
Are you trying to sell your home, but you're worried that the pink
tile in the bathroom will turn buyers off? Maybe it's the shag carpet in
your living room that's got you worried?
Well, it might be time to make some small updates. But be warned:
Some remodeling projects could not only be huge money suckers, but they
might also fail to add resale value to your home.
When deciding which projects are worth completing, you don't want to
over-invest your time and money. Expensive projects are rarely worth it
if your goal is simply to sell the house.
"Beware of projects that could run into delays," says Ben Bowen, a
third-generation landscaper in Portland, OR. "You don't want to end up
in a situation where you have to either put off listing the house or
trying to sell it with an unfinished project going on."
[
Need to make some updates on your home before your sell? Find a contractor who can help.]
So, which projects are worth it and which aren't? Here are three
renovations to tackle and three to avoid before you put your house on
the market.
Project-to-Avoid: Adding Unconventional Appliances or Features
A built-in wine fridge, custom closets, or a hot tub may sound like a
dream addition to your home, but what happens if the buyer hates wine
or thinks the hot tub is an eyesore?
"You are not going to get very much extra money for your wine cellar
if the prospective buyer is looking at it as a great thing to tear out
and replace with a home theatre," says Jeff Moeslein, president of
Legacy Remodeling, Inc., a specialty remodeling company in western
Pennsylvania.
Adding unique features to your home makes sense if you like those
things and are planning on enjoying them yourself, according to
Moeslein. Just don't expect to recover the total cost when you're ready
to sell.
Other contractors agree: "If you are considering adding a 'special
touch' to your home to entice new buyers, save your money," says Aja
Covell, a certified general contractor and the owner of Investcove
Properties, a residential development company.
Why? These personal touches - anything from funky kitchen tile to
accent paint to wall decals - make it harder for other families to
picture themselves living in the house.
Try This Instead: Middle-of-the-Road Kitchen Upgrades
Instead of adding unconventional touches to your home, consider
updating different elements in your kitchen - like your cabinets, for
example. Complete kitchen remodels can be complicated and costly, but
small upgrades take less time, cost less, and can often be done without
even hiring a contractor.
Erica Lugbill, the owner and lead designer of Lugbill Designs, a
Chicago-based residential design firm, recommends focusing on small
"face-lift" projects, such as painting your cabinets, switching out your
hardware, installing a tile backsplash, or replacing the countertops.
And there are ways to make the latter project even more
cost-efficient: "You can go to a stone remnant yard where there is often
a large selection of discount pieces of granite or quartz that can be
installed for a fraction of the cost," says Lugbill.
[
Ready for new kitchen countertops? Click here to find a contractor in your area.]
If it's going to take a little more than elbow grease to get your
kitchen in shape, Moeslein recommends what he calls a "replacement
kitchen." This is a kitchen remodel in which the existing cabinets and
countertops are replaced with new ones, but the layout of the kitchen is
not changed.
"If you stick to moderately priced materials, a replacement kitchen
is a smart investment for homeowners looking to sell," he adds.
Project-to-Avoid: Room Additions
Want to increase the square footage of your home? A room addition
might sound like a great idea, until you realize that doing so could
cost you as much as $100,000.
In fact, according to Remodeling magazine's 2011-2012 "Cost vs. Value
Report," a master suite could cost over $106,000, while adding a family
room could run you around $83,000.
Large projects like additions, sunrooms, and master suites are also
not worth pursuing because they typically stretch across a long period
of time, according to Moeslein. "From planning to obtaining a permit to
completion, a large addition may take six to nine months," says
Moeslein.
And Moeslein has another interesting insight about the drawbacks of
room additions. "If you put a large addition on your home, you may help
increase the value of the homes around you, but you won't do anything
for yourself, except make it harder to sell your house at the price you
want." After all, your house would look very similar to the ones around
it, but you would have to charge a much higher price to recoup some of
the investment.
Try This Instead: Roof Replacement
Rather than extending the size of the house, worry about making the outside look inviting.
And if your home has a leaking roof, you should absolutely talk to a
contractor about having it repaired or replaced immediately. "A leaking
roof will either push away prospective buyers or lead them to demand
large price concessions," says Moeslein. Not to mention the other
problems a roof can lead to - drywall damage, mold, and eventually,
structural issues - which a home inspector will undoubtedly look for if
you have a leaky roof.
Fortunately, getting your roof ready for the market isn't too
difficult. "Correcting this problem will save you a lot money, as the
repairs generally can be made for as little as a few hundred dollars,"
adds Moeslein. "This is much less than the concession a potential buyer
may expect if they are being saddled with this issue."
[
Is your roof looking a little worse for the wear? Click here to find a contractor who can help.]
An entire roof replacement will greatly improve the overall
appearance of your home, according to Moeslein. Just make sure your roof
is easily visible from the street so that potential buyers can take in
its stunning beauty.
Project-to-Avoid: Major Bathroom Updates
Are you worried that your outdated bathroom will scare buyers away? A
major bathroom remodel might be in order, but just remember that it
will be expensive, and in the end it still might not suit the buyer's
tastes.
According to Moeslein, bathroom renovations typically cost about $250
per sq. ft. or more, which means a 5 x 8 ft. bathroom may cost upwards
of $10,000.
Why so expensive? Well, a complete overhaul would typically require a
contractor and replacement of the floors, walls, and fixtures in a
bathroom. Depending on the specifics of the project, it may also involve
relocating the plumbing in order to place the fixtures (shower, tub,
sink, etc.) in a different location, says Moeslein.
And if the buyer doesn't share your taste in grout, you'll end up
limiting your audience. Because bathrooms are a highly personal space,
says Moeslein, some homeowners could be better off letting the buyers do
the remodeling after purchasing the property.
Try This Instead: Fixing Up Bathroom Flooring and Walls
If bathroom renovations are necessary and time is limited, think
small. A number of smaller improvements can improve the condition and
look of the bathroom without digging too deep into your pocket.
You may be able to install a one-piece vinyl floor, or replace the
vanity, sink, and faucet. These types of projects can often be completed
by the handy DIYer for about $1,000 or less, according to Moeslein. Of
course, if home improvement is not your forte, it's best to consult a
home contractor.
[
Does your bathroom need a little spit and polish? Click here to find a contractor today.]
Along the same lines, a new coat of paint can do wonders,
particularly in a bathroom environment where the humidity can cause
paint to deteriorate faster than it might otherwise. If you do decide to
paint prior to offering a home for sale, Moeslein says it's important
to stick with neutral colors that offer a wide appeal.
Moeslein adds these words of wisdom: "While you may think that new bright pink paint is awesome, it may not be for everyone."