One of the benefits of home renovations beyond the enjoyment they bring while you are living in the home is the fact that they add value to your home. Yet not all home renovations are created equal. Some renovations can actually detract from the future resell value of your home. While you’re deciding where to spend money on your home, consider avoiding these home renovations that add no potential value.
You may love having a pool in the backyard, but for many buyers a pool just looks like a lot of work. People shopping for a home that have children in the household may avoid pools because of fears of safety. Those who are not interested in spending time in a pool only see the blight it makes on the yard. In addition, pools cost quite a bit to install, and there is no way you will recoup that cost when you sell the home.
Landscaping sells homes. Complex landscaping does not. When considering plans for landscaping and planting flowers or shrubs around your home, do not go over the top. Not only will the resulting design be hard to maintain, but you will also find that it deters potential buyers. No one wants to buy a home that means a commitment to hours in the garden.
Investing in carpeting seems like a wise move when preparing to sell a home, but not exactly. Buyers do not want homes with wall-to-wall carpeting. Often they see the carpeting as a deterrent, because they will have to replace it every few years and will need to keep it maintained with costly shampooing services. If you’re going to invest in new flooring, consider laminate and hardwoods instead of carpeting.
Turning your home into a dollhouse (literally), making your home the most attractive on the block or adding costly interior elements that are not in line with the other homes in the neighborhood will make your home stand out. However, when the appraiser comes to see the home, you may find that they don’t see the value that you added. Making your home the best in the neighborhood rarely pays off, so keep upgrades in line with what the others around you are doing.
Maybe your dream is to have a wine room or craft studio in your home. This likely is not your buyer’s dream. While there’s no problem with utilizing a room for one of these purposes, if you spend a fortune remodeling the room so it fits only one specific purpose, you won’t recoup those costs. Also, this specialized room may detract from your home’s value, because the homeowner may not need that type of room. Stick to purchases to customize the room that do not actually require a remodel.
Remember, the home improvements you do to your home should serve two purposes – they should add enjoyment to the home while you are living in it, and they should add value when you’re ready to sell. Avoid putting too much money into any one of these five improvements, and you’ll enjoy a home that holds its value well.