Bad Home Improvements That May Decrease Home Value
Homeowners often need to make upgrades to a home over time. While some home improvements may offer high ROI, such as a quality bathroom renovation, others do not pay off for the homeowner. Homeowners that are looking to maintain their home value and a property's attractiveness to the average buyer may want to steer clear of a few common home improvements.
Some home improvements are simply not worth it in the long run. Learn which upgrades to avoid today.
Be Wary of These Home Improvements
Know the community, the climate and the appeal of projects to potential buyers when thinking of selling in the near future. A pool may seem like a great idea and a convenient way to relax undisturbed. However, some buyers may not appreciate the maintenance. Pools may not seem as attractive in colder climates. A potential buyer may have a contingency added that the homeowner fill it in, making the addition of a pool a liability for a homeowner. Other upgrades worth reconsidering include:
- Extensive landscaping, which may require considerable effort to upkeep;
- Wall-to-wall carpeting, which is often selected on personal preference; and
- Garage conversions, as some homeowners prefer the additional storage of a traditional garage.
Keep it consistent. An upgrade that will be jarring to the rest of the home may be worth skipping. Consider the overall flow of the home and a visitor's experience during a walk-through before taking on an extensive home improvement project.
Home Value and ROI
A home improvement project may seem like a good idea at the time but hold little appeal for buyers later on. An experienced local agent can provide insight on which projects are most attractive for a targeted pool of potential buyers. This can be helpful for homeowners looking to sell soon. There are a number of factors which can influence the return on any project, including:
- When a home is listed after the completion of a home improvement project;
- The quality of the upgrade;
- The home's value; and
- The features of comps in the area.
It is useful to visit Eagle River open houses and find out which home improvement projects are commonly seen in well-maintained homes to achieve the most return from any project.
Be Selective About Future Projects
There are many projects that may improve the functionality of a space or make it more attractive. However, consider the maintenance required and the local market before making a final decision.