I’m an interior design expert – the renovations which are a waste of money as they WON’T add value to your home
WHEN you’re preparing to sell your home, there are some renovations that have a big impact on the asking price.
Not every addition or upgrade is a good use of your money, though, and interior design pros warn that if you’re trying to sell, some projects are a waste of time.
The experts at Homes and Gardens explained why you should avoid some popular renovations if you’re trying to sell.
“Knowing which home improvements won’t add value to your home is vital if you are planning to sell up,” the pros explained.
A to-do list of smaller projects can exhaust your budget just as much as a major upgrade, they added.
When you plan a renovation, it’s important to ask yourself if the cost and time involved will be worth the return on your investment.
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Heather Barrigan, an interiors expert from MyJobQuote, told Homes and Gardens that in-ground swimming pools are a great example of a renovation to avoid.
“While a swimming pool is a standout feature that anyone would love, they’re actually so expensive despite such a low return investment,” Barrigan said.
Installation costs can total up to $90,000 or more, and that’s before you account for the cost of maintenance and repairs – costs new homeowners will have to take on if you sell.
There’s also a good chance that an on-trend upgrade won’t stay current for long, Barrigan warned.
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Open floor plans fall into that category. The look has been popular for years but as it falls out of style again, homeowners shouldn’t convert their living spaces.
“Taking on this job involves a lot of work, as you will need to knock down a few walls to get the job done,” she explained.
It’s also “relatively expensive,” since the cost of removing walls and doorways adds up quickly, with a minimum price of $2,000.
Meanwhile, in the kitchen, foodies may be tempted to splash out for the best appliances money can buy. Barrigan warns against it.
“Some high-end appliances cost double the amount of average appliances, despite broadly having the same features,” she explained.
Adding high-end brands or niche appliances to your home can limit the pool of potential buyers, too.
You’ll need buyers who are passionate home cooks to see the value in your top-of-the-line induction range.
“It’s important to remember that names aren’t everything,” Barrigan said.
She also warned against an unexpected mistake many homeowners make: room conversions.
Turning an attic into a bedroom or studio space costs an average of $40,000, but doesn’t add a major price bump to your home.
You’ll actually lose an average of $7,000 by taking on this project.
And converting a bedroom into a more spacious master suite, or even a walk-in closet, can tank your home’s value for buyers.
“Many people dream of having a walk-in wardrobe or expanding their bedroom to make room for all of their clothes and shoes,” Barrigan explained.
“However, despite a high demand for storage, you can add 15 percent more onto your property value with extra bedrooms in comparison to extra wardrobe space.”
In other words, go ahead and use that extra bedroom for storage if you aren’t hosting guests – just don’t add permanent shelving, vanity lights, or other big-ticket items.