Owning a home in Chicago or its suburbs provides the freedom to make it your own, from modern kitchen upgrades to beautiful landscaping. However, when it comes to selling your home, not every improvement will add value or give you a good return on investment (ROI). If you’re thinking about selling soon, here are 11 home projects that might not be worth the cost.
1. White Kitchens Are a Risky Bet
While once a popular trend, Zillow research shows that white kitchens can lower a home’s sale price by over $600. Today’s buyers are leaning toward darker, more neutral tones like charcoal or graphite. If you’re planning to sell soon, consider keeping a more versatile color palette that appeals to a broader range of buyers.
2. Adding a Walk-In Closet
Walk-in closets are convenient, but they don’t necessarily boost a home’s value. Zillow data suggests homes with walk-in closets sell for 0.7% less than expected. Plus, if you’re converting a bedroom into a closet, you may be reducing your home’s value since most buyers prioritize the number of bedrooms over closet space.
3. Building a Deck
Outdoor spaces are in demand, but decks don’t always pay off. A wooden deck costs around $17,000, but you’ll only recoup about half of that at sale. While it may improve your quality of life, don’t expect a significant boost in resale value.
4. Converting Your Garage into a Bedroom
In a city like Chicago, where parking is often scarce, garages are highly desirable. Homes with garages can fetch a premium, so turning it into a bedroom may hurt your home’s value. However, if you’re thinking of creating an accessory dwelling unit (ADU) for rental income, that could be a worthwhile upgrade.
5. Installing an In-Ground Pool
Pools are hit or miss in the Chicago area. An in-ground pool can cost nearly $30,000, but you’re unlikely to get a full return. While pools can be a selling point in warmer climates, many buyers may see them as expensive to maintain and prefer not to take on the hassle.
6. Poorly Executed DIY Projects
DIY projects can add character, but only if done well. Poor craftsmanship can turn buyers off and require costly repairs down the road. If you’re not confident in your DIY skills, it might be worth hiring a professional to ensure quality work.
7. Luxury Bathrooms with Low ROI
High-end bathroom remodels can be a money pit. A mid-range bathroom remodel may give you a decent return (around 67%), but a luxury upgrade could return only about 37% of your investment. Keep bathroom upgrades functional and stylish but avoid going overboard with luxury features.
8. Wall-to-Wall Carpeting
While carpeting can provide comfort, it’s not a huge selling point for most buyers. Listings mentioning new carpet tend to sell for slightly less. If you’re thinking of upgrading your flooring, luxury vinyl or hardwood may be a better option.
9. Bamboo Flooring
While bamboo flooring is a more sustainable option, it’s not as popular with buyers as it once was. Homes with bamboo floors tend to sell for 0.8% less than comparable homes, so this upgrade might not give you the return you’re hoping for.
10. High-End Fixtures
While high-end fixtures can enhance your home’s aesthetics, they don’t always add value. Buyers may appreciate them, but they’re unlikely to pay more because of your $3,000 light fixture or designer faucet. Opt for well-made, affordable fixtures that appeal to a wider range of buyers.
Focus on Maintenance Over Upgrades
Before spending money on improvements, remember that general home maintenance can have a bigger impact on your home’s value. A well-maintained home in good condition can sell for about 10% more than one with neglected upkeep. Focus on tasks like cleaning gutters, resealing grout, and servicing your HVAC system before diving into major renovations.
Bottom Line
If you’re thinking of selling your Chicago-area home, not all home improvements will give you the ROI you’re hoping for. Focus on maintenance and practical upgrades, and avoid splurging on projects that won’t appeal to most buyers. If you need advice on which improvements will add value, The Schneider Group can help you make the right decisions for your property and the local market.
Considering selling? Contact us today to learn how we can help you navigate the process!
Contact The Schneider Group at 847.347.6288