2 HOME RENOVATIONS THAT COULD
REDUCE THE VALUE OF YOUR HOME
Someday, you'll want or need to sell your home.
Many homeowners who have lived in the home for more than just a few years
perform renovations, not understanding that what they do may not pay off when
they sell and may, indeed, cause the home to sell for less than comparable homes.
Let's take a look at two of the worst renovations you can make if you hope to get a
payoff when you sell.
#1. INSTALLING A SWIMMING POOL
If you can swing the $30,000 to $75,000, an in-ground pool will set you back, and the
only thing standing in your way is the question of whether or not you'll recoup any of
that money when you sell the house, here's your answer:
it depends mainly on where you live.
For Minnesotans, for instance, swimming pools aren't as highly regarded as they are in areas with "eternal summer" such as the Southwest. It's difficult, at best, for buyers to picture their family diving into crystal water on a lovely summer day when viewing it in the dead of winter. For homeowners in
Arizona, Florida, California or Nevada, on the other hand, installing a pool may boost
the home's value. Even in colder regions, if you have a pool, try to sell the home in summer.
#2. CONVERTING THE GARAGE
For years, the trend in some regions of the country was to convert the garage into a
bedroom. Some of these homeowners had permits, and many did not.
"If it's not permitted, they'll have a problem selling," cautions George Holmes of Eagle Appraisal of Las Vegas.
And, if it is permitted?
"It depends on the price class of the home. If it's a cookie cutter house and lacks a 2-car garage, we'll deduct $8,000 to $10,000," Holmes said. "It's not cut and dry; however." he cautions.
If it's an easy fix to return the space to a garage, it may be worth the time, energy, and money to do so. When you have money to burn and consider renovating, think about spending that money where it will count the most with buyers – on new appliances, an updated HVAC system, or a new garage door.
The above list is just two items of home renovation to consider. I'm happy to share
more ideas with you – reach out to me for additional guidance.