Renovations serve many purposes to your home. You may be looking to renew an old space by changing furniture, paint, flooring and fixtures or adding an major addition to your property such as a pool or replacing an old hot water heater. Some renovations are important to the aesthetics of the home, while others are crucial to the functionality, but not all present a return on investment when looking to sell.
Here are 4 renovations that may not increase the value of your home when you’re looking to sell:
Swimming pools provide a great backyard oasis for your family. It is also a great way to keep cool in the summer and entertain friends but that all comes with a cost. Other than the installation, which can cost anywhere between $30,000 and $125,000, there are yearly maintenance expenses on things such as heaters, pumps, solar blankets, chemicals and the water itself.
The cost is one thing, but what a pool means to a buyer is another obstacle. Although you may think a pool would appeal to a family with young children, but that is not always the case. Some families may turn down a home with a pool because of the danger it presents to their children’s safety. Other possible buyers may have a different lifestyle that allows or requires them to be travelling much of the year. A pool would likely deter them as well as they would not see it as a worthwhile investment.
Put a pool in if you’re planning to stay in the neighbourhood for some time and will use it! But don’t expect to get all the money you have put into it when selling your home.
There are some renovations that make your home a better place to live, but are not visible for the buyer to see. Upgrades to your plumbing system of HVAC unit might be necessary to live in the home, but don’t expect to get a return by replacing these when selling. Homebuyers will simply expect these things to be in working order when buying a home.
Think of these improvements as regular house maintenance, not an investment that you’ll see a return on when it comes to selling.
Some listings still feature ‘new carpeting throughout’ as a selling point, but it more often turns off buyers. Besides the growing health concerns with carpeting trapping dust and allergens, it is fairly expensive to purchase and install. The carpeting is usually not exactly what the new buyer wants and it will likely be replaced to something more to their taste, so don’t waste your money!
Instead, invest in having your carpeting professionally steam cleaned to remove any stains.
Major backyard features such as a tennis or basketball court can be an awesome place to perfect your backhand or work on your three-pointer, but understand that this type of renovation only appeals to a specific subset of buyers.
Generally, buyers would prefer having the actual acreage of the property so that they can decide what amenities it should house, rather than having it decided for them.