If you’re thinking of selling your Boston condo, there are plenty of home renovations that can pay off big by dramatically enhancing (or even expanding) your space as well as increasing your home’s value. With certain projects, you are practically throwing money away. This isn’t to say you shouldn’t make improvements you will enjoy while you’re in your home, but it’s always a good idea to consider resale value. Here are a few home improvements that won’t pay off when you sell.
Upscale Bathroom Remodel
A bathroom remodel offers a great return on investment, as long as
your improvements are reasonable. As the cost of your renovation
increases, the cost you could recover tends to drop. Upscale bathroom
remodels, which may include a fireplace, flat screen TV, heated floors,
custom shower installation, and luxury materials, have a return of about
55 percent. The bottom line to remember is an upgraded bathroom is a
good investment, but don’t go overboard.
Carpet looks great when it’s new, but it ages quickly and shows signs of wear, even if you take your shoes off before stepping inside. Along with its short lifespan, potential Boston condo buyers might not share your taste in color, style, and texture, and they will likely want to replace the carpet with something else. If a potential Boston condo buyer prefers new carpet, tile, or wood, you may be wasting thousands to install new flooring that is going to be torn out anyway. In a worst-case scenario, a potential buyer may even want you to reduce the asking price to offset the cost of replacing the carpet.
Today’s state-of-the-art gadgets are tomorrow’s outdated junk. Don’t make the mistake of incorporating technology into your Boston condo in a way that is hard to remove. Along with the high cost and how quickly electronics become outdated, don’t forget potential condo buyers may view your upgrade as a waste of energy and space. The classic example is the home theater with a surround sound system that costs thousands of dollars but adds no value. In fact, this type of improvement can even reduce the value of your home if it means getting rid of a bedroom.
An organized closet can make your life easier, and it’s a big draw for potential buyers, most of whom are looking for spacious closets with some type of organization system. Still, this doesn’t mean you should spend a fortune to make it happen. Closet renovations can quickly become expensive, with an average cost of $3,500 just for a reach-in closet. This project has an expected return of less than 60 percent. Focus on making the most of what you have with a customizable layout with movable features. After all, an amazing closet is a big plus for buyers. However, a closet is unlikely to be an important factor in a sale or a reason to choose your home over another.
If you live in downtown Boston high rise condo and are thinking about selling your home, get in touch with Ford Realty. From lofts in Leather District to classic Beacon Hill condos, we can help you list your home and find new listings up for sale. Call us today at 617-595-3712.