5 Improvements That May Not Add Value To Your Home Renovation
September 9, 2022
Some home improvements will increase your home’s value, while others may not. It’s best not to go overboard with your upgrades although tempting, especially if you plan to sell your house in the near future. Calculate your costs and compare them to your future gain in home value. Figuring out potential renovation losses is key when deciding on the extent of your renovation project.
We’ve put together a few things to consider and home improvements that don’t necessarily add financial value to your home.
1. Swimming Pool
Although they bring joy and entertainment for family and friends, think twice before committing to such an expensive project. Some potential buyers may however see it as a safety hazard with maintenance issues. If you do plan on installing a swimming pool there are multiple things to consider if you’re looking for even a small return on your investment, such as:
- Warm climate and can use the pool all year-round.
- You live in a high end neighbourhood and pools are the norm.
- Well maintained pool.
- The pool doesn’t take up the whole yard and there is still garden space to play.
Think of a swimming pool as an investment in your lifestyle. It wont necessarily raise the value of your home but if you decide to go through with it, pay attention to detail and focus on the space to be aesthetically pleasing keeping in mind construction and fencing including shelter from the sun where need be. Find a way to tick all the boxes to enhance this investment within your home.
2. Luxurious Fixtures & Appliances
If you spend a lot of time in your kitchen and love to cook it may be your dream to have a top-of-the range set of appliances in your kitchen and it may be a priority on your list of investments. By all means go for it; however it won’t necessarily add value to your home unless your property is at the luxury end of the market which will result in more expenditure. It’s important to gauge how your project will impact your property value before you commit and once you decide on the design elements you’d like to use throughout your home, remember to not over do it.
Buyers want to envision themselves in the space as their own. Adding extra high end appliances and luxurious fixtures may not be the way to go and won’t necessarily increase the value of your property.
3. Lavish Landscaping
Well maintained gardens and mature landscaping may be appreciated by home buyers and encourage them to take a better look at the property but it won’t increase the resale price of your home and some may see it as extra work for a limited season of enjoyment.
However this is not to say that gardens shouldn’t be landscaped, by adding plants and keeping your outdoor space tidy, it can enhance that feeling with nature which is where buyers can feel themselves sitting and enjoying their surroundings. Remember, you don’t have to overdo it, keep it simple and put yourself in the buyers’ shoes if you plan your renovation around selling the home.
4. Wall to Wall Carpeting
Although real estate listings boast about new carpet as a selling point, potential home buyers may not be awed at the upgrade of wall-to-wall carpeting. People are turning away form carpeting because it could be expensive and trap potential allergens which is a serious concern for families with children. Not to mention, the carpet colour you thought was great might not be what someone else is in to.
A profitable investment would be to restore or install wooden floors particularly in formal areas and remove the carpeting as this is what most buyers expect nowadays making it more difficult to recoup the costs on new wall-to-wall carpet.
5. Invisible Home Improvements
In order to live comfortably and safely, there are updates and maintenance that need taking care of, especially if you plan on living in your home for years. Some invisible improvements are costly projects but you know these will help to make your house a comfortable place to live in however, many of these things you don’t see, such as plumbing and rewiring.
Consider each area carefully before deciding it as part of your renovation project. Think of these improvements as regular maintenance and not an investment in your home’s resale value.
It’s frustrating to imagine spending thousands of dollars on a home improvement project that will not be reflected in the sale price and there is no simple way to determine which project will yield the highest return. There are many things to consider including the age and style of your house which is also important.
Do your research and seek professional advice from a renovation specialist if need be. This can help you avoid costly projects that don’t add value to your home and give you a better understanding of what will.