Location, Location, Location is the most important factor in home buying or selling, no matter what anyone says. There are other facts that contribute to the value of a house such as school district, size of the lot, etc. All these external factors cannot be changed. However, the improvements that are done by the homeowners are within the control of the homeowner and needs to be curbed, as the monetary value generally does not pay off as much as the emotional value involved in such home improvements.
Here are 4 home improvement that do not increase the value of your home:
#1. Swimming pool
A swimming pool may seem like the best luxury upgrade you can give your home, in reality it is one of the most hindering factors for selling it. This is because home buyers see it as mere expense, more maintenance and increased possibility of law suits as it is viewed and came definitely be a safety hazard for small children.
Swimming pools, as a rule of thumb do not add value.
#2. Exterior walls makeover
Good to remember that changes you make to the exterior of your homes should complement the other homes in the neighborhood. If other homes in the area have wooden wall, I wouldn’t recommend you change your exterior walls using brick. When a specific house looks out of place in the area, it becomes more difficult to sell. Sadly, you are not adding value. Keep your home in harmony with not only the other homes in your neighbourhood, but with the overall ambiance of your own home.
#3. Solar panels
Green homes are becoming very popular. They can add value in the long run. Note, these are all capital expenditures, which cannot be recouped in the current housing market.
A more cost effective way to add value to your home would be to upgrade windows to a double-pane energy efficient window and this less value improvement will appeal to a home buyer.
#4. Adding unnecessary areas
Extra space does not always equate extra value. This is perhaps one of the most important considerations to bear in mind. An extra bedroom or bathroom or even extensive landscaping does not necessarily bring value to your home. For example, when you add a new room and lay expensive marble or granite floors, install rich wooden cabinetry etc., the room will look completely different from the rest of your house, if the other rooms are not also renovated.
Costs will shoot up when you start renovating your home. Start with one room, then the next, add more expensive finishes etc. and you come up with more costs incurred than value to your home. This will cause your home alone to cost more when compared to other homes in your neighborhood, therefore, making it more difficult for you to sell your house. Additional space created and provided will not result in additional value.
If you are planning to buy or sell a home, don’t hesitate to contact me today!