This week on You Got This!, Andrew discusses how various home upgrades can add little to no money on resale value; design and upgrade the home for your own likes and comfort. When remodeling and thinking of added value, your math may not be inline with what the true return on investment turns out to be.
1. Adding a Pool or Hot Tub
One of the most iconic luxury items you could add to your home, a pool provides relief in summer months and a more fun alternative to treadmills or stationary bikes. An in-ground pool costs anywhere from $30,000 to $50,000, according to HomeAdvisor, not including the costs of maintenance and water treatment or necessary safety devices like a gated fence and water alarm. Pools with water features or other fancy extras can exceed $100,000.
Research at HouseLogic indicates that in the best climates for pools, it will add a maximum of 7% to your home’s value. That means your home would need a value of over $400,000 for a simple pool to pay itself off with a very motivated buyer.
2. Going Big in the Bathroom
According to a National Association of Realtors Research Group study, a bathroom remodel is one of the most popular home improvement projects in the United States. It’s also one of the few home improvement projects with the potential for increasing value close to how much you spent on it. But only if you do it right.
Doing it right, in this case, means keeping the project simple: fresh paint, updated lighting, and repairs to any damage you did to the bathroom over the years. If you can keep the remodel under $5,000 start to finish, you can potentially turn a profit.
You can listen to the full show online at anytime -> https://easyasabt.com/show/September-10-2021.mp33 or KNCO Grass Valley, Fridays at 9am. And READ the full article with links and references here -> https://www.moneycrashers.com/worst-home-improvement-projects-decrease-resale-value/