5 Remodeling Upgrades That Might Not Add Resale Value
As a homeowner you know you should be spending money on remodeling projects, maintenance and home repairs in order to keep looking its best and operating at peak. Some maintenance projects add beauty to your home, like kitchen and bathroom upgrades, making it more attractive to potential buyer and improve functionality. Sometimes, homeowners decide to add a feature to their home what will provide enjoyment or whimsy, and the hope that these features will be seen as adding value to their home at the time of sale. However, many of these projects may seem attractive to the owner, but may be seen as an eyesore, unattractive or even too expensive to maintain, thus detracting value. Before you start calling contractors to schedule appointments, it’s best to make sure that you’re not spending a lot of money on one of these low value projects, especially if you are planning on selling soon.
1. Adding a swimming pool
A swimming pool has often been referred to as “a hole in your backyard into which you pour a lot of money”. Swimming pools are nice for hot summer days and an occasional swim, but they are very high maintenance that not everyone will appreciate. In fact, a lot of home buyers will look at a home with a pool as to costly to consider. They will have to pay to maintain and heat it. Plus it could be a disaster to a family with small children. Do your research first and you’ll be surprised to find that a pool much value to your home. Considering how much they cost (anywhere from $10,000 to $100,000) and the high cost of annual maintenance, that’s a lot of money to pour into an upgrade. There are, however, some parts of the US which having a swimming pool is expected, like Arizona and Florida. Carefully consider the neighborhood comparables and your local market before deciding to add a swimming pool. And keep in mind that then next buyer may not want a pool at all
2. High-end upgrades in modes neighborhoods.
Granite countertops and stainless steel appliances are very attractive, but if the kitchen is over built in comparison to the rest of the neighborhood you aren’t doing yourself or your home any favors. Over upgrading or overbuilding may not attract the right buyers. This is because home sales are based on recent sales in the neighborhood and this will always override any high end upgrades you’ve made to your home. It will be unrealistic to expect more than the average sale in your neighborhood. Before you decide to upgrade, speak to your local realtor and ask them what sales are in your neighborhood, and then decide if this upgrade will provide a good return on your investment.
3. Too much carpet
Although carpet is a lot more comfortable than hardwood, especially in a cold climate, but before you start ordering carpet, consider the value. Carpet can start looking dingy pretty fast, trap allergens, and just doesn’t have the longevity of hardwood floors. If you already have hardwood, tile or any other hard surface, think carefully before you start covering it carpet. Today’s buyers like to see solid flooring. In fact, many buyers will check to see if any valuable flooring is hidden under the carpeting and reduce the offer because they will consider they will have to remove the carpet and refinish the floor. If you have carpet in any rooms, then you should have them cleaned thoroughly and all stains removed.
4. Rooms Designed for Specific Purposes
No one will expect to see a bowling lane in your home unless you live in a mansion, no one will expect to see a bowling alley, yoga room, fitness gym or sewing room. If you are a typical homeowner living in the typical detached single family home, you’ll want your rooms to have a general purpose so that more buyers can relate to your home. Home Stagers are experts at helping homeowners see their homes through the eyes of prospective buyers. You may be using your spare bedroom as a painting studio or sewing room but you’ll find that a home stager will most likely recommend turning it into a room that appeals to the widest audience possible – like a bedroom.
5. High maintenance landscaping
Curb appeal is very important to your home and everyone loves a beautiful, well-tended garden. Not everyone wants a landscape that requires a lot of money, water and time to maintain. Yards that look like they will take a lot of maintenance every week or appear as though an expert landscaper is paid to tend it, are more likely to be perceived as too high maintenance for the average buyer. This applies to water fountains, or specialty landscape items. It’s best to have a simple well-manicured yard that gives the impression that it is self-maintaining and has great cur appeal. Expensive plants and shrubbery that take a lot of work to maintain may not be seen as having any value to a new buyer. In fact, they may be seen as a deterrent and drive otherwise buyers away.