You’ve saved up some money and you’re ready to start a home remodeling project. Whether the updates are to prepare your home for the market or simply for your own pleasure, you want to be smart about this investment.
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As a savvy homeowner, you know all home upgrades don’t offer an equal return, so you want to choose a project that will raise your property value. Here’s a look at four expensive remodeling mistakes you don’t want to make, along with budget-friendly alternatives truly worth your money.
Your home is a reflection of you, so you might be tempted to spring for a custom renovation that reflects your interests. However, Isabelle Emond, a real estate broker and the owner of RE/MAX Ocean Surf and Sun, based in Guanacaste, Costa Rica, recommended against excessive improvements specifically tailored to your preferences.
“Converting an extra room into a knitting room, converting the garage into a game room or installing wine cellars may make it difficult to find purchasers, because not everyone will share
your interests,” she said. “You should avoid these luxury rooms because most buyers would prefer to have the extra space as a blank slate, rather than [have to] modify it to suit their tastes, if they decide to purchase your property.”
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For reference, the average cost to build a wine cellar is $40,000, while converting a garage to a living space costs an estimated $14,419, according to HomeAdvisor.
Instead: If you have the funds and you’re committed to a major project, consider converting your basement to a living area. This is more universally appealing because many buyers want to use the garage for its intended purpose.
Transforming your basement into a living area costs approximately $46,900 and you can expect to recoup 64% of the costs, according to the 2019 Remodeling Impact Report, released by the National Association of the Remodeling Industry and the National Association of Realtors®.
If your budget isn’t quite that large, but you still want to take on a big project, consider adding a new roof. This will cost an average of $7,500 and you’ll likely recoup 107% of the costs, according to the Remodeling Impact Report.
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