5 Home Upgrades That Aren't Worth The Cost
Most home sellers are under the impression that renovations and a tasteful looking home shall fetch them more than what their flat is worth. However, on the contrary, cosmetic changes in a property do not affect its value much. In fact, the changes that you put in may actually repel buyers rather than attract them. Therefore, you need to differentiate between the flat renovation ideas that are worth it and the ones that aren't before spending a bomb on them.
Here are the top five flat renovation tips that might set you back by lakhs of rupees but will hardly be useful:
Highly customized designs
Modular kitchens and plush bathrooms may be common nowadays, but their design appeal may not be the same to all. For instance, if you use a slate tile rather than ceramic ones, it might catch your eye, but may hardly be noticed by a prospective buyer of your new apartment in Thane. Similarly, ornate kitchen countertops may be hardly noticed by buyers, who do not have an eye for the finer things in life. It is better to settle for builder grade stuff than include ornate detailing. Unless you are going to live in your new apartment for long, there is no point in getting these upgrades done.
Creating a pool
A pool may seem inviting within ready to move in flats in India, but it will not be as enticing to someone looking for a villa. Usually large communities have pool cleaning boys who ensure that the water is clean and safe enough to be splashed around in. However, as a villa owner, you will be on your own. Getting the pool cleaned, maintaining the water purification system and ensuring the safety of those bathing within is a tough job and recurring expense. Moreover, to put in a pool, you need to get several sanctions and approvals from the municipal corporation, which can be a long drawn process. Besides, a prospective home buyer may prefer to have a garden or a barbecue grill in the backyard rather than a pool.
Merging or splitting rooms
Buyers normally come for a home showing expecting to see two or three rooms. However, if they walk into your home in Gurgaon and see an extra-large space rather than what should have been two rooms, they may be hesitant to go on with the transaction.
Most home owners with high aesthetic senses want to convert a part of the drawing room into a small study or lounge room or sound-proof the walls to create a home theatre. However, not all buyers share these views and they may be looking for flats that have the basic specifications rather than ornamental décor.
Very few people will be interested in buying a villa in India, which has too many split levels. Too many changes will lead to a steep rise in the price of your home which will turn away buyers on two accounts. Firstly, buyers who like your neighborhood may not be able to afford the property and secondly those who have the money to spend on a ready to move in apartment in India like yours will prefer a more glamorous area.
Prior to making any changes, you should tour a few homes in the neighbourhood to see what others are up to.
Incremental square foot gain
Building a small meditation room out of your bedroom may satisfy you in some way but won't appeal to a buyer. If you must, you should perhaps convert a part of the veranda or your backyard into a puja room or study room which leads to actual increase in square footage rather than a virtual one. Make sure that the way you increase your square footage fits in well with the floor plan otherwise your ready to move in flat shall lose appeal.