Looking to boost a home’s value, many people will undertake to a major renovation. However, not all home upgrades will add value to your home, and some can even cost you dearly. Before you sink a lot of money into a major renovation project, consider some of these common home upgrades that rarely boost a home’s value.
You might love the idea of a cool dip on a hot summer’s day, but a swimming pool in your backyard can actually lower the value of your home. Pools are expensive to install and maintain, and can be a major turn off to potential buyers. Safety-conscious parents are often wary of pools, which are one of the leading causes of injury and death for kids under the age of 5. Even buyers who don’t have children are often reluctant to buy a property with a pool, which can be a time-consuming and expensive luxury that’s just don’t want to deal with.
Replacing a Bedroom
In the hunt for space, many homeowners start knocking down walls to expand a walk-in closet or increase the size of the master bathroom. While you might think that a oversized closet or massive bathroom will help sell the place, you should never do this at the expense of limiting the number of bedrooms. A three-bedroom house is going to sell better than a two-bedroom home, no matter how large the closets are.
A Single-Purpose Room
Rooms that serve a single purpose can often be a hard sell when you put your home on the market. Some homeowners will spend a lot of money to add a home office, convert a garage into a man-cave, or install a built-in home theater, only to find out that other people have little use for a room like that. To get the best return on your investment, you should focus on rooms and upgrades that have a broad appeal, like the living room or kitchen.
Renovating With High-End Materials
While you might love the look of that rare hardwood flooring or those high-end faucets, you’ll rarely make back the money you sink into high-end upgrades. Sure, the materials might be eye-catching, but many potential buyers are just looking for a home that’s functional, not fashionable. In addition, a home with a strong personal esthetic can be a big turn off to buyers who would prefer to make the home their own. A gaudy chandelier or an over-the-top color scheme can scare away buyers, so stick to a more muted design approach if you are looking to sell in the near future.
Adding A Sunroom
A sunroom is a good way to host friends and family in the summer months. However, in colder climates, a sunroom is an upgrade that can only be used for a small portion of the year, which means it might fail to draw in potential buyers. You also have to consider what you’re giving up. For homes with a small backyard, a sunroom forces you to give up precious green space, which means you might lose out on a potential buyer that loves to garden, or a family that wants a place for the kids to play.
Build What You Want
It’s not a bad idea to worry about the return you get on a major home upgrade, but at the end of the day, your home is a place to live, not an investment strategy. So if you really want a pool, or know that you’re going to get great use out of a sunroom for years to come, then by all means, build it. You might not make the money back when you sell, but you’ll get years of enjoyment out of it in the meantime.