If you’re thinking of moving out in a few years, you probably want to spruce up your home to increase its resale value. But the problem with this strategy is figuring out which home improvement projects will increase your home’s value, and which will not.
In this post, we go over a few examples of home improvement projects with low value potential.
1. Swimming Pools
Contrary to popular belief, a home with a swimming pool is actually harder to sell. For starters, many homebuyers aren’t exactly thrilled with the cost of maintaining a pool. In addition, families with little children are wary of the potential safety hazards of a swimming pool. That means cutting out families with small children in your list of potential buyers.
Besides being an expensive project, a swimming pool also jacks up your home’s energy and homeowner’s insurance costs. Simply put, the potential gains of adding a swimming pool are probably not worth the pain.
That’s not to say that pools are completely useless. If you plan to stay in your home for many years and use your pool often, it’s certainly a worthwhile investment to improve your quality of life.
2. High End Kitchens
While plunking down $10,000 for a professional-grade stove and several thousand dollars for fancy countertops may seem like a brilliant investment before putting your home on the market, the truth is that the average homebuyer doesn’t care about these customizations. Sure, you could probably appeal to the odd professional chef, but how many chefs are looking for houses in your city?
Instead, focus on common sense and serviceable additions to your kitchen. While you certainly want to stay away from anything that’s low quality, splurging on gourmet appliances and additions might only hurt you.
3. Hot Tubs
Hot tubs are another example of an investment that looks good on paper, but doesn’t actually generate enough interest in the real world. Not only is it expensive to install a brand new hot tub, you end up having to spend on a brand new hot water tank to accommodate the tub. In addition, hot tubs can quickly increase your energy bills. And lastly, your average homebuyer may not be keen on the cost of maintaining a luxury hot tub.
4. Fancy Landscaping
Good landscaping can have a transformative effect on your home’s appearance. Indeed, it can have a massive appeal to buyers, but only when it’s done right. Go overboard and you risk spending too much on a home improvement project that’s nice, but doesn’t justify your asking price. Instead, focus on maintaining a clean lawn, trimmed bushes, and healthy trees.
Making sure your home looks at its best will definitely go a long way in generating buyer interest. But if you’re not entirely sure about what investments to make, or simply don’t have the resources for a home improvement project, you can sell to real estate investors who purchase properties as is. Contact Blue Hen Homebuyers to find out how you can get started. Call us today at 910-802-2222!