When you think about a home project, you really have to consider how it will affect the value of your property if you ever want to sell it. It’s best to invest in projects that will give you a good return in terms of raising the value of your home.
Unfortunately, some projects may give you no return, or they can even hurt your resale value.
Think twice before doing some of these projects unless you truly don’t ever plan to sell your home.
Do-It-Yourself Projects That Look DIY
If you have the skills to do a DIY project in your home, it can add value to your home. In some cases, however, DIY projects can be very apparent and can turn off potential buyers. For example, if you’re considering painting your cabinets, think very carefully about whether or not you should do that.
Painting tile is another example of a DIY project that’s best avoided.
Having your home look too crafty isn’t going to impress buyers, and these projects can end up costing you more than you think.
Garage Conversions
A garage conversion is something that often reduces home values. Many homeowners want a garage, and if you spend a lot of money converting yours into something else, there’s no guarantee you’re going to recoup what you put into the project.
Most homeowners say the storage and utility aspect of a garage is a big plus for them, especially if you live somewhere with a colder climate, where cars need to be stored indoors ideally.
Luxury Custom Upgrades
If you’re going to make high-end upgrades to your home, that can increase the value, but not if they’re overly customized. You have to remember that your taste won’t be for everyone.
A custom kitchen is a good example. If you spend a ton of money, but it’s highly specific, it’s going to be problematic if you ever try to sell your home.
Home Additions
If you add to your home for an additional bedroom, and it’s something that’s in line with the rest of your house and the neighborhood, that can be a positive in terms of return on your investment.
If you build a home addition that makes your home a lot bigger than the other properties in the neighborhood, you might have a hard time selling it. You have to consider that if someone can afford a larger home, they might want to go ahead and buy in the more expensive neighborhood.
Pools
Some buyers will undoubtedly love the idea of a home having a pool, but for others, it’s added maintenance and upkeep and potential safety risk if they have young children.
A lot of whether or not a pool is a good idea depends on where you live. If you live in Florida or Arizona, buyers tend to expect a pool. If you live somewhere with long winters and a homeowner will get only a short window of time to use a pool, it’s an investment that often won’t pay for itself when it’s time to sell.
Sunroom Additions
Sunrooms are one of the worst home projects to take on in terms of a return on your investment. Many sunrooms cost tens of thousands of dollars to build, adding little value to the home.
Sunrooms are spaces that people simply don’t use. You may add one only to find out you don’t even use it.
In cases where something like a sunroom addition does manage to add value to your home, it will seldom be as much of an increase as what it costs.
Expensive Landscaping
Landscaping and curb appeal are important for your home’s resale value, but maybe not in the way you think. Expensive landscaping, water features, and irrigation aren’t going to add to your property value. They can also be intimidating to potential buyers, who might be envisioning how much upkeep it will all require.
It’s better to keep your landscaping simple, neat, and tidy rather than going overboard.
Finally, if you want to combine multiple bedrooms to create the ultimate master bedroom oasis, don’t do it. Buyers will want that extra bedroom. If you cut down on the number of bedrooms in your home, you’re likely going to reduce its value by quite a bit and close you off to a subset of potential buyers.
Final Tip: Think Long-Term!!! Before diving into any project, ask yourself if it will appeal to a wide audience and if it's worth the investment. By focusing on upgrades with broad appeal, you keep your home attractive to future buyers and avoid surprises when its time to sell!
Source: These Projects Could Lower the Value of Your Home Realty Times (October 29, 2024) Ashley Sutphin