As a homeowner, you may have your own reasons to upgrade your property. Maybe you are giving it a cosmetic facelift to increase its resale value. When upgrading your property, it is important to make smart choices. Otherwise, you will lose a lot of money. You could even turn off potential buyers.
Before launching a home improvement project, it is important to review your market. You should know what upgrades have the best potential. If most homes in your neighborhood have just 3 bedrooms, adding a 4th bedroom to your home can actually boost its resale value. But if the homes in your neighborhood have an average price of $150,000, spending $50,000 on a kitchen remodel is not a wise idea because it won’t automatically increase the value of your home to $200,000. The idea of renovating a home is to increase its resale value. If renovations price the home out of the local market prices, you will have a tough time finding a buyer. But if you really loved those exotic marble countertops or steam showers, you may get them for your own enjoyment. Just don’t expect them to boost the value of your property dramatically.
Here are home improvement projects that may not increase the resale value of your home.