Imagine that you build your dream home, customizing it exactly as you want, with all of the features and amenities that you’ve been dreaming of. Then one day, the time comes that you really need to sell it. And you discover, much to your surprise, that apparently no one else in your market shares your tastes. Is it possible to avoid installing home improvements that will ultimately negatively affect your home?
Be careful not to spend an exorbitant amount of money on home office remodeling, adding sunrooms, building garage additions, replacing doors, installing pools, and replacing roofs. While all of these are projects that are time-consuming and expensive, most will not return your investment.
While pools can be perfect for families, a great way to cool off and spend time together during those hot summer months, they don’t boost the value of your home. In fact, in many cases, the presence of a pool is actually a deal-breaker for people who might have bought your home otherwise. Most potential buyers don’t want a pool and all the responsibility that it involves. Pools require year-round maintenance, which means their expenses can pile up quickly.
Another costly home improvement is roof replacement. While certainly keeping your roof in good repair is crucial to maintaining the structural integrity of your home, unfortunately, most potential buyers don’t factor the cost of a high-quality roof into the overall value they place on a home. While most savvy buyers will look for evidence inside your home to ensure that the roof doesn’t leak, they won’t be asking a lot of questions about the life expectancy of the shingles and the gutters.
Of course, if any of your home’s features need to be replaced or repaired, you need to have those things done. Placing your home on the market while it has damages or outdated features will limit its competitiveness. There are always lots of other alternatives in residential real estate, so you need to be sure you keep your home truly ready to sell—before you need to sell it.