Home Improvement Projects That May Not Increase Your Home’s Value
Purchasing a new home is a huge financial investment. There are a number of advantages to owning your own home versus simply renting, including the ability to make your home your own by renovating and redecorating. For most people, however, increasing the value of the home is incredibly important, especially if they plan on eventually selling their property. While many home improvement projects do increase a home’s value, there are also upgrades that may make the property more difficult to sell or even decrease the value.
It is important to note that the following upgrades are not necessarily bad ideas; your home should fit your needs and reflect your personal tastes and hobbies. You simply may not see a 100 percent financial return on the following upgrades.
Converting a bedroom into a room that fits specific interests, such as a library or craft room, can be a bit of a risk. For example, installing built-in bookshelves for a personal library or multi-purpose shelving for your hobby room makes it very difficult for new potential homeowners to use the room for anything else and may see your conversion as an added expense on their part.
One of the ways to get around this is to simply not install built-ins. Many companies, for example, sell free-standing bookshelves or shelving units that can be screwed into the walls for safety. This way, the shelving units can also be moved to the new property, though this may be costly.
As families grow and new interests develop, turning the garage into another bedroom, playroom or even workshop can be a tantalizing idea. However, this may make the home difficult to sell as many potential homeowners want a place to store their outdoor equipment, especially if the property does not have a shed or another place to keep such items.
This does not necessarily mean that updating a garage is not a good idea. Adding a fresh coat of paint, sealing the floor with epoxy and adding a few shelving units for storage may be much appreciated by potential buyers.
One of the biggest upgrade projects that usually take place when the owners decide to sell their home occurs in the kitchen. While updating the details, such as changing out knobs and fixtures, are a given, home improvement experts are on the fence about high-end upgrades. On the one hand, stainless steel appliances and granite countertops are preferred among potential homeowners. On the other hand, however, these upgrades may make the home harder to sell if the rest of the property is outdated or not of the same quality as the new upgrades.
Most potential homeowners are simply not looking for homes that have wall-to-wall carpeting. Carpets are harder to keep clean and show dust and debris. If the home already has hardwood floors, it may be best to have them refinished. This may be costly and the money spent on refinishing may not be recovered, but this could potentially help the home move faster. If the floor needs to be replaced, cost-effective options include laminate floors or engineered wood floors.
Invisible improvements are those that cannot be seen by potential buyers. For example, a new plumbing system may make the home a better place to live in, but most potential buyers are simply not going to pay for something that they expect to be in good condition.
At the end of the day, unless you are purchasing a home only to flip it for a profit, your home should reflect your personality and individual needs. If you want to convert a bedroom or garage in order to add a personal library or playroom that you plan to use, start that home improvement project and enjoy the process of turning your property into your dream home. Just know that these improvements may not increase your home’s value if you decide to move.