Making improvements to your home is about enhancing your quality of living, while upping the value of your property. There are many different types of renovations that you can do to your property, but not all of them are guaranteed to boost your property value. If your primary goal is to raise property value, then you may want to avoid making one of these six types of home improvements.
Installing a Swimming Pool
There is a misconception that swimming pools are guaranteed to increase your property value, but that isn’t true. Enjoying a swimming pool at a family member’s or friend’s house is one thing, but owning one yourself can become an nuisance and expensive. The maintenance of a swimming pool is plentiful – cleaning out leaves and debris and ensuring that levels of chlorine is always proper; the there is algae to worry about. Then if you decide to sell your home, certain buyers will view the swimming pool as dangerous or too much maintenance. Plus, it can lead to an accident where they can get sued.
Overbuilding to Outdo the Neighborhood
Having the best house on the block is a status that many people want to have, but when you are using home improvements to achieve this, it can quickly become an ugly ordeal – especially if you’re planning to sell your home. The more renovations you do to your home, the higher you will have to hike the selling price to get a return on investment. Homebuyers browse for specific neighborhoods within their price range and your home will easily be too pricey for your neighborhood if you decide to overbuild. This will make it hard to attract a homebuyer since all the ones roaming the neighborhood are looking for homes with a lower price than your home.
Yes, a nice lawn is very attractive, but don’t think that by doing extensive landscaping it will increase your property value. It will definitely attract homebuyers to your home, but if they see a lot of maintenance is needed to keep the lawn looking the way it does, it may scare them off.
It’s easy to get carried away with the upgrades we make to our homes, but for those who are looking to sell their properties, overdoing it can end up costing you. For instance, if you place stainless steel appliances in the kitchen, but have bathrooms and bedrooms that have vinyl flooring and shabby carpets, it won’t mesh together. Having a consistent style is important, especially if you’re looking to get an ROI for the upgrades you do make. Just don’t make too many expensive ones, so that your selling price isn’t too much higher than other homes in your neighborhood.
Making Unnoticeable Improvements
Home improvements that are likely to go unnoticed are also potential threats to your ROI. This would include new plumbing or HVAC systems. Good working plumbing and heat and air is expected by buyers, so they’re not going to be willing to pay you extra for new systems.