Home ‘Improvements’ that Hurt Your Bottom Line
Many homeowners believe that putting money into big renovation projects will increase their home’s value for resale. In the case of certain upgrades, like updating the kitchen or replacing worn exterior doors, it’s often true. However, some big-ticket projects do more harm than good, and homeowners should pause before making renovations that could work against resale value.
Reconfiguring the garage
Although using garage space to add another bedroom or home office might seem like a great way to increase the square footage and marketability of your home, beware the possible unintended consequences. Today’s buyers often put a premium on garage space, especially if your home is located in an area prone to snowfall.
In-ground swimming pools
Everyone loves a sunny day spent pool-side, right? Unfortunately, the answer is no. Pools require quite a bit of seasonal upkeep, which poses both a monetary cost and a time commitment that isn’t at all attractive to some buyers. Additionally, pools are often viewed as a safety hazard by families with children or pets, and may be a deal-breaker for the savvy buyer.
Your home’s soothing coy pond, clematis-covered trellis and rainbow of day lilies certainly make for spectacular curb appeal, but they can also spell trouble if you’re trying to attract buyers. Nicely landscaped yards are a selling point, but overly done landscaping just looks like work to someone thinking about purchasing the home.
Of course, the above projects are only risky if you plan to sell your home in the near future. If you’re staying put for at least the next decade or so, it may be worth it to invest in projects that will increase your personal quality of life over the long-term.
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