We told you recently about some great do-it-yourself home staging tips that are used by professional stagers to make a home more appealing to buyers.
But sometimes a seller is more motivated to get absolutely top dollar for their home by taking “curb appeal” to another level. They will renovate the home, either a complete overhaul, or just a room, to really capture the attention of buyers.
But some renovations offer a better return on investment than others; and some offer little or no return at all. A renovation that adds living space or other desirable functionality to the home will pay off. But those that simply improve what is already there might not produce enough of an increase in price to off-set the cost of the reno.
Check the list below to find out which renovations you should avoid if you want to get more bang for your reno dollar.
1. Swimming Pools
Even though they are more common than they used to be, swimming pools are still considered a “luxury” addition to a home. That might seem like a good thing at first, but not everyone wants to afford or take responsibility for that luxury. Swimming pools are viewed as dangerous by many home buyers, especially those with young children. The added work and cost of maintaining a pool is not an attractive option to empty-nesters who may not get enough use from the pool to justify the extra chores and out-of-pocket expenses.
2. Don’t Be the Biggest House in the Neighbourhood
Some homeowners feel that if theirs is the most imposing home around, it will get the highest price. They are quite right. But they won’t get enough of a higher price to cover the cost of adding a second story or an extension. The reason has to do with the old axiom for what is most important in real estate: “location, location, location”. Every location has its own price range. While you might be able to add enough to the value of your home to exceed the top end of that range, your home by itself can’t bring up the overall real estate values in the area.
3. Landscaping
It’s one of those things that can really set a home apart. First impressions are important and landscaping goes a long way to make that first look a good one for prospective buyer. But it’s a poor investment for trying to boost the value of your home. If the buyer is not into gardening or maintaining the landscape to such a high level, the beautifully pruned hydrangeas might be a turn off. On the other hand, if the buyer has a real green thumb, chances are that they will have their own ideas for the yard and undoing your landscaping is a chore.
4. Expensive Appliances and Upgrades
The thinking on this one comes from the well-known fact that the kitchen and bathroom are the rooms that influence a buyer’s decision the most. So why not add a new fridge and stove to sweeten the deal. But, just like it’s a mistake to increase the size of your home out of proportion to the rest of the neighbourhood, if you put new appliances into an otherwise outdated décor, you’re not going to get your money back.
5. Wall-to-Wall Carpeting
It was the “to-die-for” home accessory of 30 or 40 years ago. But it’s a mistake to think that if your carpet is a little worse for the wear and tear it would be a good idea to replace it before you sell your home. Carpeting, especially wall-to-wall, which can’t be removed for cleaning, is now considered unhealthy by many buyers. Add to that the popularity of hardwood flooring, and the result is that your expensive outlay on new carpets might reduce the chance of selling your home.
Every home, neighbourhood, community and city has its own characteristics that might make one type of renovation worthwhile and another one a waste of money. It’s best to talk to your real estate agent before you decide which renos to invest in.