Renovations To Skip

Many people assume that all renovations increase the value of a property. That’s not always true.
Some qualities are highly-sought after such as garages, enclosed yards, big kitchens, etc. But other
upgrades may actually send future buyers in the other direction, and therefore do not increase the value
at all. The following are a few examples:

• Swimming pools – While some people may long to have a swimming pool, others dread the idea. Swimming pools can be difficult to maintain & keep clean. They can also be a serious health hazard for unsupervised children and pets. If your property already has a pool, keep it. If your family’s enjoyment alone is worth the investment, add one. But don’t put one in under the assumption that it will increase the value or chances of selling the house. That just isn’t true.
• Over-renovating for your neighborhood – If making some expensive renovations to your home will create a piece of property that sticks out like a sore thumb or drives its price well beyond other homes in the area, then skip it. Future buyers may skip looking at the house all together because it’s over priced for the area. Then if they do look at it, they may only see higher maintenance costs (such as a fancy landscaping may require), or the danger of being viewed as “pretentious” by their new neighbors.
• High-end upgrades – These can include stainless steel appliances, imported tiles, fancy bath tubs, built-in Jacuzzis, hand-decorated wallpaper, expensive light fixtures, etc. While some of these things may appeal to you personally, they may not impress future buyers. In fact, some high-end upgrades can be a turnoff. Most people want to personalize their own home.
• Invisible improvements – While they may sound good on paper, don’t expect future buyers to agree to a higher price because you invested in new plumbing or a new HVAC unit. In general, buyers are impressed by what they see, not what is hidden behind the walls. These improvements may increase the interest in your property, but the price will likely still have to match others in the area, that are similar size and age, without the upgrades. Future buyers will probably feel entitled to these added frills in the same way buyers of new cars feel entitled to new tires, spotless upholstery, and a working CD player.
• Building or upgrading a deck – Decks are a great addition to a home but this is something that future buyers might want to tackle themselves and they may not like the design you picked out or the quality of the work put into it.
• Outdoor Frills – Some people think that they can get their money back if they invest on water fountains, fish ponds, awnings, gazebos, or a multi-purpose playground. Even if you can find a future buyer who shares your taste, these things will not generally increase the value of a home commensurate to what you spent.