Sellers: Avoid These Renovations
Recently I shared some of the things you can do to increase the value of your home when you're selling it. This week I wanted to share some of the things that you should avoid doing if you're trying to increase the value of your home. The following things aren't worth the time, money, or the hassle that will come of it. You want to make sure that every penny you spend on your home is going to give you a return that you can bank on.
Putting in a Pool.
Many families don't want to have to deal with the hassle of a pool, including cleaning it or maintaining it. Some people with children want to avoid the risk of accidental drowning that comes with a pool. In reality, even if you would like a pool, it can only be used for a few months a year in this part of Ontario. Pools tend to yield the least amount of return on investment. If you spend tens of thousands of dollars installing a pool, chances are that you won't be able to recoup that investment when you sell.
If you're thinking about converting a bedroom into a library, wine cellar, or something else very specific to your interests, this might deter potential homebuyers who don't want to spend the time or money renovating the room once they move in. If you've already planned for a conversion, try to keep it basic so that it's easy to reverse the changes later.
Even if your carpet needs replacing, avoid installing any new carpeting in the home. Most people prefer hardwood floors because they're easier to clean and don't show dirt as quickly as carpets do. If you'd like to save money, consider using laminate flooring instead. It's a cheaper alternative that retains the look of traditional hardwood flooring.
Installing Ornate Light Fixtures.
It's well known that houses with lots of light are favoured among buyers, but if you spend a lot of money on an ornate chandelier or light fixture, chances are you aren't going to get a good return off that investment. Keep in mind that just because a chandelier makes sense in your home, it might not be what a new homeowner prefers.
Converting Your Garage.
Most people want a garage because of its ability to protect their car from the elements and because it's a great storage space. Spending time and money to convert your garage into another bedroom or a family room could actually cause your home to sell for less or not as quickly.
Greg Dewar on