Home improvement is on the mind of countless people this summer, as many are trying to update their home and get it on the market while property values are still going up. Although some may think that any improvement is a good one, making a poor choice could lead to you losing money over the course of selling your property.
These are some of the best and worst remodels any homeowner can do.
Good: Minor Kitchen Remodel
A minor kitchen remodel is one of the best home improvements anyone can do to get a good return on their investment. A minor remodel may mean replacing cabinets and one or two appliances, or instead redoing the tiles and counters, but not going further than that. The less you spend on your kitchen, the larger the return on investment will be. Although you can still do a major kitchen overhaul if you want to: it’s not necessary for your property to do well on the market.
Bad: Adding a Swimming Pool.
Some who question ‘what is my home worth?’ may assume that adding a pool will boost its value, and it will! Unfortunately, it only boosts it so far, and regardless of how much money you sink into the pool, you won’t be able to make it all back in the value of your home. If you want to have a pool and are planning to live there for countless future years, that’s a great idea: otherwise, don’t add a pool under the assumption that it will make you a profit because it won’t.
Good: Updating Garage Door
Updating a garage door is the best way to get the biggest return on investment possible for your home. These doors need to be replaced every ten to twenty years, so a property that’s updated and already has the new garage door will save buyers money and make it, so they don’t have to invest in their property immediately after buying. This is a great improvement to do.
While you’re at it, if you want to take this further, consider taking the time to power wash your garage floor, as well as your driveway and any paths that might have oil or stains in them. This will improve your home’s value while making it look brand new,
Bad: Turning a Bedroom into a Walk-In Closet
We all need storage; there’s a crisis in America of many people buying homes that don’t have enough room, so having to turn to rent out storage space to close that gap. Unfortunately, the answer to this problem isn’t to convert a bedroom into a walk-in closet.
Bedrooms can add fifty thousand dollars to the value of any property, so removing one and replacing it with a closet that adds no value at all isn’t a financially sound decision. Although you should still offer options for storage, don’t get rid of a bedroom.
Every Home’s Value Can Be Increased
Whether this is an income property you’re flipping to sell, or you’re updating your own home with the hopes of eventually selling it for profit: it’s vital that you plan ahead. A poor choice can lead you to lose out on your large investment.