Home improvement resale mistakes are sadly all too common. It’s strange but true. The fact of the matter is, there are some home improvements which actually derail sales. Now, most people wouldn’t imagine that’s the case. But, it is a reality for some unfortunate home sellers. The good news is, if you’re already a homeowner and thinking about making some improvements, you should know which will pay off in the long-term and which will come back to haunt you.
Best ROI Home Improvements
Of course, there are some home improvements which fetch a strong return-on-investment or ROI. Topping that particular list is boring attic insulation. That’s right, attic insulation isn’t exciting but it does take first place on the list with a recoup of 116.9 percent on cost. Second on the list is a new garage door. Okay, so another ho-hum item but nevertheless a solid performer with a whopping 92.9 percent ROI.
“Like many people, you might be under the impression that home improvements are good investments that pay for themselves when you sell your house. You’d be wrong in most cases. Except for steel entry doors, that is. Such doors tend to recoup 102% of the construction cost when a home is sold. A front door made of fiberglass–which actually costs more to buy and install–won’t pay off nearly as well. It only pulls in 60% of its original cost. The sad truth is that most home improvements are like fiberglass doors, and won’t come close to paying for themselves.” —Forbes
There are two more home improvements which really bring a great return on expense. A new steel entry door brings back 91.1 percent, while a new upscale garage door recoups 90.1 percent. Again, nothing exciting but definitely worthwhile.
Top 5 Home Improvement Resale Mistakes
When homeowners go into a home improvement project, they don’t necessarily think about resale. And, they should always think about the impact on resale. While it’s not something you’d like to delve into, it’s a stark reality. Here are the top home improvement resale mistakes homeowners make:
- A bedroom that isn’t a bedroom. Sure, converting a bedroom into a home office is one thing. But making into a space that can’t easily be converted back to a bedroom is another. And, it’s something that will definitely cause buyers to object.
- A big, ornate, oasis pool paradise. A pool is often an asset to selling a home. But, if that pool is overly ornate or is really intricate and decorative, it’s going to turn off a good percent of potential buyers. They’ll see it as a huge expense to tone it down and make it less out of the ordinary.
- Color schemes that cause people shock. Colors can work wonders. But colors can also cause a huge turn off. This is especially true if there are disparate colors or mismatched colors throughout the house.
- A big hot tub with all the bells and whistles. Getting back to water features and amenities, hot tubs just don’t generally help to sell a house. Sure, it’s a wonderful, relaxing experience. But, it looks like a bacteria trap to others. They’ll object to it simply because it isn’t their own.
- A converted garage that is no longer a real garage. Here again, we’re bringing conversions into the mix. There is typically no upside to removing a garage in favor of climate controlled living space. Take away the garage and you take away function and do so permanently.
If you are considering buying or selling a house in Orlando’s Hunter’s Creek, or another community, contact us for the latest market information. We are local and experienced in all facets of residential real estate, here to help you, when you need it.