Homeownership comes with a good deal of maintenance and home improvement projects, but some homeowners select projects with the specific goal of adding value to the home. If you fall into this category, it is wise to keep in mind that not all home improvement projects are created equal, and not all improvements will mean value added.
Here are some such projects:
Updating an unimportant room: If looking to do updates in your home interior, focus on updating the kitchen and/or bathrooms. Remodeling your home office will not give you the same ROI.
Adding a sunroom or bathroom: Additions are not always a bad idea, especially if the home is in dire need of an essential room, but for the most part, adding onto a completed home isn’t a good investment. First off, you don’t want to overbuild for the neighborhood. Adding too much to a house can make it stand out in a neighborhood in a negative way.
And while a sunroom or extra bathroom may seem like a great idea, potential buyers may not be willing to pay extra for the addition.
New carpeting: If you plan on living in your home for a while before selling, new carpet may be a good idea. But buying new carpet specifically for resell is not a good idea. Carpet is increasingly becoming less popular to other flooring options, and your taste in carpet may not be the potential buyers’ taste.
Elaborate landscaping: Landscaping is important to the curb appeal of a home, and potential buyers appreciate a well-maintained lawn, but don’t go overboard. Extensive landscaping may turn away potential buyers because they are intimidated by the necessary upkeep the landscaping would require.
All blog information is of the opinion of the Loan Officer and is not supported by Fairway Independent Mortgage Corporation
