Selling your home can be a tedious process starting with getting your home ready to go on the market. While some improvements may increase the value of your home and be cost effective, quite a few are NOT. Gone are the days that every little improvement you make to your home will matter. Whatever you do, don’t get caught up in the wrong improvements, and definitely none of the following:
An Extravagant Master Suite Addition
Increasing square footage is almost sure to add value to your home, but how you appropriate that space can make all of the difference. While a huge master bedroom is nice and walk-in-closets are fun – If you live in a smaller home, or are cramped on family living space, adding to the bedroom may not make your sale. In smaller or older homes people want larger kitchens and open floor plans.
If you do go ahead with this type of improvement you need to talk to your contractor AND a Realtor to make sure that your investment is not LESS than what you can net from the improvement in the sale. No one wants to sink $50,000 into their home to raise the value by $32,000!
Replacing the Entry Door
Entry doors are no small improvement these days with doors running $1500 plus! Sure certain types may save energy costs and a beautiful door with intricately designed glass may garner attention. However, when is the last time you heard, “Well, we love everything about that house, but the front door isn’t doing it for me!” NEVER! Or how about, “Wow, this house is great and it has a new front door so we should increase our offer!” NEVER! Unless the door is damages, broken in some ways or has huge gaps – a front door is a front door. It is not going to increase the value of your home by the same amount you paid for it.
Do you realize how many windows it takes to outfit a 200 sq. ft. sunroom? Do you know how much windows cost?! If you are thinking of adding skylights, sliding glass door walls or extravagant lighting you are in for even more of a shock. This is before flooring and fancy sound systems etc. Most of the time you are looking at over $40,000 with no guarantee of how much your home value will increase. You may think its adding versatile living space to your home, but when you go to sell, there is nothing the buyer can use that sunroom for except for sunning! You can’t turn a room made out of windows into a bonus bedroom!
If you are not in a geographic area that often gets sun, it’s a worse investment. There are plenty of other options. Simple decks, porches and patios are all the rage and give you a much better change of recouping your investment.
Home Office Remodel
Buyers want bedrooms – if they want an office instead of a bedroom, they will most-likely put a desk in their guest room. Even if you work at home every day – DO not go overboard. There are wonderful furniture setups from Ikea, Pier 1 and Pottery Barn that are beautiful and you can TAKE with you when you leave. Don’t go drilling any extra holes in the wall for cords and do not build in countertops or custom cabinets.
Most of these improvements are made to improve YOUR quality of life and fit your style. You can definitely accomplish your goals without going overboard and investing in changes and upgrades that you lose out on. DO your research and do not shy away from asking a Realtor (someone who is actually selling homes, NOT someone who is selling improvements!) Realtors know how some improvements affect your selling price. Any questions? Contact me – Allison@AllisonMovesYou.com
Allison Fishwick, Associate Broker
Edward Surovell Realtors