When it comes to home renovations, the fun ideas you have may not actually provide much bang for your buck. While a kitchen or bathroom upgrade almost always adds value to your home, these five upgrades are something you should skip.
Adding a pool
Digging a hole in your backyard for a pool may seem like a great idea, but it's actually a money pit. You'll most likely spend $25,000 to $50,000 on a nice pool, but when it comes times to sell, you won't even get half of that money back. According to the National Association of the Remodeling Industry, a pool will provide only a 39 percent return on investment. Remember, even after it's in, you have to spend money to maintain the pool in addition to the initial cost. Pool chemicals can cost hundreds each year, a heated pool can drive up your electric bill, your insurance will be higher and repairing any wear and tear could cost thousands. The Wall Street Journal points out that it can cost about $3,000 per year to run and maintain a pool. Unless that's pocket change to you, you might want to think twice before wading into a pool remodel.
Enlarging your master suite
Knocking down walls to create a beautiful master suite can be a very wasteful renovation, especially if you take out a bedroom. In most cases, the value of your home will drop significantly if you remove a bedroom even if it's to add more space, an impressive en-suite bathroom or expansive walk-in closet. Plus turning a three-bedroom house into a two-bedroom drastically limits the pool of potential buyers in the future. Even if you don't change the existing structure of your home, enlarging your master through an addition can be costly. You can easily spend more than $100,000 expanding your space and adding all the bells and whistles. But, keep in mind your return on investment will be less than 60 percent.
Creating a very personal man cave
It might be your dream to trick out your basement—or an unused room—in an ode to your favorite sports team with flat screen TVs, a fully stocked bar and a couple of La-Z-Boys. However, this may devalue your home. When a man cave is too personal, it can turn off potential buyers that would have otherwise enjoyed the space. A mural of Fenway Park along one wall, AstroTurf flooring or installed motorcycle bar stools won't appeal to a broad audience and can be a waste of money. Homebuyers might view removing your favorite feature as an added expense of buying your home.
Going overboard with landscaping
A few plants and flowers can go a long way in adding curb appeal to your home. But if you go overboard with the landscaping, you'll pay for it. Not only will you spend a small fortune landscaping your yard, your water bill will likely increase. Plus, a lush lawn or garden can take up a lot of your time. If you don't have the time or energy to properly care for your landscaping, it can die, leaving your home looking decrepit.
Crazy colors
Pink-tiled bathrooms were all the rage in mid-century American homes, but now the color just seems dated. Don't make the same mistake in your home. Avoid bold color or pattern choices that could turn off potential buyers. If you need to add some quirks to your space, choose wisely. A bold statement wall is an easy fix for a potential buyer, but they may not be willing to cover the expense of changing out your orange Formica countertops or floral tile backsplash.
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