A friend recently asked if the waterproofing they have planned for the basement will add any value to the home. Short answer: YES! Granite, Quartz, Stainless Steel and beautifully designed spaces are all sexy but let’s take a look at the un-sexy renovations and how they add value (if any) to your home.
What’s Un-Sexy? Things like: electrical work, plumbing upgrades, using “green” products, HVAC upgrades (perhaps I’m weird but I find a new HVAC system pretty damn sexy), Foundation repairs, Waterproofing, Spray foam insulation to name a few. All of these things cost a lot of money but when you’re selling your home, nobody sees it. They’re too busy loving your new Caesarstone Counter-tops or your 6 burner Wolf Range. BUT when it comes down to putting your money where your mouth is as a buyer, you then begin to pay attention to the un-sexy.
Just this week I was showing a rental unit on the main floor of a house that had been recently renovated. I met my clients outside and the homeowner was there waiting for us. He enthusiastically walked us through the unit pointing out all the things a tenant wouldn’t normally pay attention to. Every time we went into a room he had his chest puffed out, so proud, saying: “Yes, that’s new….or look under there, there’s a surprise….or look at the panel, see the upgraded switches…or look in there, not only do we have a drain, but we also have a new sump pump!” So you ask, do those un-sexy renovations add any value? The answer is, YES, they 100% do and can be the difference between your home sale firming up or falling apart. In this case, the tenants loved the place, felt safe there and decided to take it. Can you attach a ROI to the extra money this guy spent on the house? Not really but then ask yourself: “What’s the ROI of a solid, long-term tenant” don’t know about you, but I can add some hard figures to that. He may have rented the place out even if he didn’t spend the time and money renovating, perhaps even for the same amount but I can guarantee you that those tenants would find a way out of there ASAP once they began to notice the shortcuts.
When a home buyer is considering buying your house, when it comes down to it, they’re going to conduct a home inspection. Wouldn’t you like to know that you’ve done everything you can to ensure the inspector doesn’t uncover any problems? Again, how much value do you add to peace of mind? You can proudly list your home knowing that you’ve taken care of your little gem, inside and out.
Let’s forget about selling, sometimes the un-sexy needs to be done just so you can live comfortably. So to go back to the waterproofing job. Will waterproofing increase the value of your home? Sure it will if you’re planning on selling, but what the un-sexy does for you is far more than any granite counter can: un-sexy makes sure you can sleep through the night during a massive rain storm knowing your basement won’t be flooded, un-sexy is knowing your home is safe when you go on vacation and all of your knob and tube wiring has been professionally upgraded. Un-sexy provides you with peace of mind.