We are in the middle of real estate season in Maine. Whether you know someone who’s finally pulling the trigger on their dreamhouse or you find yourself browsing Zillow in your spare time, it’s easy to get motivated about adding value to your home. However, not every renovation you make will add value. If you’re thinking about selling in the future, there are some renovations where you might not see any return on investment. Here are some dos and don’ts:
Renovations to Do
- Update The Kitchen – If you know that you want to add value to your home, but don’t know where to start, consider making updates to your kitchen. Often considered the heart of every home, the kitchen is where a lot of families spend most of their time. Although you might see a nice return on investment with kitchen updates, paying for those updates can be difficult. If budgeting for a full renovation is a challenge, there are some fairly easy changes that can improve the appeal of the space. Upgrade your appliances to stainless steel and install new countertops for a more modern, coordinated look. Replace the hardware on your cabinets and add a fresh coat of paint to the walls.
- Revamp Your Bathroom – Sometimes the smallest rooms in the house have the biggest impact on its value. This is true with bathrooms. If your current bathroom set-up is lacking in light, add a window to allow natural light to illuminate the space. If that’s not possible, replace your ceiling lights with recessed lighting for a relatively low cost. The brighter a room feels, the bigger it looks.
- Go Green – There’s been a growing demand for green housing over the past few years. Lowering your home’s energy costs will save you money for as long as you live there and can be a major selling point down the line. The changes can be small, such as adding storm doors or a ceiling fan to each room. Or they can be larger projects, like replacing all of the windows.
Renovations to Avoid
- Converting a Bedroom – Turning a bedroom into a room that’s specific to your interests is a huge risk if you plan to sell down the road. Not everyone will be as excited about a wine cellar or library as you are. Not only will it cost you money to convert the room now, but it might cost you again in a few years if you’re having trouble selling. A potential buyer with aspirations of having a big family may not want to spend the money to turn that room back into a bedroom. If you’ll definitely be selling down the road and you’re on the fence about converting a room, it might be best to hold off.
- Laying Down Carpet – Carpets are no longer as popular as they once were. Natural hardwood is now the big seller. Plus, wood floors tend to be easier to clean. They don’t trap as much dirt and they’re better for family members who suffer from allergies. And when carpets start to show their age, they need to be replaced. You can simply sand and refinish a hardwood floor.
- Putting in a Pool – Putting in a pool will definitely make potential buyers flock to your home, right? You might want to think again. Families may not want to deal with the maintenance or the liability of any accidents. Plus, our summers are short-lived here in Maine, meaning you only get a few hot months to actually use a pool. According to Home Advisor, the average cost to install an in-ground pool is $49,370. And on top of that price, you’ll have to continue paying to maintain it while you live there. That’s a lot of money that may yield no return on investment with if you ever decide to sell.
If you’re looking into a new place, or you’re looking to update your existing home, reach out to your us to see how we can help!