Some people remodel their homes because they will be living there forever and they want the house to be personalized to their wants and needs. Some people remodel their homes with the thought of increasing their resale value in the future. It is important to remember that some remodels are not great for their ROI (return on investment). Let’s explore some of remodeling choices that might be a safer bet if you plan to sell in the future.
One of the biggest considerations to keep in mind when remodeling a home that you may be moving out of in the future is the neighborhood and who lives there. If you live in a neighborhood full of young families, with a lot of playgrounds and schools nearby, you probably don’t want to remodel your home so that it is not family friendly. Customizing a home to appeal to empty nesters in a family focused community will make it difficult to sell in the future. Keep your future buyer in the back of your mind when making your final decisions about your remodel.
One improvement that many people think of as a great way to make more money when they sell their house is by putting in a pool. Pool homes do sell for more, but they have a poor ROI. The amount you would get back from installing a pool is not likely to equal what you have put into it, especially in areas where a pool cannot be used for most of the year. Pools can also be a turn off to buyers with small children because of safety concerns. Other buyers may look over homes with pools because they require a lot of upkeep and maintenance, which can be physically and financially demanding.
Homeownership can be costly when repairs are needed. Certain types of repairs, such as electrical or extensive plumbing work, should be done by a licensed contractor. Any indication that there has been shoddy repair work done will turn potential buyers off. Any repairs around the house that look like they have been done poorly or as a DIY project could throw up red flags for potential buyers. If you look like you were willing to take on a project that is easily seen, what’s to say you didn’t take on something that isn’t visible and also do a bad job there? Obviously amateur work will make buyers worry about what they can’t see, so don’t give them a reason to wonder by making sure your projects look professionally done.
Adding high tech gadgets is another way to not get a good return on your investment. Technology changes and advances rapidly, so what seems cutting-edge today may be old hat by the time you sell your house, even if it is only a couple of years old. The same is true for following trends. Trends change at such a fast pace that, just like technology, outdated trendy decor can make your house look old. Just ask anybody who got burnt orange or avocado green appliances in the 70s! Crazy paint colors or over the top decor will also turn off many buyers. Recently, several home listings have gone viral because people cannot believe the crazy decor in homes that have been put on the market. Remember, not all attention is positive and it can actually end up hurting your chances of selling.