room Conversions
What may seem like a great idea to you, may end up being an epic fail when it comes to marketing your home. That beautiful theater room that took up two bedrooms, leaving you with a master and a guest room now makes a 4 bedroom home, only a 2 bedroom home. This would be a huge disadvantage when it comes time to sell. While adding rooms to a house may make sense (in terms of adding an addition on the house), deleting rooms or cutting rooms in half may be a huge problem and limit your pool of possible buyers later.
4. Major Structural Changes for Little Overall Gain
Some people put a lot of time and effort into adding a small amount of space to a house without considering the flow or the floorplan first. Adding a half bath to the lower level may make sense in some cases, but in others, it may throw off the design and make the house seem awkward. Some people think that extra storage space will add home value, but not if it makes the master bathroom much smaller. If you want to add space simply for the goal of selling the home, it makes sense to talk with an architect or home designer before you make major structural changes to your home.
5. Excessive or Expensive Upgrades
A common rule of thumb is not to make your house the most expensive house in the neighborhood. While you may want to add many extras to your home while you are living there, you may price yourself out of the market when it comes time to sell. Some sellers make too many upgrades and drive up the price past what is affordable for the area, if a buyer wants all those extras, they probably will be drawn to a more expensive neighborhood as a start. Be cautious with your upgrades and stick to those areas where you will get your money back.
If you are in the market to buy and want all the best features in a home, consider a newly built house. At Homes by WestBay, we build ‘feel good spaces for the way you live’ and you’ll find all the comforts that you want in a reasonably priced home. If you are selling a home, come view some of our model homes to get a better idea of what buyers today want in their next house.