5 Home Upgrades That Won’t Necessarily Add Value
When it comes to being a homeowner you are faced with a lot of decisions on a regular basis. Weather it be with upkeep or upgrades, you are in a constant state of decision-making. And while upkeep tends to take up most of your time, it’s the upgrades that will take most of your money. Therefore, you try to do your best to truly be objective about what it is your home needs, and budget accordingly. However, there may be some upgrades you’re considering that may not actually add the value you think it might. And in this article we will talk about the five most common upgrades homeowners will make, thinking they’re adding value, when in all reality they’re just adding a feature that may cost them more than it’s worth in the end.
Upgrade #1: Swimming Pool
This is by far the most popular upgrade people make that actually adds little to no value to their home. Reason being, pools tend to be a lot of maintenance and upkeep, so overtime you actually will end up spending more on it, then you’ll get out of it when you sell your home. Plus, it can be a deterring factor for some families, especially if they have small children. Also, it can be a downside for those looking to have a low maintenance yard. The one upside you may have to a pool is if you live in a warm climate, and it can be used almost year round. However, again it goes back to maintenance costs, and some people may not have the budget to deal with a pool on a regular basis.
Upgrade #2: Highly Customized Designs
When it comes to making upgrades, while you do want to put some of your own personal style into it, you do want to be careful not to go overboard. After all, you may love that faux stone panels in the living room. But, that doesn’t mean the next buyer will. The same could go for a kitchen backsplash or a crazy bathroom design. Just make sure that when you do make customized upgrades, you keep them just sublet enough that they can appeal to a mass audience, while still appeasing your creative side.
Upgrade #3: Room Conversions
While you may have loved the idea of converting that room next to the master suite into a secondary master suite, that doesn’t mean it will appeal to the next round of buyers. Bedrooms are by far the most coveted item when it comes to a house. So, eliminating one could really hurt you in the long run, when you’re trying to make a sale. Plus, it could actually lower the appraisal value as well, because now you have less space to offer.
Upgrade #4: Small Square Footage Gains
Adding on large auditions or finishing a basement can dramatically increase the value of your home. However, small and insignificant square footage changes, such as a mudroom, won’t. And while it may be a nice perk for the next buyer, you may not get the ROI out of it you were hoping too. Also, it’s worth mentioning, if you do decide to add on a significant amount of square footage. Make sure that it fits in with the layout of the house. Nothing is worse that a confused floor plan that wasn’t thought all the way through.
Upgrade #5: Over Improving
When making your upgrades you need to make sure you’re keeping them inline with your neighborhood. Yeah, you may be able to afford those flashy improvements. However, it could end up hurting you in the long run, because buyers who want to live in that neighborhood won’t be able to afford the house. And those that can afford the house will want to be a nicer neighborhood. So, when you over improve, you are putting yourself at risk to be locked into a catch-22 position.
In conclusion, it’s always wise to sit and strategically think through any upgrade you’ll want to make, before you actually start the process. Look and see what kind of ROI you’ll get, and then go from there to decide if it’s the right decision for you and your home. As a suggestion, below is a video which describes some projects that may actually add some value.