Is That Home Renovation Worth The Cost?

Most homeowners think that all renovations or home improvement project ideas will increase the value of their property. The problem is that most people don't want to pay extra for someone else's dream project when it comes to buying a home.

Investing in home renovations can be important to do to make your home more comfortable for your family, but if you're going to be putting your home on the market any time soon or you are in the business of house-flipping, certain upgrades could end up doing you more harm than good.

If selling your home is on your list of things to do in the near future, here are some renovations to avoid:

1. Over-the-Top Kitchens

A $30,000 kitchen upgrade might seem like a necessity to you, nut this could be a turnoff for potential buyers who don’t necessarily like to cook. To these folks, the top-of-the-line stainless-steel stove and refrigerator may seem excessive, and they're not going to want to pay for them.

2. Over-the-Top Bathroom

Super-sized jet tubs and multiple shower heads, be your idea of perfection, but to budget or eco-minded buyers, all that extra water use is going to be a drawback. It’s best to keep your bathroom remodeling ideas modest, if you think you'll be putting your home on the market any time soon.

3. A Pool or Hot Tub

A pool can add significant value to your home. If you choose to put in an above-ground, it can knock 2 percent of your home's purchase price, since they're less appealing than in-ground pools. There are constant swimming pool costs ($1,500 on average per year) and they require a lot of maintenance. Pools are also a liability, especially for families with young children, and could affect home-owners insurance coverage. Pools will limit how many people want to buy your home, so keep that in mind before you have one installed (or consider buying a home with an existing pool).

4. Garage conversions

Turning your garage into an office, gameroom, or extra bedroom may not be the best idea. Potential buyers may have a problem with parking on the street and storing their lawn equipment in a storage building out back. If the extra space is needed to make your family more comfortable and you don’t mind alternate parking, converting a garage may be a good idea only if you are planning on living in your home for awhile. Potential buyers are likely to see this conversion as a waste of space, and a project (and expense) they'll have to deal with if they buy your home.