AVOID These Home Updates That DON'T Add Value

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Updating your home can be a rewarding process but if you're thinking about selling in the next 3-5 years, you'll want to make sure you avoid spending money on updates that don't add value. In this video I go over the top updates you'll want to think twice on before investing your hard earned money into updating your home.
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Опубликовано:

11 июн 2024

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Комментарии : 100

@sorbabaric1 День назад

I’m glad you included the timeline someone plans on living in their home. I chose paint colors for myself. I had to explain to my sister I don’t plan to sell in the next 5 -10 years, so I’m creating the house I want to live in and love. Not for some other hypothetical buyer in the future. This is a very useful video, glad you examine the math involved.

@bruh_hahaha 5 дней назад

so don’t turn my dining room into a Pirates of the Caribbean tavern?! NoOoOoOO!!!!

@kevinmach730 2 дня назад

Absolutely do that. I would buy it.

@firesign4297 День назад

😂

@zacharias.horsemanship 20 дней назад

I really have no reason to watch this video, but it looked interesting enough that I clicked on it. You're going to do big things with this channel. The editing is great and the content is engaging!

@savvyhomeseller 15 дней назад

Appreciate the feedback - thanks for watching!

@firesign4297 День назад

@@zacharias.horsemanship 🤣👍🏿👍🏿

@marisollopez-caldwell8137 11 часов назад

Wonderful advice I must say we were so blessed that we sold our home which had salt water in-ground pool n Jacuzzi n landing with bubblers for young children enclosed fenced yard,cameras system, screened garage ,gutters, wrap around driveway we redid the pantry ,butler in master, plus some upgrades when we purchased the home n we got it all back including the sale of home and paid off our mortgage n a profit ....So happy we blessed someone else all they had to do was turn key n enjoy life

@donutdomination139 13 часов назад

It’s not always about ROI. Being happy in your home is important. Life is short. Do what you want to your home and enjoy 💕

@mapratt 9 часов назад

@donutdomination139 She does say many times if you plan to stay in your home for a long time, do what you want! If you want to do and enjoy the modifications in spite of the cost, go for it! But if you are going to need to sell in a small number of years and you aren't wealthy/need to get your money out of the current house to pay for the next one, these things will just drain your wallet.

@ChicaG-vg7pj 11 часов назад

I heard an amazing story about story about custom paint colors. My friend's aunt had lived for a couple of decades in Peru. She ended up returning to Canada, and bought a home. The previous owner had painted a feature wall in each room. The feature walls were all solid, intense colors that would be extremely difficult to cover with new paint. There was even a solid black wall. (This was back in the 80s, so I'm not sure what products would have been available at that time to deal with this.) Aunt calls her sister, my friend's mom, to come and help her. My friend's mom was a wizard and really should have been a professional decorator. Mom ends up going through her sister's artwork from Peru, and decides there isn't any need to repaint! Peruvian art is generally colorful and primary colors, which went with the primary colors of the walls. She helps her sister arrange her Peruvian treasures to showcase them to advantage. My friend said it was amazing, and she loved to go over to visit and admire. Of course this isn't going to work for everybody. But it goes to show that there are solutions that can work depending on your situation.

@karinbinnie1862 32 минуты назад

The previous owner of my house painted all the niches and accent walls in catsup red. It took 3 coats of paint to cover them.

@otockian 20 дней назад

I've sold 5 homes without realtors on my own and I know a thing of two. One the pool thing is a mixed bag, while it does push away buyers who don't want a pool or are scared of the maintenance it also attracts buyers who specifically want a pool, and ones that are willing to pay a significant premium for a home with a pool and are willing to pass up other options that are in better locations, etc. So yes it can push some away, but it can also be a huge decision maker for some. The key is to list it VERY clearly on websites and in the listing that it has a pool to not attract the wrong buyers in the first place.

@kevinmach730 2 дня назад

I see your point, but you could kind of say that about any property feature. What is a big selling point to someone is a hard no to another.

@jenniferwells2291 День назад

It also depends on where you live. We're in Texas so a pool is a big bonus since it can be used most of the year.

@Daysleeper1000 День назад

@@jenniferwells2291 yes! I'd love a pool right now 😍

@kevinmach730 День назад

@@jenniferwells2291 100 percent.Here in the midwest you're luck to get 3 months out of them realistically, what you account for rain. I would love a small one at my own place just to float around in, but it's just north worth it to me for that short of period.

@lisabracken273 21 день назад

Thank you for being honest about solar panels

@savvyhomeseller 15 дней назад

Appreciate your feedback - thanks for watching!

@chiplangowski3298 13 часов назад

Simple common sense. Solar is one home improvement for which the return on investment can be calculated in advance. If you plan to sell before the payback, don't do it. If you can't pay cash, don't do it. Never, never, never lease.

@chiplangowski3298 13 часов назад

All of these videos/articles always list the ROI on renovations as a percentage of what was spent. In other words, nearly all return less than they cost. Do the upgrade for your own enjoyment, and only if you plan to stay in your home for a long time. None are actual investments.

@AKSingh-leader-storyteller 8 часов назад

Excellent advice and loved the moment of clarity at the end. It is not an investment- enjoy the home you live in. So many of us get confused on that simple fact.

@wt9653 8 часов назад

Don't ever say you're not selling the house. I said that for years. After retirement, I moved to sunny Arizona. I had a DIY solar power system. I packed it all up and took it with me.😊 A permanent fixture with your roof mount solar panels is a bad idea. You try to blend it in with your landscape. Mine was a deck rail mount and a large shed roof mount. I had an immediate benefit from my solar power system. The DIY only cost me about 5,000 dollars after Federal tax credit. My power bill is only 20 cents per day 😊

@OriginalBernieBro 23 часа назад

Just saw this open house that had a pool and the biggest outdoor kitchen I’ve ever seen it was larger than the one indoor seems the owner has a boat and they cook the catch by the pool. The backyard with the pool is larger than the house itself.

@katrish786 День назад

Or....if you like it, do it. That's how I feel about a home.

@lklpalka 21 день назад

So right about pools and pit patios, Jen. A neighbor here in S Delaware had to FILL IN his pool to close the buyer. They didn't care that it also had the grill and party pit. Ouch. $85,000 + 4,500 a year is a lot of $$ per dip. Gardens too...a friend finally withdrew her home because her lovely gardens with 23 separate sprinkler shutoffs was too scary for several qualified buyers who would have bought without all that. My technophobe spouse hates smart lights. I love them. Fortunately we're not selling :)

@firesign4297 День назад

🤗Upstate NY Home Owner Here ... Thinking Of Selling within the next year... And Your☺️ information 🤗 Excellent!!!👏🏿👏🏿👏🏿👍🏿👍🏿

@savvyhomeseller 14 часов назад

Appreciate the feedback - thanks for watching!

@user-qp7qu7hl1q 7 часов назад

Building a kitchen outdoor right now. Bbq & griddle. It will be glorious. Saved money cause I did the research and acquired the appliances myself. Got a contractor simply for the labor.

@katerineenid 21 день назад

We almost didn't buy our house because it had a huge pool. We ended up buying the house, and we covered up. That was the best decision ever.

@jayc4715 13 дней назад

Dumb

@wallihaley5194 3 дня назад

@@jayc4715 , why? Not everyone wants a pool. Everyone I know who has one no longer uses it but still has to pay a lot of money a year to maintain it.

@kevinmach730 2 дня назад

Pools and hot tubs should always top the list. Hot tubs less so, but if you have decks or property features built around them, it can be a problem. Pools are work, money, and a liability. I would suspect half of all potential buyers don't want one for various reasons.

@laraantipova389 9 часов назад

I live in metro Atlanta and pools are very dumb IMHO. I have known several people to have them and they are too much work to really be worth it. On top of that you can buy a membership to most clubs for $1000 a year and have access to a pool much cheaper, but also have no work or money you need to sink into it.

@Well_Earned_Siesta 2 дня назад

Great video. But I think you're assumptions on residential solar are about 7-10 years out of date. Especially in the sunnier areas of the country. Also keep in mind the cost of solar has decreased by ~21%, every two years, since the 1970s. So even if your solar info is "just a few years" out of date, then it can be far different than today's reality.

@celieboo 7 часов назад

We purchased (not leased) a solar panel system in 2020. It was one of the best decisions that we've ever made. For example, Duke Energy is currently requesting a 26% rate hike in my state. Never lease solar panels.

@marisamarino7596 22 часа назад

Great video!

@mamatosh05 2 дня назад

This was a good watch. Thank you for sharing.

@savvyhomeseller 14 часов назад

Thanks for watching!

@rickspalding3047 День назад

I'd rather cash earning high interest than the scant return on solar,

@blujeans9462 21 день назад

Your suggestions are so much better than most realtors - maybe because you are in the northeast, too, whereas others are in the west, south, etc. I appreciate this because I'm moving into a house that I am not sure how long I'll be staying. I tried to sell it last year with no luck - so I do plan to do a few things to make it a bit more marketable in case I decide to list again.

@savvyhomeseller 15 дней назад

I really appreciate the feedback - thanks for tuning in!

@kenrichmond6906 7 дней назад

Great advice! Thank you for the video!

@savvyhomeseller 6 дней назад

Thanks for watching!

@kimlewis2460 День назад

Great content, I'm happy you stated not to finance home renovations. IMO its better to pay off that mortgage first than cash flow those renovations 😊

@savvyhomeseller 14 часов назад

Thanks for watching!

@DougCeleste 21 день назад

Jen, another GREAT video and thanks for sharing your words of wisdom! I am NOT a fan of solar panels for so many reasons and pigeons LOVE them for shade which can create roof rot issues. I ripped out the old carpet in the bedrooms and was not sure what flooring I will put in but you made some GREAT points about that in this video.

@savvyhomeseller 21 день назад

Thanks for watching - so glad you found value in the content!!

@DougCeleste 21 день назад

@@savvyhomeseller Jen, there are tons of people on RU-vid sharing their real estate tips but you, Audra Lambert and Albert Finney are my favorites as you share your most valuable real estate information with consumers. Thanks for your help and keep up your fine work in your videos. 😎

@kevinnottim 20 дней назад

This is stellar content! Super practical, actionable and intelligent. I'm a first-time homebuyer with a strong finance background but zero real estate experience. This really jives with the way I use my finance chops to make sense of unfamiliar real estate decisions. Can't wait to see what other content you put out!

@savvyhomeseller 15 дней назад

So glad you found it helpful!

@suetokuyama5570 21 день назад

Great advice!

@savvyhomeseller 21 день назад

Thanks so much for watching!

@charlesking678 День назад

This is all good advice, but America has a problem. A house use to be bought for a place to live, but now people look at their homes as investments. Turn your house into your home and live your life as you see fit. YOLO!

@jayp4114 6 дней назад

A rotating circular waterbed is way overrated, as well. Unfortunately, I learned the hardway, when selling my condo.

@eveyhammond8326 День назад

@@jayp4114 Austin powers

@lakeishacriswell9209 2 дня назад

Hello from Boston…this helpful as undergoing major renovations

@savvyhomeseller 14 часов назад

Glad it was helpful! Good luck with the renovations!

@gingerkilkus День назад

The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!

@CharlesArthur-fq5sx День назад

It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.

@Franklin-gq4si День назад

I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?

@williamDonaldson432 День назад

For you to grow your portfolio in today's market, you really need to be coachable and willing to get off your high horses. I for example, have managed to grow mine from $150k to 300% of my initial deposit within the past 8 months just by copying trades from a broker that has better skillset and technical know-how than me.

@foreverlaura-fq4eu День назад

I appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a reputable advisor, mind sharing info of this person guiding you please?

@williamDonaldson432 День назад

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

@marilynh5487 День назад

I have pools never ever want another. I guess because I'm from Florida.

@richardsanty9063 11 часов назад

Will an indoor pool increase the value of your home?

@kingyos6710 6 дней назад

By the time you start saving on energy after installing solar panels would be about 20 years. Dumbest technology ever added to a home.

@jimkane9832 2 дня назад

Stop exaggerating

@brendamoon2660 День назад

@kingyos6710 sadly the solar industry has become a rip off. When solar first came out they were cost effective but not anymore.

@rickspalding3047 День назад

Don't forget to put the solar on when the new roof goes on

@Lealelan 20 часов назад

Ive been toying with a move after retirement and looking at homes. Came across a gorgeous home that was laid out beautifully. BUT outside of the kitchen/living area, EVERY wall was painted pepto-bismal pink! Sure it's just paint, but the house has vaulted ceilings and the cash register just clicks away in my head as to how much it's gonna cost to re-paint the interior of that house. I'm betting that before it sells, the seller, will be re-painting the inside! Im soooo not a fan of a different color for every room. IMO, folks should paint walls a neutral color before putting on the market!

@forannies 14 часов назад

Depending on the regional market, whole house painting can come in at $5-10k !!!!

@julias5782 2 дня назад

3:42 So atleast for Texas homes with pools are fickle: Depends on the style of the pool There has been recent peak in pool replacements (less than 3 years old) due to ASR in concrete. the only solution is ripping out the entire pool or else the ASR spreads again. Folks also remember the freezing pipes bursting during the "Great Freeze" - we don't regulate weather proofing pipes in texas Many developers are now planning community pools

@marilynh5487 День назад

Never ever tie anything to your 🏡 home. Never

@melaniew323 4 часа назад

I’m not sure I follow the logic of not using a HELOC for improvements. As long as you don’t over leverage the house, it may be fine. A good tax deduction and you can make more by investing your savings instead of using it for the improvement

@corilia9529 День назад

Are new floors (kitchen) worth doing?

@savvyhomeseller 14 часов назад

It depends on a lot of things...how will the floor replacement fit into the rest of the home? How badly do they need to be replaced? How does it compare to other properties in the area? It's never an easy yes/no answer unfortunately. However, if you have a good agent that knows the area, they can be a great resource to ask!

@savvyhomeseller 22 дня назад

What are you thinking about updating in your home in the near future?

@DougCeleste 21 день назад

I need a new roof, drywall work, and some flooring work in the bedrooms along with other cosmetic things before I list my home in the near future. I plan to sell "As-Is" but will consult with a realtor here before I make my final decisions on how I will sell my home since I do not want to major renovations on the kitchen and bathrooms.

@suehanchard5582 2 дня назад

I’m thinking about adding vinyl fencing in my backyard to replace a chain link fence. I also live in the northeast.

@DougCeleste 2 дня назад

@@suehanchard5582 Vinyl fencing is NOT cheap to install and the UV rays of the sun in time really take a toll on exterior vinyl fencing with the oxidation. Best to do research on this type of fencing before spending the money on it. And if you do decide to install it, get someone licensed, bonded and insured who knows how to install this type of fence the right way. Referrals from family and friends of reliable contractors to get bids from DO help a lot. And Jen can answer your question the best about if installing this type of fencing will really add value or not to your property. Best wishes on what you decide!

@sadie9527 2 дня назад

Do you get a referral fee?

@savvyhomeseller 14 часов назад

Yes - it's customary in the real estate agent for agents to receive a referral fee from the receiving agent. Every agent that sends a referral to another agent receives a referral fee. It's compensation for procuring the client. I addressed this in my Livestream on 7/2 as well.

@carminealiffi9738 21 час назад

To me solar is a liability, I wouldn't think of buying a house with solar panels

@chiplangowski3298 13 часов назад

It depends on the circumstance. If the house comes with fully paid for panels and you are buying them for 20% of the cost, you could save $200 to $300 per month on electricity while only being out-of-pocket pennies on the dollar. It is a no-brainer. If the house comes with a solar lease that you must assume then run away.

@phoenixrising-sv8pk 8 часов назад

That’s a comment from someone that is not solar savvy. You can buy junk, useless solar systems. Mine is paid for and I don’t pay for electricity anymore currently at $200-$700 per month depending on the season

@keywestalert6329 10 часов назад

Stallone

@sleuththewild 19 дней назад

IMO this presenter is not familiar with solar or energy efficiencies. In many places, there are subsidies and utility cost advantages. When you're looking at a heating bill of $16 (fixed) per month during winter in the far northeast, versus $600 per month (with no upward limit) for the usual oil, you've got a way better investment if you get solar or buy into community solar.

@savvyhomeseller 18 дней назад

If a typical home buyer in a given area has absolutely no interest in solar panels, the utility cost savings is irrelevant.

@CF-kj4pm 15 дней назад

I wouldn't go so far as to say, not familiar with solar/ energy efficiency. Rather, I feel the advice on solar seems regional. I'm in the desert SW and solar is very popular and encouraged.

@philomelodia 9 дней назад

The pros are obvious. It’s the cons you’ve gotta worry about. Everything you say is true. Thing is, if you buy them and assume a 30 year loan to pay them off, good luck offloading that onto your buyer. You’ll either have to eat the cost out of the proceeds of the sale of your house or, find somebody for whom your property is so good and so awesome that they’re willing to assume the extra bit of the price tag. They are a pain in the ass. I’ll never deal with them again

@sarahann530 3 дня назад

@savvyhomeseller Do you only work with buyers that have no interest in saving money?

@chiplangowski3298 12 часов назад

Solar's biggest problem is that the average person lacks the ability to do middle school math. You can calculate the payback period and return on investment to the penny, but most don't think long-term and can't see that far out.