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Home Renovations that Don’t Pay
Christopher R. Spaker, AMP is President, CNB Mortgage Company and can be reached at CSpaker@CNBank.com
or 585-385-2370 x50955.
Some improvements are likely to increase your home’s value. However, others may actually decrease potential buyers’ interest in your home. So, put away your toolbox until you know more about projects that typically don’t pay.
Too Much Improvement
When you remodel your house, it should be in keeping with your neighborhood. Having your house stand out as the nicest one by far is often not a good thing when you’re trying to sell. Too much improvement may not pay off since the market price of your house may be limited by your neighborhood’s home values.
Unusual renovations, such as converting a garage into a home gym or adding a backyard basketball court, could turn off potential buyers. You also may want to stick with standard sizes for countertops, and kitchen and bathroom fixtures.
Don’t do it yourself if you’re not handy. First of all, the results will probably show that you didn’t hire a professional. And secondly, structural mistakes and building code errors will show up during a home inspection. If your home fails an inspection, you could either lose a sale or be forced to lower your selling price.