Let’s go into this article assuming all of your essential maintenance is complete and you have some money set aside for aesthetic upgrades. Just because you may consider the project to be an improvement, that doesn't mean it will ultimately add value to your home. In fact, it could do the opposite! Here are several renovations that could do more harm than good:
4 Home Improvements That Aren't Worth It
1. Adding a swimming pool
Several real estate and investment websites claim adding a swimming pool could be one of the worst projects a homeowner undertakes. The main reason is because pools are expensive to upkeep, and that upkeep is very time consuming. Pools can also pose a danger for families with children.
On the other hand, if you live in a hot climate like Florida or Arizona, a potential home buyer may expect you to have a pool. Keep an eye on what’s popular in your neighborhood and be mindful of the extra cost you and the buyer will encounter by adding a swimming pool.
2. Adding carpet
Carpet can easily look dirty and doesn’t have the longevity of hard wood floors or other solid flooring. It can also trap smells and allergens regardless of how often you clean it. Instead of adding carpet, refinish your hardwood floors. Or, if there’s valuable flooring under the current carpet, consider ripping it up and refinishing that floor which would cost about the same as installing new carpet. If hard wood isn't an option, consider laminate floors that look just like the real thing but carry a much cheaper price tag.
3. Complicated landscapes
It may look beautiful to an outsider, but the person inside the home knows exactly how much it costs to upkeep that beautiful garden and koi pond. If you decide to maintain it yourself, then the cost comes in the form of time during the weekend instead of a check written to a landscaping company. Being forced into that type of commitment doesn’t appeal to the average homeowner.
Instead, attract curb appeal with a well-manicured lawn and maybe a healthy flower bed or two. If the future homebuyer wants to put in a complicated landscape, let that be their decision to make.
4. Building a home office
Surprisingly, several home improvement websites claim home offices don’t sell homes. One reason is because typically, adding an office takes away a bedroom. Homebuyers would rather see that extra bedroom or have the creativity to turn the room into something of their own choosing.
Instead, take the money you would spend on an office and use it toward upgrading the master bedroom, bathroom, or kitchen.
Overall, the person looking to buy your home doesn’t want to feel limited by the design of a certain room or the work it’ll take to upkeep a swimming pool or detailed landscaping. They want to see that you’ve done your part in maintaining and updating the home as needed so that they can take it from there.
Have additional questions about increasing the value of your home? Thinking about refinancing for home renovation projects? Let us help you determine your next steps.