It’s natural that you might want to make some improvements to your home. This is especially true if you have been living in your home for a few years now and need a bit of a change, but don’t necessarily want to move yet.
If you know that you’re planning to sell in the next few years, here are five home upgrades that might not pay off for the homeowner who intends to sell sooner rather than later.
1. Granite Countertops
Granite countertops can be expensive, running you in the ballpark of $45-$200 per square foot, according to HGTV.1 Keep in mind that while upgrading your kitchen can pay off when selling your house, there are countertops that are more affordable with a similar look to granite that are half the price. This is a spot to save a bit of money when renovating your kitchen.
2. A Swimming Pool
Unless you live in a state of year-round warm temperatures, like Arizona, Florida, or Southern California (and Illinois is certainly not one of those places!), you are going to want to steer clear of adding a swimming pool to your backyard. Estimated costs for in-ground pools run at least $20,000 to $50,000 and upwards. Add in the cost of upkeep and that’s money going down the drain.
Potential buyers aren't likely to want to deal with owning a swimming pool as the upkeep is expensive, and for some with young children, they may even consider it a hazard they don’t want to think about.
3. Adding Square Footage To The Master
It may seem like a great idea to add square footage to a small-sized master bedroom, but it’s usually a huge cost that won’t add resale value to your home. The average cost of adding an addition is around $42,000 and it's not likely you'll get a return on your investment for this pricey upgrade.2
4. Wall-To-Wall Carpet
Carpet can be expensive, so installing new wall-to-wall carpeting all over your house may not pay off in the end since most people seem to favor hardwood floors as the current trend. Over the years carpet endures a lot of wear and tear in the form of stains and other foot traffic. That’s also a potential turn-off for a buyer who may also question what’s underneath the carpet and just not want to deal with the hassle.
5. Complicated Landscaping
Complicated landscaping is a huge expense and continuous upkeep that may even turn off buyers who aren’t going to want to sink as much money into the yard as you did. However, it's important to keep your yard well landscaped. The right landscaping does add to the curb appeal that can help sell your home when you are ready to put it on the market.
Considering what upgrades to make to your home is a combination of what will make you happy as a homeowner and what projects to reward you with a higher selling price in the end. A few simple things that can net you more cash down the road are professional painting, a great deck, and replacing the windows. Before taking on a home remodel project it's always a good idea to determine a budget before beginning and stick to it throughout the duration of the project. If it's not your "forever" home, it's a good idea to keep what appeals to your prospective buyer in mind as you plan your remodel.