8 Low-ROI Home Improvements to Avoid Before Selling
One of the first things you should do before listing your home for sale is have it professionally staged. And while this might only entail adding a few pieces of furniture and decor, in other cases, you may need to take on a renovation project.
The thing is, there are certain projects that can bring in the highest return on investment, and others that cost way more than the value they'll add to your home.
Here are a few home improvement projects you may want to think twice about before selling.
1. Solar Panels
More and more homeowners are attracted to the idea of having a sustainable home with a source of energy that's much more efficient and affordable than traditional sources. But installing solar panels in your home may not be the best thing if your goal is to increase your selling price while recouping what you spend on improvements.
2. Metal Roof
If your roof needs to be replaced or repaired, then by all means, replace or fix it. If you don't, this drawback may be a deterrent to a quick home sale. Otherwise, you may need to knock off a few dollars to compensate for the buyer making the repairs.
But when repairing or replacing your roof, carefully consider the materials you use. While traditional shingles may be cost-efficient, high-cost materials like metal might put you in over your head financially.
3. Converting a Bedroom
You might want to add a selling feature to your home like a home office or fitness studio, but if you're sacrificing a bedroom for a different type of space, you're doing yourself a disservice.
Home sale prices are often based on the number of bedrooms. So, if you're taking a 3-bedroom home and converting it to a 2-bedroom, you could be inadvertently devaluing your home. Anyone looking for a 3-bedroom home may gloss over your house, which will shrink your buyer pool.
4. Swimming Pool
Adding a pool is a great feature to have for your own enjoyment, and it certainly can be a selling feature for buyers looking for a pool. But many other buyers specifically look for homes without pools, as they don't want to deal with the cost and time needed to maintain it. Plus, a pool can be a safety hazard for those with small children.
A pool installation can cost tens of thousands of dollars, and often well over $100,000, which you'd be hard-pressed to recoup when you sell.
5. Crown Moulding
If your home doesn't already have crown moulding, now is not the best time to install it. Of course, crown moulding makes a big difference on an interior, but the high cost will likely overshadow any perceived added value in your home.
6. Personal Updates
Certain renovations and updates to a home are more unique and quirky, which only a few buyers might appreciate. Whether it's bright green wall paint, ornate wallpaper, or over-the-top wainscoting, certain updates might appease your tastes but may actually turn off prospective buyers. Instead, you should go for updates that are more neutral, which more buyers may find appealing.
7. High-End Kitchen Renovations
Kitchens are definitely major selling points in a home. If your home boasts a very nice kitchen, it will surely attract more buyers. And there's certainly nothing wrong with updating a tired and outdated kitchen in an effort to increase your selling price and attract more buyers.
But major gut jobs and updates using high-end finishes and appliances can be extremely expensive. If you go too far with the renovations, there's a slim chance that you'll get that money back when you sell.
8. Finished Basements
A finished basement is definitely a nice thing to have, and buyers will appreciate the extra living space. But if your basement isn't already finished and you're thinking of tackling these jobs for the sole purpose of updating your home to sell, you may find that the money you spend on this extensive job won't be recouped. Finishing a basement is more expensive than you think.