If you are looking to make upgrades throughout your Jersey Shore home in hopes of it raising your home’s resale value, then there are some upgrades you should avoid. Some upgrades routinely add value to your home, such as a kitchen remodel or adding a bathroom, but there are some upgrades that are not worth your investment.
If you are looking to add value to your Jersey Shore home, avoid these upgrades as they have the least Return On Investment!
- Outdoor living- Creating a tranquil and inviting outdoor space can add value to your home if it includes adding a deck or patio. The new trend is adding an outdoor kitchen which, on average, will cost you upwards of $15,000 and will not provide you with a strong ROI. According to the National Association of Home Builder’s “What Home Buyers Really Want” report in 2013, 35% of buyers were not looking to buy a home with an outdoor kitchen and were not looking to pay more for a home with one. Instead of building a large outdoor kitchen, consider purchasing an upgraded gas grill with all the bells and whistles that you can take with you when you move.
- Pools- The idea of floating around lazily in your sparkling pool while sipping cool drinks on a warm day is appealing. Pools provide a lot of family fun and swimming is a great form of exercise. If putting in a pool is for your own personal benefit then install one. However, a pool could cost you up to $45,000 installed and landscaped. There will also be fees to maintain it along with an increase in your homeowners insurance. Potential buyers may see a pool as nothing more than an additional maintenance pain. Before installing a pool, determine how often you will actually use it, can you afford the increase in your energy bills, and the chemicals needed to treat it.
- Generators– With the natural disasters that living on the coast may potentially bring, you may have considered purchasing a backup power generator. While power outages may seem to go on forever, in reality, most of the time it is not that long. If you live in an area with an unstable power supply and where shortages are common, then invest in a backup power generator. However, if the reality is that the power in your area hardly ever goes out, then skip purchasing a backup power generator. On average, home sellers recouped 59.9% of their investment when installing a backup power generator according to “Cost vs. Value Report.”
- Windows- Contrary to what you have been told or what you may have come to believe, the facts show that installing all new windows in your home won’t slash your energy bills as much as you think. If you purchase Energy-Star qualified replacement windows throughout your whole home you can expect to save on average $300 a year, based on the cost of the replacement being that of $11,000. If you are planning to install new windows, plan to live in your home for nearly 10 years to recoup the cost.
If you would like to know more about the return on value an upgrade will provide you contact us and we would be happy to help. The Ferzoco Group are experts in real estate from Ocean City to Cape May. If you are looking to buy a new home or sell your existing home, we’d love to hear how we can help you reach your real estate goals. Our job is to make your tomorrow better than today. Contact us today via email or give us a call at 609-264-6762.