With so many home improvement shows to binge-watch right now, it’s easy to get caught up in the home improvement trend – but do you really reap the financial reward when it comes time to sell?
According to NerdWallet the answer isn’t always “yes.”
NerdWallet took a look at various home improvements and found that, while many can add value, others – like the following five – can actually hurt the equity you want to gain in your home.
Chef-Quality Kitchen – If you’re a gourmet cook and spending time in a chef-quality kitchen brings you joy, then go for it – but don’t expect to reap any financial gains when you come to sell. According to NerdWallet, “an upscale kitchen renovation recoups just 54% of its cost in added value.” Instead, they suggest smaller kitchen upgrades that yield a bigger payoff.
DIY Painting – Ever gone into an open house and thought “what on earth were they thinking with that paint job?” It’s why NerdWallet suggests ditching the DIY painting and hiring a professional to ensure a proper result.
An Expanded Master Suite – While it may be nice to have a luxe master suite, if you’re stealing space from a closet or another bedroom in order to make that happen it could come back to bite you when it’s time to sell. Giving up an extra bedroom, or taking away a closet just to have an expanded master suite may be a negative aspect should you want to sell.
Carpeting – According to NerdWallet, plush wall-to-wall carpeting isn’t popular with buyers and could drop the value of a home by $3,900. Instead focus on wood flooring, which could actually add value.
A Swimming Pool – NerdWallet reveals if you’re thinking resale don’t splash out on a new pool, which rarely adds value – even in Florida. Not only will you not recoup the cost, a pool can be seen as a drawback to buyers who don’t want to deal with the maintenance or insurance. However, if you are planning on staying in the home and know you will use and enjoy a pool, go ahead!