Many home improvements are excellent investments, but there are actually two upgrades you shouldn’t make to your house if you’re planning to sell it soon:
1. Adding a pool. When you sell your property, you’re only going to get back 40% to 50% of the money you put into building the pool. It doesn’t make sense to put in a pool just to help it sell quicker. However, if you want to add a pool and plan to live there for 10 or more years to enjoy it, that’s when it’s a good idea.
2. Installing solar panels. If you purchase the system, solar panels can cost between $35,000 and $40,000. However, you’ll only get about $10,000 to $15,000 back for them when you sell. The second downside is that when you need to repair or replace the roof, the panels have to be taken off, then put back on afterward.
Recently, I had a client under contract to purchase a home that had solar panels, and the roof needed to be replaced. The quote just to handle the panels was $13,000. This meant the total cost of a new roof was almost $30,000. This was too steep and caused my client to cancel the transaction. Despite the drawbacks, some people want solar panels to be efficient and environmentally conscious, and that’s completely fine.
If you have questions about buying, selling, or anything else concerning real estate, please give me a call or send an email. I’d be glad to schedule a free consultation. I’m here to help.