Not all upgrading projects add value to your home. In fact, there are seven projects you should avoid.
1. Extensive landscaping and hardscaping. Landscaping is gorgeous, but it is also very personal and expensive. The last thing you want to do is spend a lot of money making your yard look great according to your personal tastes. All you need to do is lay down some new mulch, maybe plant a flower bed, and clean up your yard to enhance curb appeal.
2. Upgrading electrical or plumbing in an older home. Installing new copper pipes or the latest wiring is something to do for your own comfort, but it won’t add value on the market.
3. Replacing gutters, sprinklers, the HVAC system, or the roof. Buyers see these things as maintenance items and consider them to be bonuses if they are new, but buyers won’t pay more for your house because of them.
4. Swimming pool and personal spa. The cost of installing a pool or a spa never finds its way back to your pocket. The upkeep they require is very costly and some buyers won’t even consider buying a house with a pool or spa.
5. Making dated improvements. When replacing appliances or flooring, you need to make sure you know what’s on trend in your area. For example, black and white appliances are on trend, so don’t upgrade with stainless steel. As for flooring, don’t upgrade old ceramic tile with new ceramic tile if buyers are tending to lean more toward wood flooring anyway.
6. Painting. Although painting is the most cost-effective improvement, unless you do it yourself, it won’t add any value. If you have a buyer who asks you to paint rooms a specific color, it might add some value, but that would be a very unique case. Painting will help sell your home, but an appraiser is not going to give you any credit for it.
7. Solar panels. The salesman is going to tell you that solar panels will add value to your bottom line, but that’s not true. Neither a buyer or an appraiser is going to give you credit for installing solar panels. In fact, if you financed them, you might have to pay them off at closing.
If you are thinking about selling your home, I would be more than happy to come out for a consultation to go over the exact items that will add the most amount of value to your home. If you have any other real estate-related questions, feel free to give me a call or send me an email. I look forward to hearing from you!