As a part of the entrepreneurial spirit that encapsulates 21st century Canadian homeownership, building additions and expanding the property are par for the course. However, not all renovations work out as intended. This can be seen in renovations done not as much for the delight of the current homeowner, but as a part of a large scheme to raise the value of the home prior to selling. With that in mind, let’s take a look at some of the most overrate home renovations done for the sake of selling a home.
Installation of Pools And Hot Tubs
While both of these may seem like an incredible luxury and hence drive up the value of your home, they can both cost a lot of money. Plus, if the house sits on the market you’ll have to pay for maintenance and supplies until you sell the home. Unless conditions work out perfectly in your favour, prepare yourself to break even at best.
When renovating a home prior to selling, individuals sometimes make the mistake of putting in high-end appliances in an attempt to lure more people to buy and drive up the price. While this may theoretically work in a housing condition where buyers far outnumber sellers, the current market just doesn’t support it. More often than not, high-quality appliances will not add to the overall sell price. If you have a fridge and range from the 1980s by all means upgrade, but the emphasis should be on energy-efficiency, not luxury.
They say that the first impression of a home is made even before a person steps inside. This has led some to spend a great deal of money on fanciful landscaping in an attempt to drive up the sell cost. The thing is, many potential buyers see the surrounding land as something that they can address themselves, meaning that the overall value of the property does not change much even when a lot of effort is put in. What if you put in a koi pond, but a potential buyer envisioned a kids’ play structure there instead? Save the money and focus on having a clean and inviting yard instead.
Building Beyond Your Neighbourhood
Any home renovation that dramatically extends your home’s value beyond comparable properties in your neighborhood may create a problem when it comes to selling it. You want to have the best house in the neighbourhood, but it shouldn’t feel out of place.
If you are interested in home renovations and you want to spend your money wisely, then consider hiring a professional home renovator like RenosGroup.ca. We know what renovations sell homes and which ones won’t have much of an impact. Give us a call and we’d be happy to walk you through the process.