Home remodeling is an expensive and time-consuming thing and everybody wants the results to be worthy of the hard work.
In remodeling and renovation projects, people tend to focus more on the looks and style of their homes. However, looks are not the only thing that matters the most in a renovation project. Rather, the functionality of your home and the return on investment are also the key factors you should consider while planning a remodeling project.
Homeowners get over excited with their renovations and they want to upgrade a lot of things. However, these so-called upgrades don’t always pay off.
Here are some of the home remodeling mistakes that you should think twice to take on considering their impact on the resale value of your home.
1. Swimming Pool
Having a swimming pool in your property is a very tempting thing. An in-ground swimming pool will cost you approximately $35,000 to $50,000. However, the return on investment according to the real state pros is abysmal. It is an especially bad idea in the cold areas where the pool usage would be limited. Many potential buyers steer away from pools because of their young kids who can’t swim, or they don’t want to deal with the maintenance and other liability issues.
2. Low-Quality DIY
Putting your sweat and time in a home improvement project looks like a very effective way to cut costs. However, it is very crucial to be realistic about your capabilities and to understand when you are compromising the quality of work and your safety. Experts consider visibly poor workmanship as one of the worst ROI-related moves you can make. It not only affects the overall value of your home but can be dangerous for your safety.
3. Expensive Appliances
Outdated appliances like refrigerators and stoves can be a turnoff for potential buyers. However, taking matters too far in the opposite direction can be just as problematic. A very costly and high-tech stove can be a great thing for you but it will worth nothing for a buyer who is not interested in using the kitchen too extensively. Realtors emphasize on the fact that less can be more.
4. Personal Details
People renovate their homes to reflect their personality. However, prospective owners can shy away from a home that is too close to your personality. Everybody has his own preferences and when changes you made may not go well with others. If you remodeling your forever home, then feel free to flash out. However, if you can move in the future to another place, it is better to stay with the mainstream.
5. Better Storage Options
There is a famous saying among the top realtors, ‘’Closets sell houses’’, and it is quite true. One of the biggest complaints from the buyers is that home lacks storage. Having more bedrooms in the home is a great thing but it may be worthwhile to add a walk-in closet in your home. Empty-nesters will prefer fewer rooms with great closets. Take advice from the local renovation experts about the addition of a closet room keeping in view the future aspects of your home.
6. Upgrading Your Kitchen
Kitchen and bathroom is the home improvement project which will cost you a lot of money. A major kitchen remodel can cost you around $60,000 and net a 62% ROI. While a minor kitchen remodels will cost your approximately $25,000 and around 80% benefit on ROI. So, avoid major overhauls like replacing the cabinets. Instead, consider replacing the doors of the cabinets and it will give a whole new look to your kitchen for a lot less money.
7. Top-Notch Bathtubs
Bathrooms are another remodeling project where you put a lot of money on luxury upgrades. However, when you take it in accordance with the ROI basis, it is a bad idea. For example, an oversized and high-end bathtub will cost you thousands to install and won’t provide good ROI. A better budget-friendly idea is to reglaze or refinish the bathtub which will revamp its looks and will cost you around $2,000. When you plan to remodel your bathroom, take the modest and wise route.
8. Costly Hardwood Flooring
Hardwood flooring is a very luxurious and beautiful flooring option for your home. However, it is quite expensive too. The average cost for such flooring is around $6 to $10 per square foot, with $4 to $6 per square in installation. Cheaper options like wood-like laminate or wood-like tiles offer the same looks but better returns on your investment.
In any type of home improvement project, try to maintain a balance between the style, practicality, and its impact on the overall value of your home. it is better to talk to home improvement contractors as they can rightly suggest the upgrades that will benefit you in the long-run.