There are numerous factors that contribute to the value of a house such as location, school district, size of the lot, etc. All these external factors cannot be changed; however, the improvements that are done by the homeowners something that is 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.
Thus, if you are looking to sell your home, here are some home improvements that do not increase home value.
1- The luxurious swimming pool
While a swimming pool may seem like the best upgrade you can give your home in terms of luxury, it is one of the most hindering factors for selling it. This is simply because homebuyers see it as mere expense, more maintenance and increased possibility of law suits as many people regard it as a safety hazard for small children.
Swimming pools, as a rule of thumb do not add value, as they require expensive upkeep and even a little negligence can result in pool accidents leading to costly lawsuits.
2- Giving the exterior walls a makeover
It is important to remember that any changes you make to the exterior of your homes should complement the other homes in the neighborhood. You might change your exterior walls using brick, when all other homes have wooden walls with the sole intention of wanting your house to be unique.
However, when a particular house alone looks out of place in the area, it becomes more difficult to sell. Such expensive improvements do not add any value. If you are particular about giving the exterior facing walls a facelift, choose materials that are in harmony with not only the other homes in your vicinity, but with the overall ambience of your home as well.
3- Solar panels
Yes, everyone is talking about the benefits of solar panels and how much value they add to your home in the long run. Green homes are becoming increasingly popular, no doubt. However, these are all capital expenditures, which cannot be recouped in the present housing market.
Though these green concepts are bound to augment the value of homes in the long run, it is important to choose lesser value projects that will not only add value to your home, but also provide a way for you to easily recoup the investment.
For example, upgrading the regular windows with double-pane energy efficient windows will provide insulation, as well as lower utility bills. This is sure to appeal to a new homebuyer, as opposed to soar panels.
4- Revamping the entire kitchen
The kitchen is one room that is sure to attract the attention of every prospective buyer. However, it is essential to remember not to overhaul the entire kitchen and add expensive granite counter-tops, double ovens, luxurious wooden floors, etc.
As with swimming pools, kitchens also require regular upkeep and maintenance, as this is one room that is used on a regular basis. Hence, bear in mind to not overdo the improvements, but do some basic work such as re-paint the cabinets and focus on areas that are most outdated and require updates.
5- Adding unnecessary areas
This is perhaps one of the most important considerations to bear in mind. Extra space does not convert to extra value. An added bedroom or bathroom or even extensive landscaping does not augment the value of your homes.
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.
If you then start working on the other rooms, your costs will shoot up and you will have to then burden the buyer with the extra costs incurred. This will cause your home alone to cost more when compared to other homes in your neighborhood, thus making it more difficult for you to sell your house. Thus, it is quintessential to bear in mind that additional space created and provided will not result in additional value.
If you plan to buy or sell your home, visit ComFree.com today.