We’ve talked about the best renovations to add value to your home now it’s time to focus on improvements that DON’T add value. We’ve compiled a list of 5 improvements that won’t give you a good return on your investment.
#1) Pools: Although it’s true that people love swimming pools most prefer enjoying them at someone else’s house. Home buyers view pools as work, expensive to maintain and dangerous. In-ground swimming pools can be costly ranging from $50,000 – $80,000, which is a significant amount of money that may never be recovered when you decide to sell. Swimming pools can limit your pool of buyers (pun intended) and be a negative on resale! Older buyers may over look your otherwise perfect home solely due to the maintenance of the pool. Young families a like may be too concerned with the danger and liability of owning a home with a pool.
#2) Spa Bathrooms: Upgraded bathrooms will definitely add value but you just don’t want to get too carried away adding expensive jetted tubs that are hard to clean and hard for some people to get into, save some money and keep it simple by doing a more traditional tub and a nice glass shower that will appeal to more potential buyers.
#3) Custom Design: You may love your dark purple accent wall or trendy orange carpet but your individuality will limit you when it comes to selling your home. Potential buyers usually prefer a home that’s neutral and tastefully decorated. Spending your money on over personalizing your home will be money that will not be recouped. When it comes to painting stick with a neutral pallet and add some moveable colour with throws and accent pillows to get the most bang for your buck.
#4) Extensive landscaping: Yes you do want to enhance your home’s curb appeal, after all it’s the first impression a buyer gets. What you don’t want to do is invest a ton of money into extensive landscaping that most potential buyers will see as work and costly to maintain, Keep it simple with some low maintenance perennials gardens you can add some colour with beautiful pots or hanging baskets.
#5) Over Improving: Make it nice but not too nice. Be sure to keep your improvements consistent with your neighbourhood. Extensive remodelling or using materials that are too expensive for the neighbourhood should be avoided
Keep in mind if you’ve just purchased your dream home and plan to be there for many years then go for it – don’t hold back making it your own, but if you are only planning to stay in your home 5 years or less be mindful of what improvements you’re doing and what type of value they will add. If you want guidance or more information you can always contact a local real estate professional.