Nobody needs to tell you it’s a wise idea to start saving as much money as possible no matter what point in life you find yourself. One of the best investments you can make is in your home. Some remodeling projects are almost guaranteed to increase the resale value of your home, while others may only add to your enjoyment of your home. If you are trying to decide if a project is good for the future or ideal for right now enjoyment, these four remodeling projects are best to undertake if you don’t need to increase the resale value of your home.
There are three main reasons for undertaking a remodeling project:
- No Choice – A bathroom has been flooded or a kitchen that experienced a fire have to be fixed up regardless.
- Increase Quality of Living – The addition of a swimming pool or adding an outdoor kitchen don’t necessarily offer huge upside in market value but they do increase the fun you can have at home.
- For a Return of Investment – Some remodeling projects like the installation of hardwood floors are done mainly to earn more return when the time comes to sell the home.
These remodeling projects increase your quality of living, but will not offer a large return on your investment.
Home Office Conversion
According to the 2015 Cost vs Value Report the remodeling of a home office seems to want to make it able to host customers and conferences with commercial grade flooring, rerouting of wires, adding walls, etc. The truth is a home office just isn’t needed anymore. It’s nice to have a dedicated work space especially if employed from home but with the conveniences of tablets and laptops most people switch up where they do their computing during the day. A person working from home is just as likely to operate from a breakfast bar with the TV on in the background than they are in a home office.
Adding a Sun Room
Even in Florida, adding a sun room will not have a large impact on your resale value.
A pool is strictly a quality of life upgrade because there’s nothing more relaxing than a cool dip on a scorching day. Any pool owner will tell you though that swimming pools are a lot of work from keeping the chemicals checked to updates to property like fence height to comply with insurance regulations. To a potential buyer down the road a pool may be a reason more not to purchase rather than an incentive to, even in Florida where it’s pool weather all year ’round.
Second Bathroom Conversion
Converting a useable room into a second bathroom is a slippery slope. On one hand if you have a large family where bathroom scheduling is a conflict the second restroom can be a Godsend. That being said the room might better be used as an extra bedroom or storage. Plus, what happens down the line when a potential buyer is empty nest retirees that have no need for a second bathroom and instead would like that space for their grand children’s playroom? To many, the value of a second bathroom doesn’t necessitate the cost and the money is best put for other projects.