When you are looking to sell your house for the most amount possible, there are some renovations that will add a good amount of value your house. In this post, we are going to talk about the worst projects for adding ROI to your Reno Nevada property.
When you are looking to improve your bottom line, not every renovation will will be right for you. Unless you need to make some necessary repairs, some renovations are not your time, money or effort. Remember that each area is different . So your result may from market to market. Below, we will discuss some of the worst projects for adding ROI to your Reno Nevada property and go over some of the best home upgrades to invest in.
Adding A Bathroom
Having an extra bathroom is a feature that most people would love and could be a good selling point. However, buyers are not always willing to pay for the total cost of adding an extra bathroom. but they aren’t always willing to pay the thousands of dollars that extra bathroom costs to build.
For example, adding an additional bathroom will cost about $30,000+. When you go to sell your house you will find that you only added roughly $20,000 to you property. The only time adding a bathroom will be acceptable is if the area demands it. A good example for this would be if your house has one bathroom and other homes in the area that are selling have at least two bathrooms.
With a number of remodel shows on TV, there are some people of think that a major remodel to their kitchen or bathroom is a good way make their house more valuable and bring in more buyers. Doing a major remodel can make your house more appealing to buyers, it is generally not a good idea when you’re looking to add more value to house while maximizing your return on investment.
Major renovations are costly and are one of the worst projects for adding ROI. They can often lead to further repairs for which you were not prepared. Cost could quickly go up without adding value to your home. Making the remodel pointless and can waste your time. Highly customized renovations will inevitably drive away some buyers. Not everyone has the same style or taste, so it is a great incentive for potential buyers to offer buyers a credit to repair according to their own preferences. A major remodel would make more sense if you have to rehab a home because it is in disrepair.
While the idea of a sunroom is lovely, adding one can be expensive. Extra insulation, construction costs, and the maintenance that will come along with it can add up quickly. A sunroom can be an extremely enjoyable space, but you’re likely to get only a small percentage back in return upon the sale of your home. A sunroom can also increase your heating and AC costs each month. Having great insulation will help keep the room from getting too hot or too cold.
Garages are great, and whether you are storing your car or just your stuff, everyone is bound to find a use for a garage. That said, the overall value of your home isn’t going to increase enough to justify the cost of building the garage. The permits, materials, and construction costs will add up, making a garage addition simply not worth it if you are looking for the highest profit margins. As a bonus to your buyers, you can show where a garage could go, and what it would cost to add.
Who doesn’t love the idea of floating in a pool? Having a pool is wonderful, but it doesn’t add much to the value of your home. Pool maintenance can be expensive and may even deter some buyers who would have been interested in your property otherwise. If the new owner wants a pool in their backyard, let them add one after the sale. If pools are a popular feature in your neighborhood, you could always offer a schematic showing what one would look like in your backyard. This way the buyer will be able to visually see the potential, helping them paint a picture in their mind of what a pool could look like.
Before making any renovations to an investment property, consider what the return will be like for you. Some projects will be great additions to the house, but won’t provide much of a return on your investment. Run the numbers to really understand the average rate of return which improvements and renovations you should be making to your Reno Nevada investment property.