Investing in home improvement can seem like a great way to improve the value of your property. However, some properties may not give you the returns you’re hoping for when it’s time to sell.
Real estate experts highlight which upgrades you may want to think twice about before committing to them. Here are five home features that agents say can end up costing you more than they’re worth.
1. Transforming Your Garage into a Living Space
Converting your garage into a den, office, or other living space can seem appealing, but many buyers prioritize having a functional garage for parking. Omer Reiner, licensed real estate agent and president of FL Cash Home Buyers, LLC, says that while homeowners may appreciate the extra living space, many buyers still want a garage to park their cars.
Elizabeth Dodson, founder of HomeZada, points out that a lack of adequate parking can be a red flag for buyers, especially multi-car families.
2. Adding a Swimming Pool
While a pool may sound relaxing and fun, it can deter potential buyers who don’t want the added maintenance and expense. According to Angi, the average cost to install an inground pool is $65,709, but you may not see that amount when you sell your home.
Dodson notes that pools can also be a safety concern for families with young children, narrowing your buyer pool.
3. High Quality Kitchen Appliances
While upgrading your kitchen can add value, splurging on high-end appliances may not pay off. Elizabeth Dodson notes that consumers tend to prioritize functionality over luxury when it comes to kitchen appliances.
A study by Remodeling Magazine backs this up, showing that a major kitchen remodel costing $79,982 returns only 49.5% of the cost when you sell.
4. Building Niche Additions
Adding special rooms like home gyms, wine rooms, or movie theaters may fit your lifestyle, but they can limit your home’s curb appeal. Dodson highlights that niche additions can make it challenging for buyers to envision a space that meets their needs.
Fixr data notes that home gyms, which can cost an average of $13,500, may not provide a good return on investment.
5. Complex Landscaping Projects
Curb appeal is important, but jumping on the bandwagon with expensive landscaping may not give you the returns you’re looking for. Al Ruggie, director of marketing at ASAP Restoration LLC, advises sticking to basic maintenance like mowing the lawn and trimming trees rather than investing thousands in hardscaping or water features.
Although a clean yard may attract buyers, the excessive cost of landscaping may not be recouped.
Think Before Renovating
While making your home reflect your lifestyle, it’s important to consider how potential buyers will perceive the improvements. Consult a real estate professional or do a market analysis to understand what changes would give you the best return on your investment.
Making smart decisions now can help ensure your home holds its value when it’s time to sell.
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