Home renovations are supposed to add value to a house when its sellers are looking to put the property on the market. As such, common renovations and slight upgrades occur in the bathroom, kitchen, living room and basement. These projects range will vary in terms of scope.
For instance, homeowners may find that the second floor bathroom only needs a refresh, and to do so, they paint the walls and update the lighting fixtures. The kitchen, on the other hand, may need a major overhaul that involves new cabinets, countertops and most importantly, modern day stainless steel appliances.
These projects, while they will cost money, are guaranteed to provide a return on investment for buyers. Since many real estate analysts project the spring and summer seasons to be seller's markets, the returns can even be higher than originally envisioned.
If you're looking to sell your home this year, don't hesitate to have some renovations planned out. But you can't get ahead of yourself and assume every project will net you more money than you put in.
In fact, numerous ideas you may currently have may actually cause you to lose money, according to Trulia.
When you decide to remodel your home, it is important to find the right balance between your personal tastes and functionality. What you may think looks good may not translate to a functional kitchen.
For this reason, you have to keep in mind that not all potential buyers will view your custom designs as ideal. Avoid personalizing certain rooms too much, unless you know you will stay in your current home for a long period of time.
Otherwise, the remodeling projects should strike the right neutral tone. It may seem boring, but you're trying to sell your home. Buyers will consider the costs associated with the undoing of your tacky custom designs. If they feel that cost is not justified, they will simply move on and you will miss out on a sale.
A swimming pool
Swimming pools are a staple of warm climates and suburban households. But this doesn't mean you should rush out and install an above ground or indoor pool. In fact, you probably don't want to install a pool at all, although there are a few exceptions.
Backyard pools are a great addition if you live in a warm climate year-round. This is important, because swimming is possible no matter the month, although some days are better suited for the activity than others.
The installation of a pool not only comes with the upfront costs, but also maintenance. You have to add the chemicals to make the water safe, as well as clean it on a regular basis. This extra equipment, plus any other accessories, will quickly add up.
Then you must factor in the safety concerns a family with children may have. This is another instance where a family may really enjoy your home, but because of one factor, they decide to pass on making an offer.
Know when to stop
Renovating your home can seem like the go-to solution for just about everything. Don't fall into this trap because you then run the risk of renovating too much to the point where your home doesn't resemble the surrounding neighborhood. This can be a major turnoff for buyers. Don't think you need to add a master suite to your bedroom, as that's also one of the worst renovations that can be made, stated Bankrate.
Instead, always try to keep the house relatively the same as when you bought it. An addition may be necessary down the line, but don't go overboard with it. Homes that feel out of place will have a harder time selling.
Not all remodeling projects will net you a return on your investment. Be careful when you decide to upgrade your home before a sale.