Whether you plan to sell your house or live in it, you might be tempted to go overboard with upgrades that will improve the resale value of your home. Sometimes, homeowners decide to add a fun or whimsical feature to their house in the hopes that it would be valued as having more appeal when they decide to sell.
However, the owner may find many of these ideas appealing. Unfortunately, this could be because people think it’s an eyesore, unpleasant, or even too expensive to maintain, reducing its worth. In the USA, people spend billions of dollars on remodeling, but they are not all adding value to their homes.
So before you start contacting contractors to set up appointments, it is best to ensure you are not spending a lot of bucks on one of those low-value improvements.
Here are five home improvements that, despite appearances, don’t increase your property’s worth.
A swimming pool is sometimes referred to as “a hole in your backyard where you spend a lot of money.” Swimming pools are great for cool summer evenings and the occasional swim, but they require a lot of maintenance, which not everyone will find appealing. Standard in-ground pools can cost anywhere between $36,750 and $66,500 to install (plus up to $4,000 annually for maintenance), and it’s unlikely that you’ll get a return on your investment when it’s time to sell your house.
However, in some regions of the US, including Arizona and Florida, owning a pool is expected. Examine the local market and neighborhood comparables before building a pool.
Make sure you avoid making another typical mistake, which is overbuilding for the neighborhood, if you’re thinking about making any significant addition to the house’s structure (an additional bedroom, a home office, or an additional floor). Overbuilding or over-upgrading could fail to draw in suitable buyers. This is so because home sales are determined by recent neighborhood sales, which will always precede whatever expensive improvements you’ve made to your house.
Ask your local realtor about recent neighborhood sales before deciding whether to upgrade. Only then can you decide whether the upgrade will provide a good return on your investment.
In cold weather, carpets are far more comfortable than wooden floors. But when remodeling a home, think about the cost before you start getting the carpet.
Carpet trap allergens can quickly lose their pristine appearance and don’t last as long as hardwood floors.
Think twice before covering any existing surfaces with carpet, including hardwood, tile, or other hard surfaces. The old carpet should often be removed before installing new wood floors or restoring old ones. Most customers prefer—and even expect—depending on where you reside.
While you might focus most of your interior home improvements, many external improvements are also worth considering.
Professional garden landscaping is expensive—on average, $4,000 and in the vast majority of situations, it’s a home improvement that won’t raise the value of your house.
It’s best to have a simple, well-kept yard with great curb appeal and a self-maintained appearance. A new buyer might not think there is any value in costly plants and bushes that require a lot of maintenance.
It’s best to spruce up your property with a fresh coat of neutral paint and other upgrades shown to raise the value and improve marketability if you intend to sell it soon.
However, if you intend to stay for a while, Concentrate on home upgrades that make you happy, even if they don’t significantly increase the value of your house. When in doubt, research real estate trends, compare key features in comparable nearby homes, and consult experts, such as home designers, real estate agents, and contractors.