And there are certain renovations that are notorious for giving homeowners great returns on their investments. Some of these include kitchen makeovers and bathroom upgrades.
But not all renovations are going to boost the value of your home as much as you want them to.
So that you can get the most value out of your Santa Cruz home, avoid these home renovations that don’t pay off when selling your home:
Unlike regular bathroom renovations, bathroom additions do not give you a great rate of return.
After adding walls, plumbing, and fixtures, a bathroom addition can cost you anywhere between $50,000 and $60,000, but will likely only get you 50% of the money you put into it.
Although adding a bathroom to your home might be right for your lifestyle, this isn’t the case for everyone. Some potential homebuyers might prefer the extra space over the bathroom, or they might not even fancy a new bathroom at all.
Instead of an addition, renovate your current bathrooms to boost the value of your home. Not only is this option cheaper than the former, it will give you a much higher rate of return.
Master Suite Additions
Just like a bathroom addition, a master suite addition won’t get you a lot for your money. This makes it one of the worst renovations to do before selling your home.
A brand new master suite is a phenomenal renovation if you plan on staying in your home for years to come, but if you plan on selling it soon, steer clear of this reno.
These additions can cost above $100,000 and will only give you around 60% of your investment when selling your home.
Rather than spending your time and money on an addition, do a simple renovation instead. A beautifully renovated master bedroom is sure to catch the eye of any potential homebuyer here in Santa Cruz.
Many potential homebuyers look for plentiful storage in homes. This is especially true in Santa Cruz where many residents own surfboards, bikes, and hiking gear. But upscale closet renovations are one of the home renovations that don’t pay off when selling.
Although adding organizational systems and high-end shelving makes the closet functional and beautiful, it’s not typically what homebuyers look for in a home.
Home closets are rarely the deciding factor for buyers who are searching for a home, so you’re not likely to make much money out of your closet renovation.
Instead of spending thousands of dollars on new closet shelving and organization, create the illusion of a highly organized closet by cleaning it out.
You’d be surprised how much of a difference a clean closet will make when selling your home. Although it may not increase the value of your home, it will definitely make it more desirable to homebuyers.
Specific Room Conversions
Although converting a basement bedroom into a movie theater or an upstairs bedroom into an office may be great for your lifestyle, it’s best not to do this type of home renovation when selling your home.
Not only does this type of renovation not pay-off monetarily, it turns away potential homebuyers when selling.
Not every homebuyer wants a theater over a bedroom or an office over cold storage. Because of this, it’s best to save your money and put it towards something else.
Rather than changing a room into something else entirely, consider revamping what’s already there with a simple renovation or lipstick fix.
Wallpaper is coming back—that’s for sure. But when selling your Santa Cruz home, it’s important to be careful when using wallpaper in your interior designs.
Although it can be beautiful, wallpaper is extremely personal and everyone has their own opinion on it. Because of this, you're better off saving your money and spending it on a simple can of paint.
Not only is a fresh layer of paint cheaper, it makes the room more marketable to the average homebuyer.
There are so many ways to increase the value of your Santa Cruz home. Just make sure you make the right renovation decisions before investing in something that won’t pay off. To ensure you get the most value out of your home, contact Lauren Spencer today! She’s your real estate expert in Santa Cruz.