5 home renovation projects you may want to avoid
Not all DIY home renovation projects pay off. The way to successfully complete one is to know exactly what you are getting into so you can set your budget and allocate your time accordingly.
So before starting a project, weigh the opportunity cost. Ask yourself: are the time and costs worth the benefit? You definitely don't want to make a personal and financial commitment to a home renovation project if it's not worth it in the end.
Think twice about these home renovation projects:
Installing an outdoor swimming pool. Having a pool is considered a luxury for many homeowners. If you live in a climate where you can enjoy your outdoor swimming pool twelve months of the year, it can be a good investment. But if you live in a colder climate, you may not be able to fully enjoy your renovation and your pool could just end up costing a fortune.
RealEstate.com says that the average person lives in their home for five to seven years. The costs of installing and maintaining an outdoor swimming pool may not increase the value of your home by as much as you would like it to when you are ready to sell. Keep in mind that not all home buyers are looking for a home with an outdoor swimming pool so it may also limit your market clientele.
Converting your bedrooms. Many homeowners convert bedrooms into other usable spaces such as an office or a home gym. It's important to note that bedrooms are a major selling point for home buyers and if you have fewer bedrooms your home may be on the market longer than expected.
It is OK to use an additional bedroom for another use but don't change the space to eliminate windows, closets or doors. This way the room can be easily converted back into a bedroom when you are ready to sell.
Coverting your garage into a livable room. More bedrooms are better when it comes to selling your home, but not if one of those bedrooms used to be your garage. Converting a garage into a livable space such as a recreation room or a bedroom actually lowers the cost of a home by up to $10,000.
Another problem with converting a garage into a bedroom is that many homeowners do it without the proper permits. This can be a major problem when trying to sell your home because no one wants to buy a home that gets them in trouble with city ordinances
If you are looking to sell your home, then be smart with your money. Update the kitchen, bathroom, or keep things simple with a coat of paint and new decor.