Improving your home will go a long way towards adding value to your property. However, be careful about the kind of upgrades you undertake. Pricey
home improvements may end up hurting the value of your home, rather than bolstering it.
Here are common home improvements that don’t add to the value to your home:
- Built-in features
Adding features embedded into the structure of the house might not be worth the money as it could drive away potential buyers.
For example, buyers may be turned off by built-in aquariums because they require maintenance, or balk at the added expense of hiring contractors to get rid of the feature.
Another addition you need to avoid is built-in electronics. They may seem like a cutting-edge feature, but technology changes and evolves at a rapid
pace in this day and age. Therefore, the technology that you’ve built into your home may be outdated quickly.
- Adding a swimming pool
A swimming pool may set you back anywhere from $30,000 to $75,000. You may think it’s a desirable addition, but potential buyers such as families with small children may view the pool as a hazard. Pool maintenance is also costly and requires regular upkeep. Furthermore, a pool increases your energy consumption and your homeowner’s insurance.
Every few years, you will be forced to change your roofing as wear and tear could lead to leaks. However, avoid replacing your roof if your intention is aesthetic rather than functional.
Describing the house as having a new roof would help market the property but there’s a trade-off – this extra feature will not increase the list price of your home. This means that you will be unable to recoup the cost of the roofing.
- Overdoing it
Too much of a good thing can be bad. This adage extends to home improvements as home values are determined by comparable homes in the
neighborhood. While the rule of thumb is to limit home improvement costs to 20% of the home value, it would be better to consult an expert. Inquire from a knowledgeable real estate agent familiar with your neighborhood. Ask them whether your improvements will result in returns upon selling.
One important tip when it comes to avoiding money sink home improvements is to consider how long you plan to stay in the house. If you plan to sell soon, the home improvement projects listed above end up hurting your bank account.
The home improvements you need to invest in to improve the value of your home are:
- Installing new steel doors
- Improving the façade of your property to strengthen your curb appeal
- Installing a new energy-efficient window
- Updating your bathroom
- Upgrading your kitchen
Learn more about home improvement and the best way to raise your property’s market value. One of the top realtors in Atlanta, GA, Karafotias Realty is the team to handle your real estate needs. For inquiries, don’t hesitate to call us at (404) 321 0030 or send us an email at KarafotiasRealty(at)KarafotiasRealty(dotted)com.