This article ran in our monthly email to clients and thought it was worth sharing. So many of us are considering home improvements but which projects are worth the hefty price tag?
Just because you’ve added tons of fancy upgrades to your home, does not mean you’ll get any more money for your house when it comes time to sell. In fact, you’ll probably end up sinking lots of money into these projects and seeing little to no return on investment. If you’re wondering how you can improve your home’s value, these are six projects that you can skip altogether.
The resale value on your pool may differ depending on where you live. For instance, if you live in a state like Florida or Texas, many times, buying a house with a pool is a no-brainer. That’s because the climate is so hot in these areas that pools are almost a necessity. However, for safety reasons families with young children may not like the idea of having a pool. Also, if you live on the East Coast, buying a house with a pool is oftentimes considered a hassle. Pools on the East Coast don’t get used nearly as much as those in the south.
Also, installing a pool will cost you more than just the installation process. There are reoccurring fees for cleaning and maintenance. Overall, it is rare that you will recuperate the installation and maintenance costs when it comes time to sell your home.
Landscaping that goes beyond curb appeal
Over-the-top landscaping, elaborate gardens, ponds and more will not make your home more valuable. These additions are too personal to get your home a more expensive price tag. Although your beautifully manicured hedges are aesthetically pleasing, they might not be everyone’s cup of tea. The only thing that really matters in terms of landscaping when it comes time to sell your home is that the grass is cut, and you have a few nice features, such as a gravel walkway and some potted plants to satisfy potential buyers. Keep in mind that anything more than that will be a labor of love and not to boost home value.
Improving above and beyond what’s typical in your neighborhood
Be careful not to over-improve your home so that it sticks out in your neighborhood. Despite your best instincts, rushing to improve every little thing about your house to boost its value will do you a big disservice. Buyers looking in your neighborhood are seeking a house in a specific price range, but yours, if you over-improve it, will be out of their budget. And someone who can afford your house will probably be looking in neighborhoods already well-known for their affluence.
Lots of little maintenance projects
Don’t get confused between home improvements and home maintenance. Things like upgrading the electric, replacing the roof, replacing the furnace or installing new gutters are all considered necessary updates that every home needs and won’t lead to added value.
Home office addition or remodel
According to Forbes, home office remodels only lend a 46 percent cost recoup. That’s not very high. Not everyone needs a home office, so an addition of one will only appeal to certain buyers. If you have an extra room in your house, many people would rather see it turned into a guest room or nursery.
Sunroom addition or remodel
The same goes for a sunroom addition or remodel – it’s not an essential home feature. Sure, some buyers might like the idea of a sunroom, but it’s not on many people’s must-have list, so it won’t add value. Forbes lists a sunroom addition as only lending a 49 percent cost recoup.
For more information about what you can do to make your home more appealing to potential buyers, give us a call today.