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If you plan on selling your home, you should know that some of the upgrades you’ve made won’t necessarily add value to your house.
1. A pool. In Northern Virginia, pool season lasts three or four months. It’s not year-round like in Texas or Florida. Although you and your family may really enjoy having a pool, it will not necessarily add value to your house. Most buyers don’t come into Northern Virginia looking for a pool, so it may end up hurting you.
2. A highly customized design. Maybe you have a grand marble entryway that really suits your specific tastes. You may enjoy it for 15 or 20 years, but it can make selling your home difficult if it doesn’t appeal to a lot of people.
3. Room conversions. Let’s say you live in a neighborhood where most homes have four or five bedrooms. Most of the buyers in the area have children. Let’s say you decide to redesign your master suite and convert one of those bedrooms into a beautiful master closet. It may be wonderful for you, but it will hurt you when the time comes to sell. Why? Most buyers in that neighborhood are looking for those four bedrooms.
"Before you convert any rooms, consider what buyers will expect in your neighborhood."
Again, this is a very specific example that really depends on your neighborhood. If you were in a neighborhood where most of the houses only had one or two bedrooms, converting one into a master closet wouldn’t have the same effect.
4. Incremental square footage increases. Let’s say you always wanted a sunroom but due to restrictions with your lot line, you can only add a room that is 8 by 10 feet. Small rooms like that are probably not going to get your value back. Even if it fits with the style of the home, don’t expect to get dollar for dollar back on that upgrade.
5. Over-improving homes. If most homes are selling between $600,000 and $700,000 in your neighborhood, you don’t need to add Viking appliances or sub-zero refrigerators. When you over-improve a property, you may not get that investment back. Keep all upgrades in line with the level of your neighborhood. Like most of the things on this list, you may enjoy those upgrades but they won’t give you a bang for your buck.
As you can see, you may enjoy many of these upgrades while you live in the home, but they could become a problem when the time comes to list the home on the market. If you have any questions about upgrades that will net you a great return on investment, just give me a call or send me an email. I would be happy to help you!