While it’s normal to want to make improvements within your space to increase your home’s resale value, in reality, some makeovers will cost you more money in the long run. Just because you see something as an upgrade doesn’t mean a potential buyer will feel the same way. Before you make your home remodeling fantasy a reality, think about whether or not the project will pay off when you’re ready to sell. Plenty of home remodels can add value, but others — like the following five — can hurt it.
1) A Gourmet Kitchen
If you love to cook or entertain, a high-end kitchen could be the greatest gift to yourself. But if you think a substantial revamp will significantly impact resale value, you might be in for a shock. An upscale kitchen remodel recoups about 54% of its cost in added value, according to Remodeling magazine’s 2020 Cost vs. Value report. To avert kitchen renovation mistakes that won’t give you a return on your investment, try to focus on which characteristics of the kitchen are most outdated or worn. As appealing as it might be, consider selecting mid-range appliances rather than the expensive high-end options.
2) Luxury Bathrooms
An upgraded bathroom can undoubtedly add value to a home. Still, it’s simple to get carried away and take the idea of luxury a little too far. Potential buyers could be intimidated by bathroom remodel mistakes with over-personalized finishes and overblown whirlpool baths that are hard to clean–as well as hard for some folks to climb into. In its place, consider a walk-in shower, which typically uses less floor space. As for those over-personalized finishes, choose a theme that feels comfortable and appealing for everyone, picking one that won’t intimidate any potential buyers.
3) Building a Swimming Pool
This seems like such a good idea at first, who doesn’t like sitting around a beautiful pool on a hot summer day? As it turns out, most people just don’t want the hassle. According to HouseLogic, “a swimming pool could increase a home’s value by 7 percent at most” — and that’s only in certain circumstances. Since the cost to build a pool with the added maintenance costs is so investive–not to mention only yielding a very minor potential value boost–adding a pool simply isn’t a worthy investment for most homeowners.
4) Turning a Garage Into a Gym or Other Living Space
Suppose there is a recent addition to the family. In that case, with a child returning home or a grandparent needing to live with the family, turning the garage into an extra living space seems ingenious. Unfortunately, future buyers may not have this situation. They just want a garage to park their vehicles in that’s protected from the elements, in addition to a space for piling up their junk! Suppose the garage must be turned into a living space. In that case, it is essential to ensure that it can inexpensively be returned to its primary function.
5) Custom Luxury Updates
If you want to make extravagant updates to your home, customized luxury home upgrades usually only recoup a small percentage of what the project costs. But at the end of the day, do whatever makes you happy in your space. To us, that is really what the idea of homeownership is all about. Realize that while you might not get every dollar back, chances are, if you love something, someone else might just love it as much as you do, too.
Start Your Home Remodeling Project
We’d love to hear what projects you’re envisioning for your home! Stuck on what to do and need some tips? For advice on all home remodeling projects large and small, speak with us at Gordon Reese Design Build at (925) 885-3770, we’d love to help you create your dream space!