Myth #1: Adding a pool will bring value to my home.
FALSE: Adding a pool to your residence is a personal choice. According to Springfield Pool and Spa, the average cost for an in-ground pool is in the price range of $25,000 minimum to $85,000 or more on the high end. Obviously the higher end may provide features such as a heater, waterfalls, infinity edge or whirlpool and the cost can be as high as you are able to afford. The downfall is that MOST clients (especially those with small children) see a pool as a safety hazard and stay clear of homes with pools or they may see it as a maintenance issue. If you are looking to add a pool to your home, just know that the money you may spend will not add value when selling your home.
Myth #2: Custom Design Ideas.
FALSE: Your “custom” ideas for your home are just that, customized to fit your needs. The average homeowner lives in a home an average of 7-10 years. Believe it or not, you should always think of custom ideas when it comes to resale value. Customizing a kitchen with high end features and skimping on the rest of the home will not bring in more value. Just the same, adding special features to your master bath like whole shower body sprays in the shower or a bidet will not get you added value.
Myth #3: Converting Rooms
FALSE: Many clients looking at homes are interested in the normal 3 or 4 bedroom, 2-3 bath home. They will narrow features down like having a walkout basement or 3 car garage as well when doing a more intense home search with their Realtor. Every bedroom or extra space provided is quite a need in most instances, so make sure to not “convert” a coveted space to the general client to meet your specific needs. An example would be taking the extra 4th bedroom and converting it into a giant walk-in closet. The money spent may backfire and may take longer to sell the home.
Myth #4: Over-Upgrading
FALSE: Think; finishing a basic home unfinished basement per say. Keep it simple unless the upstairs of the home is top of the line as well. Over-upgrading the basement with high end features like a custom wet bar complete with full kitchen, granite, beer tabbed fridge, and humidor maybe a little much in a basic home. Adding a full home theater with built-in projector and theater seating will not bring the whole dollar amount back in a selling price either.
Your best bet before you upgrade anything in your home is to meet with a Team 24-7 Realtor and have a Comparative Market Analysis done to show you true market value of your home.
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