Many upgrades that are used for entertaining add value to your quality of life, but simply don’t add value to the sale price of your home. Some upgrades have recently fallen out of favor because of changes in technology, while others have slowly started to disappear over the years as a result of our changing lifestyles. Let’s take a look at some of the popular…and not so popular.
Kitchens…
A kitchen upgrade is not necessarily entertainment focused but it’s almost guaranteed to pay for itself if you sell the house within a couple of years of remodeling. However, if you wait 10 years the kitchen will become a bit outdated, adding little value to the home. Wait 20 years and the kitchen will be in need of another upgrade; therefore, the investment that you made 20 years ago will now be reducing the value of your home. This doesn’t mean that you shouldn’t upgrade your kitchen if you don’t intend to move. The value of the kitchen remodel for you, is that you can enjoy a beautiful updated kitchen for the next 20 years, not the money you will get back from the remodel.
Media Rooms…
Not that long ago, dedicated media rooms were the most sought-after luxury. These rooms housed top of the line TVs, speakers, and stereo systems that were nicely built into the walls –
even the seating was high tech. Stocked with the latest movies, gaming, and home entertainment, the room was where you could go to escape and unwind. However, now the novelty has worn off. All of the tech that worked great in a dedicated room has become common place. Streaming platforms such as Netflix, Hulu, and HBO have all but killed the need for a video library, and smart speakers can now be placed anywhere in the home you like, creating surround sound without the need for built in anything. In the end, these media rooms get little use and end up turning into extra storage and wasted space.
Wine Cellars…
Wine cellars were once considered a luxurious home amenity, but dedicated wine rooms with tasting tables no longer impress home buyers. This is because of all the other options that have come on the market. Now, instead of a showy wine cellar, homeowners are opting to use wine refrigerators that can store up to 300 bottles. Plus, design features like a wine wall now make your wine collection part of your home’s décor. These changes in lifestyle are making the wasted space of a room dedicated to this luxury a turn off for the majority of potential home buyers.
Home Libraries…
Home libraries certainly do give a house an heir of sophistication and elegance, however styles are changing fast. Books are simply being enjoyed online more and more each day, causing peoples habits to change and their book collections to shrink. The days of built in bookshelves or built in anything for that matter are coming to an end. Buyers will be turned away by the claustrophobic feel of a room with built in bookcases. Rather than a quiet retreat where you can curl up with your favorite novel, they will now see it as an expensive tear down.
A Pool…
The pool is a big one. For a growing family or younger active couples, this upgrade is high on the list for future home improvements. It’s also one of the most expensive upgrades, but it will have the least or even a negative return on investment when it comes time to sell the home. This is because a swimming pool fractures potential home buyers into two distinct types with little grey area in the middle: they either see the pool as a wonderful amenity or an expensive and dangerous hassle. So, if a pool is right for you, enjoy it while you live in the house and be ready to take a hit when you sell.
Do You Want to Sell?
If you are considering upgrading, to add value to a home you are putting on the market, or if you are worried that your upgrades are hurting the value of your home, we have a solution for you. We are Gulf State Homebuyers and we buy homes in any condition, with or without upgrades. Simply schedule a free appraisal and we will make you an offer the same day, it’s that simple. Our offers are highly competitive, especially when you consider the cost of getting your house ready to sell. Skip the hassle of upgrading your old home and get the home of your dreams fast by selling to an all cash buyer!