Are you considering making updates to your home? While many projects, including replacing the roof or upgrading the heating and cooling system, can add value to your property, some improvement efforts don’t offer a significant ROI. Here are five home improvement projects that don’t add value.
Converting your garage into an extra bedroom or office can make your home more livable and enjoyable for your family, but it won’t add much to the resale value of your property. Most buyers want a functional garage with plenty of storage space, so a garage renovation won’t be worth the investment if you’re planning to sell the home.
Installing Swimming Pools
Unless you live in a region where swimming pools are the norm, installing an inground pool is unlikely to add significant value to your home. Not only do you have the associated installation and maintenance costs, but potential buyers with kids may be wary of a backyard pool due to safety concerns.
Landscaping Projects that Don’t Add Value
Although a well-manicured lawn and attractive landscaping make your home look more appealing, spending money on expensive shrubs and trees won’t boost your property value. Prospective homebuyers won’t be excited about a high-maintenance landscape. Feel free to improve your yard with plants and shrubbery that you enjoy, but don’t expect your efforts to command a good return on investment.
Installing fancy appliances, including top-of-the-line ovens, refrigerators, and dishwashers, may make your kitchen look more luxurious; however, they don’t offer much of a return on investment when it comes time to sell. Most buyers look for functional kitchens that don’t require significant upgrades and won’t necessarily appreciate luxury features. Unless you plan on living in your home and enjoying your high-end appliances for many years, it’s best to stick with mid-range options when planning to sell.
Unnecessary Additions are Projects that Don’t Add Value
While adding extra rooms or bathrooms may make your home more comfortable, any additions beyond the usual scope of your neighborhood may hurt your house’s resale value. Most buyers expect homes in a particular area to offer similar features, so anything that stands out as overly extravagant or unique may be viewed as a negative.
Making smart home improvement choices is essential if you want to maximize your ROI and ensure changes you make will be beneficial down the line. While some projects, including renovating the kitchen and installing energy-efficient windows, pay off in the long run, be aware of projects that don’t offer much return on investment.