Working with many home buyers each day, I have learned that there are some home improvements that actually add no or very little value to your home. In fact, there are some that may deter a potential homebuyer from considering your home. So what are they?
1. Wall-to-Wall Carpeting
As the home owner, you may enjoy the look and feel of your new carpet. However, there are many others that do not want any wall- to- wall carpet in their home. There is a growing concern over the cleanliness and health implications of carpet due to the amount of chemicals used in manufacturing the carpet and the potential to trap germs, and pet odors. Carpet is often a serious concern for those with allergies.
2. Swimming Pools
A swimming pool may be on your bucket list, however there are many people that look at a pool as additional maintenance, cost, and a potential safety hazard if they have small children. If you decide to put a pool in your backyard, recognize that it is for your shear enjoyment and will not add any value to your home.
3. Over Improving for the Neighbourhood
The old saying still stands – you don’t want to be the most expensive home in your neighbourhood. If the improvements that you are making take your home to a new price point for your neighbourhood, think very hard about these improvements. People will look at recent sales in your neighbourhood and expect to pay a similar price.
4. Extensive Landscaping
Your home may stand out because of your beautiful landscaping and attract more potential buyers. However, most home buyers do not have an appreciation for how much those beautiful gardens or interlocking stone costs and will not add it to the price they are willing to pay for you home.
5. Invisible Improvements
A new HVAC system, a new roof, or waterproofing may be necessary repairs but don’t expect to recover the costs when you sell your home. Homebuyers expect these things to be in good working condition and will not necessarily add additional value to the purchase price. It does not mean that you should not keep your home in good repair, it just means you need to think about these costs as the maintenance costs of owning a home.
If you are planning on investing in home improvements, it is important to remember that some are strictly for your enjoyment, some are necessary to keep your home in good repair and none of the above will add a single dollar of incremental value to your home. Invest wisely!
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