These Improvements Aren’t Worth Your Time — Or Money

 

Over the course of many years, we have been conditioned to view almost any home improvement or repair as something which automatically increases the value of the home, as something that will guarantee a great ROI upon selling it. This is not always true.

When deciding whether or not to add a new addition, fix up the basement, purchase new appliances, or other home improvement projects, it is important to ask yourself: do I know that this project will add monetary value to my home? Is this repair a necessity or a nicety? Are these new appliances going to fill my needs and make me happy, or am I buying them because I think that they will add value to the home when I sell it in a few years? There are certain repairs, renovations, and upgrades that just will not help you make a sale.

Let’s take a walk through your home and look at things more closely.

New Carpeting?

While this could appeal to some people, home buyers are often turned off by it because they will feel like they need to have carpets professionally cleaned before moving in. They also might be conscious of health hazards due to allergens that gather in carpets. These thoughts and more will cross the minds of home buyers making their decisions.

If you have good flooring, show it off. You’re much better off with hardwood flooring that can be topped with area rugs or carpeted over later if the home buyer chooses to do so.

It’s a bedroom, not a zoo. If you want to have pets, have pets, but be careful to avoid making structural changes like adding built-in cages or aquariums. This is an example of “improvements” detracting from the value of your home because unless you find another Dr. Do little to purchase the home, you are going to have to convert it back to normal before anyone else will buy it. The same goes for other highly personalized conversions such as a cold pantry or wine cellar. Anything you do that is truly unique to you needs to be done in such a way that it is easily undone before putting your home on the market. Otherwise, potential buyers may view these personal extravagances as expensive projects to undo, or instead make it part of the deal that you undo them yourself.

Where is the Garage?

If it looks like a garage, potential home buyers are expecting it to be a garage. If they walk in and find that it’s been completely changed into something else that can no longer have a car stored in it, they will not be too excited. Homebuyers enjoy not having hail damage their vehicles, not cleaning off ice or snow on winter mornings, not leaving their car at the mercy of night-time pranksters — or worse. Instead of a “man cave,” you will find greater success with a real garage.

That does not mean that you cannot create that family room, theater, or gym in your garage. You can — if you set it up in such a way that the garage can become a garage again with minimal cost. For example, don’t carpet it.

If you want to cover the garage floor, do so with large area rugs, or if you want to use carpet, roll it out onto the surface without attaching it with glue or permanently installing it in any other way. If you have built-in storage cabinets, leave them as such instead of dismantling them to hang up the big screen.

The famous kitchen

If you plan to live in your home for many years and you want to enjoy an updated kitchen, go for the greatest kitchen you can afford. However, if you plan to renovate the kitchen in hopes of raising the home’s value and increasing your profits at its sale, be warned. On paper, kitchen renovations are usually only worth about half of what homeowners spend on them — even less if you go too gourmet.

New granite countertops, new tile flooring, a new brushed stainless steel sink, and a sophisticated cabinet system with a hideaway refrigerator — these things and more might be your dreams coming true, but that doesn’t make them the appraiser’s or potential buyers’. If remodeling is a must, approach with caution and avoid overspending.

In general, the kitchen is the heart of the home, so you’ll impress potential buyers to have a nice one. However, you will not realize a 100% ROI on a kitchen remodel. No one is telling you to hang onto the plaster or old ceramic sink, but it would be smart to tread with caution.

Taking it up a Level?

Do you need more room to fit your family for a few more years? Is your mother-in-law moving in so you need to build a special suite for her? There are valid reasons to build additions onto your home, but if you are planning on moving out anyway and the addition will only be a temporary bandage, hold off on making expensive changes.

If your house is the smallest in your neighborhood and everyone else has a second story, you have a better chance of recouping your costs than if it’s the other way around.

Home buyers want to be comfortable in the home and with their surroundings. If you are adding onto your house in good taste so that it does not stand out like a sore thumb, the appraisal will likely go in your favor. However, covering 100% of the cost of any addition is very unlikely, so don’t get your hopes up.

How Can I Help?

If you’re looking to improve your home’s value but don’t know where to begin, I’d be more than happy to give you advice about what buyers in your area are most attracted to when they’re searching for their next home. I can also give you more advice about simple ways to increase the value of your home without spending a lot of money.

If you’re looking for a dedicated agent to handle the sale of your home or help you purchase your next one, look no further. My former clients can attest to how hard I’ll work on your behalf. Contact me today to find out how much your home is worth, and I’ll send you a free copy of my book that shows home sellers how to get top dollar for their homes in the shortest amount of time!

Email: natalia@firststaybc.com
Contact: +1 778 317-6393
Natalia Garbuzova – Lease-Up Rental Agent

Inexpensive Ways to Increase Your Home’s Value

 

$99 and Below Ideas

1. Inspect it first.
Not all home improvement projects are cosmetic. They may be less obvious than red brocade 1970s wallpaper in the bathroom, but deteriorating roofs, termite infestations, or outdated electrical systems will play a major role in your house sale. While a new roof will not add appreciably to market value, as a serviceable roof is expected by home shoppers, a dilapidated roof can quickly squelch the deal, or at least cost the seller the amount of a new roof of the listing price and cost you the trust of a buyer who now suspects you won’t have maintained other parts of the home, as well. You can’t fix it if you don’t know it’s broken, so hire an inspector to check out the areas of your home you don’t normally see. An inspection can alert you to unseen issues that could negatively impact the value of your home. Small problems (like minor water leaks) can become big, expensive problems quickly; the longer you delay repairs, the more expensive those repairs will be.

2. Get a professional perspective.
Engage a real estate agent or interior designer to examine your home with an eye to improving sale value. Many real estate agents, such as myself, will do this as a courtesy, but an interior designer will likely require a consultation fee. Check with area designers; the hourly fee is normally less than $100. In that time, they can give you ideas for necessary or desirable improvements. Even small improvements, such as paint colors or furniture placement, can go a long way toward improving the salability of your home.

3. Paint, paint, and paint some more.
Among the most visible, yet simplest and most cost-effective improvements in preparing a home for sale is fresh paint. A freshly painted room looks clean and updated — and that adds value. When you’re selecting paint, use neutral colors to appeal to the greatest possible number of people, making your home more desirable to a wider audience. On average, a gallon of paint costs around $25, leaving you money to buy rollers, painter’s tape, drop cloths, and brushes. Get out the ladder and get busy!

$100 to $200 Improvements

1. Add a water-filtration system.
To add an inexpensive bit of luxury while saving money over time in the kitchen, install a water filtration system. These systems purify your water and save on buying bottled water. A water filtration system is an inexpensive improvement and the type of luxury touch that attracts home buyers.

2. Plant a tree.
Trees add curb appeal. A longer-term strategy to add value to your property if you’re not planning to sell your house anytime soon is to plant a shade tree. Mature trees make your home more desirable, while a fully grown, properly placed tree can save you as much as 40% in cooling costs. Mature landscaping is also beneficial for the environment, providing a habitat for wildlife.

3. Add low-maintenance landscaping.
Shrubs, bushes, and colorful plants will add curb appeal to your home, so “think green.” Purchase greenery that’s native to your region, or plants that can survive in drought-like conditions — which means they’ll require less water and maintenance.

4. Remove textured or “popcorn” ceilings.
Popcorn ceilings date a house as few structural elements do. Remove the dated look and add to the value of your home. Beware that ceilings might contain asbestos — have yours tested professionally. Then use a solution to soften the texture, and scrape the popcorn away. Removing a popcorn ceiling may not seem like a big change, but one of the keys to adding value to your home is to repair, replace, or remove anything that could turn buyers away, no matter how small a change might seem.

Home Improvements in the $200 to $400 Range

1. Engage a lawn service to clean up the yard.
The key to curbing appeal is your front yard. Carelessly mowed grass, patchy brown areas, and untrimmed bushes or hedges are a fast turn-off to prospective home buyers. A lawn care service can be engaged for a few hundred dollars to trim your lawn and shape your hedges. The curb appeal will go from messy to maintain.

2. Minor bathroom updates return big dividends.
Even if you can’t afford a full bathroom renovation or remodel, small changes such as repainting, removing dated wallpaper, and replacing old lighting fixtures will update the room without hurting your budget. If there’s no ventilation system in the bathroom, have a wall fan installed.

3. Upgrade to energy-efficient fixtures.
A ceiling fan can provide light and, in warmer months, produce a soft breeze that can reduce the need for expensive air conditioning. But an outdated, chipped, loud, or broken ceiling fan is a useless distraction. Replace old fixtures with new ones to make your home more enjoyable as a homeowner and to increase the bottom line if you decide to sell.

Home Improvements: $400-$750

1. Update the bathroom for a big ROI.
A bathroom update with a budget of $750 can return a fine ROI while attracting buyers. One cost-effective change, such as replacing an outdated vanity, older plumbing, and lighting
fixtures, or installing a tile floor, will improve home value and sales potential.

2. A kitchen update adds value.
As with bathroom upgrades, almost any kitchen update will add to your home’s value and garner the attention of buyers. Kitchens and bathrooms are key for buyers. To maximize your home’s value, start by swapping out one item — such as an old sink — for a shiny new stainless model. Even small updates will add big value to your home.

3. Replace worn carpets or rugs.
If your carpets and area rugs are stained or worn, it’s worth the investment to replace them. Buyers are turned off by the thought that they will immediately need to replace all the flooring in a home. Ideally, you want to replace them all, but if a more limited budget constrains you, start by replacing the carpet in the room that shows the most wear and tear and replaces the others as finances permit.

How Can I Help You?

If you’re looking to improve your home’s value but don’t know where to begin, I’d be more than happy to give you advice about what buyers in your area are most attracted to when they’re searching for their next home. I can also give you more advice about simple ways to increase the value of your home without spending a lot of money.

If you’re looking for a dedicated agent to handle the sale of your home or help you purchase your next one, look no further. My former clients can attest to how hard I’ll work on your behalf. Contact me today to find out how much your home is worth, and I’ll send you a free copy of my book that shows home sellers how to get top dollar for their homes in the shortest amount of time!

Email: natalia@firststaybc.com
Contact: +1 778 317-6393
Natalia Garbuzova – Lease-Up Rental Agent