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7 Home Updates NOT to Make When Selling Your HomeJune 15th, 2015 by
When it’s time to sell a house, it seems like everybody has advice about how to increase the value of your home and which home updates you should make before putting it on the market. Since it is equally important to be aware of what updates could end up costing you more money than you’d get back in the sale, the team at Best Pick Reports has compiled a list of home updates to avoid when selling your home—and some of them may surprise you.
1. Fancy Appliance Upgrades
While you certainly don’t want your appliances to look outdated, sellers typically don’t get to tack the cost of their new appliances onto their house’s resale value. Plus, since everyone has their own preferences when it comes to appliances, there’s no sense in spending a fortune on what your family considers the latest and greatest if you’re not going to be the ones using them. If you still think your current appliances could benefit from some cosmetic help, opt for appliance paint or stick-on panels instead.
2. Major Remodeling Projects
In general, remodeling projects are expensive, and potential buyers may actually be less than pleased with what you think is a great selling point—if you turned what could have been their guest bedroom into a permanent home office, for instance. Depending on where you live, a kitchen or bathroom remodel might be worth the investment, but people tend to be just as picky about their kitchens and bathrooms as they are about appliances, so you’re probably better off saving the money to remodel your new place.
3. Room Additions
If remodels are costly, room additions are even more so. They are also long-term home improvement projects that will likely extend your stay in the house you’re trying to move out of. Additionally, increasing your square footage runs the greatest risk of pricing your home out of the neighborhood. One of the more beneficial—and sensible—room additions is an extra bathroom if your house currently has only one.
4. Untraditional Features
You may feel like having your own library, wine cellar, or in-home brewery is the best thing since sliced bread, but if your buyers don’t read very often or don’t enjoy wine or beer, such features are wasted on them and may even deter them from purchasing.
5. New Windows
Having new windows installed throughout your home can make your family more comfortable and usually results in lower energy costs, but while they might save homeowners money in the long run, they require a large investment up front. If you’re not going to be around to enjoy the savings, let your buyers decide whether the expense is worth it.
A backup generator is just not exciting until you need it, and most homebuyers aren’t going to want to pay extra just because your house has one. Since there’s no guarantee they’ll need the generator, the higher price may not be worth it to them.
7. Swimming Pool
Similar to new window installation, building a swimming pool is not worth the time, money, or inconvenience unless you’re going to be using it. Pools also require a lot of maintenance and upkeep, so having one can sometimes turn potential buyers away.
All in all, if you know you’re going to sell your house, it doesn’t make sense to spend a fortune on home updates that may not interest buyers. Instead, invest in things they will appreciate not having to worry about themselves, such as roofing, siding, or foundation repairs.
Sources: HGTV; Money Talks News; Realty Times; This Old House; Yahoo! Homes.