Some Home Improvement Projects That Cannot Increase the Resale Value of Home
If you’re looking house for rent for next two to three years, then do not invest large chunk of money in the home improvement projects that will not improve the resale value of your home.
Low value home improvement projects
- In-ground swimming pools:
Will adding a pool help the value of your home? photo/ twitter
In-ground swimming pools tend to cost around $30,000 to $75,000, based on the type of pool that is installed. Installing a pool may look like a great idea, but a swimming pool will make a home more difficult to be sold. Many people, particularly families having small children, don’t prefer buying home with a pool. Additionally, installing a pool increases the energy costs and also raises the homeowners insurance. Swimming pool also necessitates a huge maintenance and typically costs around $1000 to $2000 or even more to be operated. Thus, installing a pool will drastically reduce the value of your home with its significant operating costs. You can consider investing in a pool if you plan staying in your house for many years and make use of it frequently. Otherwise, a new swimming is likely to get you some financial headaches always.
- Gourmet kitchen having high end accessories
While you may prefer having a $10, 000 worth commercial stove and a state of art Tuscan tiles, these highly expensive additions do not tend to pay off if you include your home in the list of home for sale. When you plan to move within the next three to five years and you are looking to revamp your kitchen, then consider investing in serviceable and quality appliances looking appeal to people. Generally, over customization in a house turns buyers’ attention away. Try to remain on par with your neighbors; excessive high end additions and you can own the very expensive home. You can get back only a fair amount of money from a kitchen remodeling, but costly, fancy gourmet kitchen will not assist you attract the perfect buyer. In case of you have high-end home in your neighborhood, then there is a sense in upgrading your kitchen to the status of gourmet that may improve its value, as buyers will expect a gourmet kitchen in the high-end home.
- Whirlpool baths
It may seem relaxing and fun to get a hot bath after a tiring workday, but prospective buyers would not like to pay additionally for a newly equipped whirlpool bath. Moreover, the costs for equipping a whirlpool tub can even be prohibitive. Further, installing tub may also result in high energy bills and increased monthly maintenance costs. Think well before equipping your home a whirlpool bath as this particular project will cost you dollars in thousands and when you run into more problems, the costs even climb higher.
- Sunrooms
This home improvement project is a very expensive project, but adds only little to the value of a home. Sunroom only tends to recoup $486 for every thousand dollar spent for the construction. Additionally, glass does not provide insulation and so, sunroom also increases energy costs in the summer and winter. Adding sunroom to the home will only attract particular group of buyers, but it is not possible to regain the construction costs.
- Costly landscaping
Landscaping can convert the way your home appears, particularly to the prospective buyers. However, going further to develop a backyard paradise, though appear nice, will not add to the asking price. Especially, if you decide to live in your home for more years, this project can increase the quality of your life, specifically during the warmer months. While you sell your home, you cannot be able to recoup the costly landscaping in the sale. Rather than investing in the expensive landscaping, making changes to your lawn will improve the appeal of your home.
- Home office remodeling
Many people do not require luxury home offices. The average number of home office renovation costs around $28, 000. You can recoup 46% return on the investment that you made for this expensive remodel. Technology rapidly become outdated and hence investing in fresh wiring or in other home office components will not generate extra income during the time of sale. Many people would only require good lighting as well as room for placing home office furniture like a chair and desk. Unless you work full time at home, you should skip this upgrade.
Guest Author: Atul Kamar Pandey
[…] Some Home Improvement Projects That Cannot Increase the Resale Value of … This home improvement project is a very expensive project, but adds only little to the value of a home. Sunroom only tends to recoup $ 486 for every thousand dollar spent for the construction. Additionally, glass does not provide insulation and so … Read more on The Global Dispatch […]