Column - August 2018
Hard to Sell Renovations and Things that Don’t Improve Home Value
Your home isn’t just the place where you put your feet up, it’s also an investment. It’s natural to want improvements that will increase value – but it’s important to know what may cost you money when you sell it.
Sellers need to realize that just because they see something as an improvement – doesn’t mean that a future buyer will feel the same way!
Make improvements that are geared toward your neighborhood to receive the most return on investment. Example: Your neighborhood has a pool, everyone in the neighborhood pays for the pool via their HOA fees. If you invest in a pool, you may love it and enjoy it immensely! But, buyers who don’t want to deal with the additional maintenance and cost of a personal pool, will consider this a deal breaker when considering your home. Your “improvement” has reduced the number of buyers who are now interested in your home!
This applies to Garage Conversions. Unless everyone in your neighborhood has converted their garage – think twice about doing it. You may enjoy the space more than any other space in the home, but most buyers expect to be able to use the garage as a garage.
Also, it is not a good idea to combine bedrooms to make larger spaces. Your home’s value is dependent upon more things than just square footage – the more rooms it has, the more you can sell it for. And NEVER remove a closet. Storage space is critical to buyers!
Overall, research what is going on in your local market and make improvements that benefit not only you, but make the home sellable to future buyers!
Contact me for a free market analysis, or if you are looking to buy a home.
Gina M. Sohmer, is a veteran, a 2nd-Generation REALTOR®, a Graduate of the REALTOR® Institute, a Seller’s Representative Specialist, an Accredited Buyer’s Representative, and a member of the Phyllis Browning Company. You can reach her at www.ginasohmerrealestate.com.