6 Home Improvements That Do NOT Add Resale Value

Just because you’ve added tons of fancy upgrades to your home, does not mean you’ll get any more money for your house when it comes time to sell. In fact, you’ll probably end up sinking lots of money into these projects and seeing little to no return on investment. If you’re wondering how you can improve your home’s value, these are six projects that you can skip altogether. 

Pools
The resale value on your pool may differ depending on where you live. For instance, if you live in a state like Florida or Texas, many times, buying a house with a pool is a no-brainer. That’s because the climate is so hot in these areas that pools are almost a necessity. However, for safety reasons families with young children may not like the idea of having a pool. Also, if you live on the East Coast, buying a house with a pool is oftentimes considered a hassle. Pools on the East Coast don’t get used nearly as much as those in the south.
Also, installing a pool will cost you more than just the installation process. There are reoccurring fees for cleaning and maintenance. Overall, it is rare that you will recuperate the installation and maintenance costs when it comes time to sell your home.


Landscaping that goes beyond curb appeal
Over-the-top landscaping, elaborate gardens, ponds and more will not make your home more valuable. These additions are too personal to get your home a more expensive price tag. Although your beautifully manicured hedges are aesthetically pleasing, they might not be everyone’s cup of tea. The only thing that really matters in terms of landscaping when it comes time to sell your home is that the grass is cut, and you have a few nice features, such as a gravel walkway and some potted plants to satisfy potential buyers. Keep in mind that anything more than that will be a labor of love and not to boost home value.


Improving above and beyond what’s typical in your neighborhood
Be careful not to over-improve your home so that it sticks out in your neighborhood. Despite your best instincts, rushing to improve every little thing about your house to boost its value will do you a big disservice. Buyers looking in your neighborhood are seeking a house in a specific price range, but yours, if you over-improve it, will be out of their budget. And someone who can afford your house will probably be looking in neighborhoods already well-known for their affluence.


Lots of little maintenance projects
Don’t get confused between home improvements and home maintenance. Things like upgrading the electric, replacing the roof, replacing the furnace or installing new gutters are all considered necessary updates that every home needs and won’t lead to added value.


Home office addition or remodel
According to Forbes, home office remodels only lend a 46 percent cost recoup. That’s not very high. Not everyone needs a home office, so an addition of one will only appeal to certain buyers. If you have an extra room in your house, many people would rather see it turned into a guest room or nursery.


Sunroom addition or remodel
The same goes for a sunroom addition or remodel – it’s not an essential home feature. Sure, some buyers might like the idea of a sunroom, but it’s not on many people’s must-have list, so it won’t add value. Forbes lists a sunroom addition as only lending a 49 percent cost recoup.
For more information about what you can do to make your home more appealing to potential buyers, give us a call today.

Concerned About Buying a Home?

Purchasing a home is a big investment that requires a lot of planning. It's important to take the proper steps to ensure that your homebuying process is easy and stress-free. But not only that: Did you know that preplanning will actually help you save money on your home purchase? Keep reading to find out how this is possible.

Get preapproved
Before you even set foot in a house you're interested in purchasing, you need to meet with your financial adviser to determine the home loan amount you are approved for. This will help you determine which neighborhoods to look at and what homes you will be approved for without the hassle of finding your dream home and then finding out that you aren't approved for the loan.  Research and talk to banks to find the best home loan and interest rate so that you can purchase a home that you love while staying in your budget.


Maintain your budget
It's important for any homeowner to maintain and stick to a budget when purchasing a new home, especially for a first-time homebuyer. Take into consideration extra expenses that come along with buying a home, such as taxes and maintenance. If you want amenities in your home that are beyond what your budget allows, you may want to consider purchasing a fixer-upper.  Work with your Realtor if you find a home that you love but that's a little above your price range. Your Realtor is there to help negotiate a price that works with your budget.


Consider long-term investment potential
Purchasing and owning a home is a long-term investment, and its potential should be considered before purchasing the home. Does the home have a solid foundation? Is the neighborhood well-kept and maintained? These are things you need to consider when deciding whether the home is a good long-term investment. You also need to consider whether you have the time and budget to maintain certain homes. An older home may require a lot of upkeep. Or you may be buying in a neighborhood that has certain rules about how the outside of your house and lawn need to be kept.  The homebuying process can be full of complications and bumps, but if you take the time to plan out your budget and other necessities, you won't get stuck in a home you can't afford or one that requires too much maintenance. To ensure a successful homebuying process, contact us today, and we will help put you into a home that's just the right fit.