These Two Home Improvements Stink at Increasing Home Value
Updated: Mar. 23, 2021If you’re looking to sell your home in the coming years, there are some projects that won’t give you much of a return on your money.
The right home improvement can give the value of your home a big boost, but not all home improvement projects are created equal. If you’re looking to sell your home in the coming years, there are some projects that won’t give you much of a return on your money.
These are the best (and worst) projects to improve your home resale value.
A Luxury Bathroom Addition
If you’re looking to up your home value with a luxury bathroom addition, don’t go overboard. The 2019 Cost vs. Value report from Remodeling shows a luxury bathroom addition on average will cost $87,704, but you’ll only recoup $51,000 of that cost when you sell your home. That’s comes out to just 58.1 percent of the cost.
If you’re looking at a bathroom remodel or addition, consider if you really want that whirlpool tub. Not only do they take up a lot of space, but they can be difficult to clean and quite pricey. HomeAdvisor notes that many homeowners would rather have a walk-in shower or a luxurious soaking tub rather than a whirlpool tub.
Save money on your bathroom renovation with these 10 tips.
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Adding a Swimming Pool
While you may see a backyard swimming pool as a plus, potential home buyers may not see it that way. You may end up spending as much as $65,067 to install an in-ground pool, according to realtor.com. That cost doesn’t include maintenance or increased insurance costs.
Vincent J. Averaimo, a Connecticut–based civil litigation attorney who handles property litigation, told realtor.com that if you’re considering adding a pool, hire an appraiser to see if it will add value to your property.
“More likely than not, the appraiser will look at comparable homes that have a swimming pool and issue a fair market value based on those findings,” Averaimo said. “If the home is valued at $300,000 without a pool and $335,000 with a pool—but the cost to install the pool is $65,000—then you know the installation of that pool will not add value to the home.”
Consider a swimming pool? You’ll need to know these maintenance basics.
Here are 14 ways to add space to your home without breaking the bank.
