- NORMAL MAINTENANCE TASKS
Most Buyers simply expect to have a home with functional roof, siding, windows, heat, water, electricity, plumbing, and waste disposal. These items will all need to be replaced or repaired over time and doing so will not add any additional value to your home. If it is time to replace your furnace, replace it. Just don’t expect your home to be worth $6,000 more as a result of making sure your home has a functioning heating system.
- OVER IMPROVEMENTS
Many improvements are certainly worthwhile! Updating the kitchen and bathrooms or building an addition may certainly improve the value of the home but beware of going too far! Only improve to a condition your neighborhood home sales will support. For example – if you and your neighbors’ homes are all 1,650 square feet, do not build a huge addition that makes yours 3,500 square feet! If you truly need a 3,500 square foot home, but still want to get the true resale value of a 3,500 square foot home one day when you sell, move to a neighborhood of 3,500 square foot homes! Same goes for extreme remodels – high end gourmet kitchen, expensive luxury finishes, specialty rooms, etc. Pay attention to what is happening in the homes around you. If you end up the only one in your neighborhood with an outdoor poolside kitchen, you are guaranteed not to get your money back. If you are not sure if a certain remodel makes financial sense for a home like yours – just ask a Realtor. Like us here at Venture One Realty!
- OVER CUSTOMIZING TO PERSONAL TASTES
You cannot get enough of the color red, hand painted wall murals, and distressed exotic wood finishes. You want to fill your home with these special things! You can certainly customize your home to suit whatever fancies you, but do not expect anyone to share your exact tastes. If you want to sell your home and get the best price, then skip extreme custom anything. If you want an accent wall of seashells in your kitchen – that is your right! Just know that a buyer does not care what it cost you, and in fact may devalue your home by how much it will cost them to take it all down. If resale value is important to you – keep it neutral!
- ADDING A POOL
If a pool suits your lifestyle, add a pool, and enjoy it! However, keep in mind pools (at least in Connecticut) do not generally add any additional value to your home and some buyers will even be turned off by a pool. Adding an in-ground pool is a major expense with maintenance and safety issues that you will never recoup at resale.
- SOLAR PANELS
I do not want to be negative on clean energy and solar panels because I want them on my own home saving me money on electricity, but I want them for free! Buyers – at least in Connecticut, simply do not value solar panels yet. They will not pay extra for them, and even worse – if your panels are leased, and you want a buyer to take on your lease, you will end up selling your home for LESS – NEVER MORE. Having leased solar panels may even prevent your buyer from getting their mortgage loan. I know the solar salesman will tell you differently, but he doesn’t sell homes for a living, and he will tell you whatever you need to hear to get you to sign up for solar! One day your investment in solar panels may pay back at resale, but that day has not yet arrived!
- UPGRADING YOUR MASTER BEDROOM
For some, the master bedroom is the best room in the house. It is also one of the favorites when it comes to remodeling. Homeowners imagine a grand bathroom, a walk-in closet, custom cabinets, and a room big enough for a king bed and possibly a sitting area.
While this luxurious upgrade sounds like a no-brainer, trying to add any sort of addition to your master is going to be costly. Between the amenities and materials and the cost of reconstruction, you are going to pay thousands for an upscale addition. Your return on investment however is about half the amount spent. Instead of completely renovating, find ways to use the space you have and consider simply refreshing your master suite.
HAVE QUESTIONS? MAKE AN APPOINTMENT WITH VENTURE ONE REALTY TODAY
6 HOME PROJECTS THAT WILL NEVER INCREASE YOUR HOME’S VALUE!
Many improvements are certainly worthwhile! Updating the kitchen and bathrooms or building an addition may certainly improve the value of the home but beware of going too far! Only improve to a condition your neighborhood home sales will support. For example – if you and your neighbors’ homes are all 1,650 square feet, do not build a huge addition that makes yours 3,500 square feet! If you truly need a 3,500 square foot home, but still want to get the true resale value of a 3,500 square foot home one day when you sell, move to a neighborhood of 3,500 square foot homes! Same goes for extreme remodels – high end gourmet kitchen, expensive luxury finishes, specialty rooms, etc. Pay attention to what is happening in the homes around you. If you end up the only one in your neighborhood with an outdoor poolside kitchen, you are guaranteed not to get your money back. If you are not sure if a certain remodel makes financial sense for a home like yours – just ask a Realtor. Like us here at Venture One Realty!
