4 Home Upgrades You Won’t Get Your Money Back on
Lots of renovations will improve your home’s value — as well as what you can profit off the property once you’re ready to sell.
But some others? They’re usually a waste of money, or worse yet, could even hurt your chances at selling the home later on.
Planning to do some work around the house soon? Here are the four renovation projects you might want to think twice about
1. Adding or enlarging a master suite.
According to Remodeling Magazine, this is the worst-ROI home renovation you can take on. Adding on a master suite only offers about a 51% return on investment and costs anywhere from $136,000 to upwards of $282,000.
2. A swimming pool.
Swimming pools can be a tempting addition, especially if you live in a warmer climate. But not only do they come with high price tags (anywhere from $50,000 to $80,000 a pop), they also come with soaring maintenance and upkeep costs.
Not many buyers want to take these on, so it could make your home harder to sell later on down the line.
3. New carpeting.
Carpeting is on its way out. So while worn out or dirty carpets can certainly take away from your home’s appeal, adding in new, wall-to-wall carpeting isn’t going to help much either.
Unless it’s in a bedroom, consider ripping out that old carpet and replacing it with tile or wood instead. It’s much more on-trend and easier to care for, too.
4. Single-purpose spaces.
Rooms that serve one specific purpose aren’t going to do much for your home’s marketability, since they rely on the buyer having the exact same needs and interests as you. This includes spaces like sunrooms, wine cellars, media rooms, craft rooms, and other similar ideas.
If you want to add a space like this, make sure what you’re updating isn’t permanent (no built-ins and hard-to-remove features).
Considering some home improvements?
If you’re going to upgrade your property, make sure you do it right. Choose high-ROI options that will improve its marketability (not to mention profits) later on, and steer clear of ones that are too specific or require costly upkeep.
Do you need funds to get those upgrades going? A cash-out refinance may be able to help. Get in touch with Embrace Home Loans to learn about your options today.