Worst Remodeling Investments that Will Not Increase the Value of Your Home

Worst Remodeling Investments that Will Not Increase the Value of Your Home
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    If you have been thinking about doing something to try to increase the value of your home, remodeling is probably something that you have considered.

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There are other reasons for undertaking a large renovation or remodeling project such as increasing the functionality or aesthetics of your home, but increasing the value is almost always a consideration in the decision. In order to understand how to increase the value of your home, it is important to consider that there are several different definitions of value.

Intrinsic Value vs. Hard Cash

A remodeling project that will increase the intrinsic value of your home and one that will actually result in an increase in hard cash value are not necessarily the same thing. It can be assumed that most homeowners will not undergo a renovation that is not aesthetically pleasing to them or that they feel will make their own life better.

However, some renovations may actually be a liability to potential homeowners in the future. Some of these upgrades may surprise you.

Installing A Pool

A pool may be nice for relaxing on a hot summer’s day, but this is one renovation that may cost you potential buyers. In a recent survey, nearly 40% of those surveyed said that a pool would not add value to a property in their eyes. Only a small percentage said they would pay extra for a property with a pool.

One of the reasons for this is that pools represent long-term expense, which goes on the liability side of the ledger instead of the asset side. Pools require extra electricity, maintenance, costly chemicals, and other upkeep. In addition, they can also present a liability. They need solid fencing and could cause potential increases in insurance rates.

High End Materials

If you upgrade using materials that are significantly better than those found in the rest of the neighborhood, you may be restricting your buyers to only those who can afford those materials. If the home is not located in a suitable neighborhood, then you are probably overpricing your home for the type of people who would consider it.

The new owners may not consider these high-end upgrades necessary. Unfortunately, the value of your property will be held down by the property surrounding it regardless of how much you spend trying to make the neighborhood look better.

High Maintenance Landscaping

You may love your water element with flowing water that dumps into the pond or your plants that need to be pruned at least twice weekly. However, high maintenance and high-end landscaping may not look so attractive to someone who does not share the same love of gardening that you do.

Your aesthetics may not necessarily match those of your potential home buyers. They may see these features as an extra expense and hassle.

Maintenance and Repairs

Upgrading the plumbing or electrical system in your older home or doing necessary maintenance such as putting on a new roof, gutters, or other similar items are considered necessary. The downside is that you is that if you do not do it, these things can significantly devalue your home and potentially create a point of negotiation with potential buyers. The same goes for installing a new HVAC system or sprinklers.

Buyers expect the home to be maintained. The only exception may an item such as the roof that may have a guaranteed 20-year warranty that comes with it. Buyers see maintenance that needs to be performed as a liability. Eliminating these liabilities will not necessarily increase the home’s value, but it will not devalue it either.

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One example of an upgrade that may add value to your home is something that increases its space such as a room addition that adds an extra bedroom, or upgrading the kitchen of an older home.

If you do choose to upgrade the kitchen or a bathroom, make certain to choose standard fixtures and additions that will appeal to most potential buyers.

Before you begin planning a renovation project for the purpose of increasing the value in your home, it is important to consider whether these renovations represent a true asset or a liability. If the upgrade requires long-term maintenance and upkeep, it will cut out many buyers who do not want the additional expense. Remodeling to improve the value of your home needs to involve some pragmatic decision-making that considers the general home buying market in your neighborhood and your potential buyers.

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