Home Improvement Projects That Will Not Give You ROI
Mar 30, 2010 Home Improvement
We all want our homes to look great, or better said – we want to be the envy of the neighborhood. Updating and remodeling your home is a good thing but you should take into consideration the type of project that will give you a return on your money, when it is time to sell. Aren’t all home improvements good? – You may ask. Not necessarily. Sometimes it goes beyond the type of room you are improving; sometimes it comes down to material and trends.
So how do you know which projects will be good to tackle? Usually the most used rooms are the ones that will give you a better return when improved. Rooms such as kitchen and bathrooms. While updating that old and dingy kitchen will benefit your pocket when it is time to sell, adding a second kitchen will not. Moreover, a second kitchen on a single family home will discourage some buyers. Unless you are adding a kitchenette to the basement which you are converting into an entertaining room with bar and amenities, a second kitchen will scare buyers away. And even that converted basement is not a priority on rooms that will give you the best return. That basement will become a bonus.
Watch for important trends too. Taking our example of the kitchen, if you are going to remodel it, remodel with appliances that buyers are looking for. Are you staying in your home for more than 10 years? Then do not go crazy with the appliance craze – because in 10 years your remodeled kitchen will be dated anyway. Buy quality appliances that are energy efficient and forget about the color, or if they are stainless steel or white. Buyers are going nuts for stainless steel and gourmet kitchens, but is the trend going to be the same over 10 years from now?
Bathrooms should be remodeled with a clean and neutral palette. Invest in quality fixtures that last. Do not go for the latest European look which will cost you thousands of dollars and will become obsolete. Buy the best quality fixtures you can afford in your budget, as there are some cheap and half-plastic fixtures out there that will break easy.
The workforce has changed in the past decade and more people are working from their homes. Having a room for an office will give you a return on your investment, but having expensive furnishings in it will not, even if you sell the house with the office furniture included.
A pool is a wonderful thing to have and enjoy in those hot summer days, but it truly does not give you a return on your money. Some buyers are put off by pools because they worry about insurance and their children. Unless you live in an upscale neighborhood where having a pool can make or break a sale, it will not matter otherwise.
Other rooms that will not give you a return on investment are special rooms such as gyms, wine rooms, theaters and other rooms tailored just to a particular taste. A good size family room will sell better than a fancy theater.
These are some tips to take into consideration before remodeling some rooms in your home. Take into consideration the time that you are planning to stay in your home as well as material cost and trends before making a decision.
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