Home improvement is something many people are looking into at the moment, maybe because millions around the world are stuck in their homes. But home renovations are not created equal. Just because you spend a ton of money on something doesn’t mean it’s guaranteed to raise your house’s value in the same way. Some expensive changes may even ultimately lower and hurt the value of your home. Find out which of these three common renovations are smart and which should be skipped altogether.
As smart appliances continue to become mainstream in many modern homes, a lot of people save up so that they can turn their old kitchen into a shiny, new, high-tech one. According to HGTV, a major kitchen remodel can cost as much as $131,510 or £108,009.16 in the UK. That includes everything from sleek finishes to perfectly incorporated smart appliances like refrigerators and ovens.
However, an expensive remodeling job and the addition of many luxury appliances can only increase the value of a home if it’s located in an upscale location. Otherwise, buyers won’t be interested in that expensive gas range and will opt for more realistic choices.
Verdict: If you live in a posh neighborhood – why not?
For many, nothing defines success quite as well as taking that plunge into a big swimming pool in your backyard. No one can deny the appeal of swimming pools for both adults and children. At the very least, it usually tells you that the house owner has some bread.
Although swimming pools have become cheaper to install compared to how much it would cost years ago, there’s still no guarantee you can even come close to getting what you invested in return. If you spend £50,000 building your pool, you can’t just add that number to your house’s asking price when you’re selling. Often, you’ll have to settle for a lower valuation of that pool.
Swimming pools also involve a lot of safety measures, particularly if you live with children or pets. Not to mention, the amount of maintenance you would need to make sure people can swim in the pool in the first place. Plus, the electrical inspection report that homes usually have every ten years will now be yearly for you.
Verdict: If you’re thinking about recouping what you will spend at some point – you better not.
Basements don’t have to be those dark storage rooms with a swinging pull-switch light, ideal for horror setups or interrogations. There are many ways to maximize the basement area while increasing the home’s value. The first thing to make the basement better is to introduce more light, whether through windows or light fixtures.
You can then turn your basement to a home theater, a bar, a music room, the children’s playroom, or even a guest room. Adding a bathroom when you do your remodel can do wonders for your home’s value. If you want more ideas or inspirations, this list from The Spruce has some impressive basement transformations.
Verdict: If you have the time and the capacity for this project – go for it!
Whatever you decide on to add or renovate, ensure that it’s appropriate for your property. You won’t want to lower its value for something that isn’t worth it.