The real estate market is going through a rough patch. When new construction is lying unsold and the market is flooded with foreclosed properties, it is becoming quite difficult for homeowners and investors to sell their property in the market. Sellers, thus, are sprucing up their properties to attract buyers and squeeze out any additional amount they can receive. Though some modifications and upgrades do fetch a higher value, some of them are actually considered worthless. If you are planning to sell your home after carrying out upgrades and modifications, it is recommended that you stay away from the below mentioned ones:
- Home Office – Many people are now working from their homes, thanks to the Internet and advanced telecommunication technologies. As a matter of fact, many companies encourage their employees to work from home so that office costs can be kept low. Thus, many homeowners are converting spare bedrooms into home offices thinking it will attract a buyer. However, this is not usually the case. A presence of a home office in the home means one less bedroom. It might be extra for you, but the family the family looking to buy your home might need an extra bedroom. Who wants to sleep in a former office? Home offices add no additional value to your house and may even cause potential buyers to move on to some other property. Thus, all the money spent on making this upgrade would be a waste.
- A Basketball Court, Swimming Pool, or Tennis Court – Though most people like the idea of having a swimming pool or basketball or tennis court in the backyard, the fact of the matter is that they all occupy significant amounts of valuable space. Moreover, owning a swimming pool can eat up lots of time and money because they need to be maintained. Additionally, your potential buyer might not be interested in sports at all, so there is no point in making these expensive upgrades.
- Carpeting – Carpeting no doubt is essential, but it again is a personal choice and differs from person to person. Carpeted floors require lot of maintenance, and if you have kids in the home, stains will soon appear. This will be a major turn off to any buyer and they might even ask that you lower your asking price because of the stains.
- New Roof – There is no doubt that a having a sturdy roof is essential, but replacing the roof that is relatively new is extremely expensive and unnecessary. Unless the roof is leaking or is patchy and broken in several places, there is no need to change it. You may end up spending a lot of money and the end result might not meet your expectations.
- Custom Designs – Many home owners perceive that having expensive marble kitchen counters, wine cellars, or huge aquariums will attract buyers and help them sell their house quicker. However, the truth is that buyers have their own tastes as far as interiors are concerned. The buyer may decide to replace the green colored marble kitchen top with a solid black one or may get rid of the wine cellar all together. And in this case, they do not want to buy your idea of what is fabulous.
Sure, you want to have a home that stands out in this tough real estate market, but you also want to make sure that you are making smart decisions when it comes to upgrading your home. Do your research, don’t customize things too specifically to your own taste and make sure you are working with reputable contractors if you do decide to make some upgrades.