Investing in your home through renovation or remodeling projects is exciting, but if you want to add value to your property, do your research. Some home improvement projects don’t retain much of their value when it’s time to list the house for sale, and others can lower the value of your property. Here are a few popular upgrades that don’t boost property value.
A Swimming Pool on Your Property Won’t Always Boost Its Value
Swimming pools are an asset for families who pay for annual pool passes or enjoy having friends over for backyard parties in the summer. Unfortunately, a pool also means high costs for maintenance and repairs. Pools are a safety hazard for families with young children or babies. A pool is a bonus for the right homebuyer, but don’t plan on a swimming pool recouping the cost of your investment.
Luxury Upgrades in the Kitchen or Bathroom
Luxury renovations are an excellent way to customize a home to your tastes. However, your preferences are not universal, and those who don’t value stainless steel countertops or marble flooring won’t pay the price for a home with these features. If you are looking for projects to make your home feel luxe while increasing the value, choose upgraded appliances or high-quality flooring in neutral colors.
Hobby-Specific Spaces are Risky Home Improvement Projects
Home offers a place to engage in activities you enjoy. Many homeowners invest in a home theater, craft room, or themed space that reflects their hobbies and interests. When selling a home, the more neutral and versatile an area is, the better. As a result, improvements that heavily customize rooms will rarely increase the value of a home. These projects often require extensive renovation to make the space useful to the next homeowner.
High-End Landscaping Features
Like a pool, prospective homebuyers either love high-end landscaping or dread maintaining it. Elaborate fountains, high-maintenance shrubs, and extensive water gardens will mean more work for the new homeowners. They might reconsider purchasing a property that will need extra care to keep it attractive and functional.
If you want to boost value by improving the outside of your home, add walkway lights, edge the lawn and garden beds, and place fresh mulch in flower beds and around the base of young trees.
Closet Remodels Don’t Necessarily Boost Property Value
Built-in shelving, expansive master closets, and dressing areas are major assets for clothes-lovers. Closet remodels can easily cost thousands of dollars, and if you undertake such an expansion, don’t expect to see the value of your property increase by that amount. Many homebuyers would prefer to use that square footage for something else.