Planning To Sell Your Home? 3 Renovations That May Not Increase You Home's Appraisal Value
You may be planning to do some home renovations so you can increase your home's appraisal value. You should know, however, that some renovations will not add as much value as you think they would. This means you would end up paying a lot out of pocket if your home does not sell at the price you set it to. Below are three renovations you should check into before you get started.
Adding a Swimming Pool
If you live in a high end neighborhood, there are likely many homes that have backyard pools. In a case like this, a pool would likely raise your home's appraisal value, but by only around 7 percent. If you do not live in a high end neighborhood and many homes in your area do not have a pool in their backyard, then your home's value may only raise a very small percent if at all. If you plan to install the pool, you would likely spend at least $21,000 for it, so it may not be a wise decision to do this. You should consider spending this money elsewhere, such as for a kitchen or bathroom remodel, which would raise your home's value.
Adding Landscaping
It is important for your landscaping to look nice, such as keeping your bushes trimmed and mowing your lawn. If you are planning to hire a landscaper to add some elaborate landscaping, you may want to think twice. Prospective buyers may not want to have this upkeep or they may not like the way you do the landscaping. They may not like the types of flowers or bushes that you plant. People will not purchase a home just because the landscaping looks great. The average cost of landscaping is $3,538 and it would be even more if you are going to add elaborate landscaping, such as landscape lighting, water fountains, and more.
Doing Invisible Improvements
A new HVAC, electrical, or plumbing system will not likely add much to your home's value. This is especially true when you take into consideration how much you pay for these things. For example, a new HVAC system could cost you between $3,699 to $7,152. Most home buyers expect to have these things up to date and working with no problems. These things are considered home maintenance and not home improvements.
If you are selling your home, talk to a real estate agent before you do anything. They can give you much guidance
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