Home improvement is all about increasing the quality and saleability of your home. This is the reason why most folks resort to an upgrade for their property assuming that it would translate to a boost in the value of their home. However, not all investments pay off in the world of real estate and some people find out about this way too late. Here are some examples of low value home improvement projects that you should avoid.
The first common project that seems like a good idea at first is an in-ground swimming pool. A pool is generally expensive, around $30,000-$75,000, and maintenance costs are $1,000 or more. Also, having a pool is a safety risk that families with small children should avoid when buying a house. It decreases the resale value because of the costly operation expenses and turns away families with small children from your list of prospective buyers.
The second luxury that apparently homebuyers can do without is a kitchen with high end fixtures. A gourmet kitchen can only work if the house is located in a fancy neighborhood and even then, you cannot regain every penny you put in the remodeling of your high end kitchen. A rule of thumb when remodeling a kitchen that you would eventually sell is to buy quality and practical appliances that can be appreciated by anyone. The next luxury item on this guide is a whirlpool tub. These are expensive to install and to maintain, so impending buyers are discouraged from buying your home.
Avoid adding a second garage because not all homebuyers have a need for it. Consider first if it is a common feature in your neighborhood but if not, then there is no need to alter the structure of your home. A thing to remember is not to over-improve. This is a term they use when comparing lavishly decorated homes to previous homes that have sold for the same price minus the plush accommodations. Avoid splurging on expensive lights or flooring, etc. because although it seems nice, it will not get you back what you invested upon reselling it.
Another project that seems nice but would not increase the asking price is an expensive landscape. You can make simple changes without going over the top like placing small trees and shrubbery to spruce up your lawn. A well kept lawn can definitely go a long way in impressing potential buyers.
Do not invest in a luxury home office when as a rule people just need good lighting, a desk and a chair for their home office. Furthermore, technology becomes easily out of date so buying the latest office equipment can turn against you in the future. A new roof is a definite must especially if the old roof is riddled with holes, molds and mildew. A damaged roof will discourage potential buyers but be aware that a new one will not boost your asking price. It could just be an added feature and the most you can receive from this investment is 55%-60%. Overall, remember when you plan your home improvement project with buyers that are on a budget that too much luxury can turn off some buyers.
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