Fix-up disappointments
Home improvements that might not pay off
Spring homebuying season is just ahead. If you are putting your home on the market, it’s worth sprucing it up. But dont let any upgrades downgrade your home’s value.
Here are five changes that may not pay off.
1 A chef-quality kitchen
If you love to cook, a high-end kitchen could be the ultimate gift — for you. But an upscale kitchen renovation recoups just 54% of its cost in added value, according to Remodeling magazine’s 2020 Cost vs. Value report.
Smaller kitchen upgrades could yield a bigger payoff. Chris Arienti, a broker near Boston, suggests keeping updates reasonable: Think granite rather than marble, and GE instead of Sub-Zero.
2 DIY painting
A bold statement wall can say the wrong thing to potential buyers if the workmanship is questionable. Streaky, chipped or low-quality paint can knock $1,700 off a home’s sale price, according to Opendoor data.
“A good paint job is not easy,” says Sarah Cunningham, a real estate agent in Boise, Idaho. “It is all in the prep work, and most people don’t want to do the prep work.” Hiring a professional to paint can help ensure a more attractive result.
3 An expanded master suite
Knocking down a wall to create an oversize master bedroom or stealing closet space to build out a spa-style bathroom may sound dreamy. But losing a bedroom or closet space could mean a lower selling price.
4 Plush wall-to-wall carpeting
Carpet as the primary flooring in a house drops the value by $3,900 — and carpeting in the master bedroom causes a $3,800 plunge, according to Opendoor. Conversely, a 2019 report from the National Association of Realtors estimated that sellers could recoup the entire cost of refinishing hardwood floors. New wood flooring could actually add value, with sellers getting $1.06 for every dollar spent according to NAR.
5 A swimming pool
It doesn’t matter if it’s infinity edge or above-ground: Any pool can be seen as a drawback by buyers who don’t want to deal with maintenance or insurance. Even in Florida, a pool doesn’t add value, said Liede DeValdivielso, a real estate agent with the Keyes Company in Florida.
If you’re thinking resale, it’s not worth it — you’ll never recoup the cost, DeValdivielso said. But if you’ll use it and enjoy it, put in a pool.