Home renovation projects are undertaken in the hope that they will increase the resale value of your house. Many people have complained that not all types of renovation costs are reflected in the sale price of the property.
“My husband and I shifted to a house in 1930, and we insulated the walls to make it more comfortable for the summer and winter. Despite putting in that much effort, we found that it did not show in the resale prices 15 years later when we moved out,” said Anna.
Not all types of renovation projects add to the sticker price of your house, and that is a harsh reality. However, it does not mean that you should not do up your house. Although insulation did not increase the value of the house, it added comfort. It means you cannot expect the money you spent on your house to recover at the time of selling it.
If you are looking to refurbish your house in the hope of making some extra profits, you will have to ensure that you take up the project mainly known for adding value to your house. Here are the home improvement projects that will not add to the resale price of your house at all:
Invisible or superficial changes
Insulation is essential, but unfortunately, the improvement cannot be seen. You might think that kitchen remodeling and bathroom renovation can help you make extra money, but you are all wet. Such improvements are necessities and do not change the look of your house.
Nothing extraordinary is involved that actually adds significant yet visible value to your house. For instance, of course, you will have to paint the walls of your house to protect your house, but this cannot help you recover the money at the time of selling it.
Do not be discouraged from investing money in such refurbishment projects. They cannot increase the future value, but they can protect the current value of your NTR Share House.
Swimming pool
Many homeowners think that having a swimming pool is the greatest facility, and this will certainly let them make a lot of money at the time of moving out. First off, it depends on your locality; the trend there.
The average cost of putting up a swimming pool is not less than £20,000, and this excludes the annual maintenance cost, which will be somewhere between £1,000 and £3,000. The homeowner would have to clean the pool to save money on the annual maintenance cost. Although a swimming pool is a significant improvement and adds a facility to have fun at home, it puts off most of the buyers.
Nobody has enough time to keep themselves busy cleaning the pool and spending on the maintenance bill. Many home buyers would find it a costly investment.
If you are looking to put up a swimming pool, you should not do it only if you want to use it and are going to stay for at least five to seven years. At the time of constructing the pool, you must have a budget. In case you need money, you can take out loans for home renovation.
Bathroom and kitchen refurbishment
Remodeling the bathroom and kitchen could increase the value of your house, but remember that this is not the only factor that a potential home buyer will consider.
First off, the refurbishment should include things above and beyond the normal and necessary changes. Replacing a toilet seat, laying down new tiles, and changing the leaky faucets cannot add value to your house. The changes must be concrete.
If you manage to get significant improvements done, you need to ensure that it blends with the rest of the house. Most of the time, homeowners upgrade the kitchen and bathroom, and the rest of the house looks very ordinary.
This may put off the potential buyers. They will perceive it as a lot of renovation work that will be upon themselves when they move in.
Sometimes, selling an ordinary house as it is seems to be the best option, or if you actually want to renovate some parts of the house, make sure it blends. Your house should look like a move-in ready.
Built-in modern appliances
To some extent, the renovation of your house depends on the latest trends established in your locality. If you are living in a posh area, you might admire built-in electronics wherever you need them. Unfortunately, this kind of renovation will kick your plans.
First, this kind of renovation will appeal to you only, not your buyers. A lot of changes are admired based on personal feelings and opinions.
It is likely that when a potential buyer visits your house, they will see it as a house that needs to be remodeled as they move in.
Secondly, cutting-edge technological appliances will soon become outdated, which means constant hefty investments in appliances. This will take a toll on the budget of a homeowner.
Built-in appliances are usually effective only when you do not have an idea to move out. Make sure to stay in the house for a long period of time in order to cover the cost of investment in built-in appliances.
The final word
If you want to refurbish your house to increase the sale value, you should focus on loft conversion or extension. However, there is no guarantee that it will increase the market price of your house.
Deciding which renovation project you should take up is challenging, but experts suggest it should not be too complicated.
You cannot decide what a potential buyer likes or dislikes. Therefore, it does not make sense to refurbish your house, thinking about what someone might or might not like.
Bear in mind that you are currently living in your house, so you should think of the renovation that you want. Think about your comfort and style, not someone else’s whom you do not even know. Otherwise, you will end up wasting your money.