Your Forever Agents
A backup generator is an expensive addition that provides peace of mind to homeowners. This upgrade ensures that a home will not be without power when power outages occur due to weather, accidents, or any other event. While this item is a nice amenity, it is in no way necessary for the resale of a home. Potential buyers do not place a high premium on backup generators due to it being an unnecessary upgrade and how infrequently they will use the item. In most locations, homes only lose power a few times a year. This means that homeowners with backup generators will only utilize these items a couple of times each year. Since potential buyers do not put a high premium on backup generators, they are not willing to pay more for a home with this item. Unless a homeowner is willing to take a financial loss for the convenience of having a backup generator, this renovation is not beneficial for resale.
There are many reasons that homeowners decide to add a new or expand on a current garage. Garages are used as parking spaces, storage areas, and rooms for certain hobbies. This addition is a major investment with garage additions averaging between $16,000 – $39,000. This new space is an added amenity that will appeal to a wide variety of people. Even though this is a selling point of a home, buyers are not willing to pay the entire cost of the addition in the price of the home. Homeowners who take on this renovation can expect to lose 20% of their investment when they resell the home. Homeowners who are turning a garage addition into a workshop or hobby space need to be especially careful about how much they invest to create these areas. When reselling a home, the buyer will most likely not have the same interests and will not be willing to pay more for these upgrades.
A pool or hot tub is a common renovation for homeowners looking to upgrade the exterior of their home. Adding an in-ground pool costs between $30,000 – $50,000 on average, but these additions can reach over $100,000 with water features. Pools provide an outdoor living space for homeowners to enjoy and entertain in, but they also require maintenance. The maintenance required to maintain a pool is both time-consuming and expensive. Some potential buyers will not want the chores and expenses associated with the upkeep of a pool. If a home has a pool, these people will most likely lose interest in the property. Homeowners who add this amenity will also most likely not recoup their investment. In climates suitable for a pool, homeowners will receive a maximum of 7% of their home’s value in return for a pool. When taking on the large investment of adding a pool, homeowners need to weigh if the enjoyment from a pool is worth the financial loss they will most likely incur.
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