If you’re trying to increase your home’s value, you should be aware that not everyone will value the upgrades you find worthy or important. Here are five home upgrades that probably aren’t worth it.
1. Pool
If you’re selling in Florida, you’re much more likely to get a favorable response from buyers. However, the return is typically not enough to pay for the pool itself. After the cost of operating and maintaining the pool, your likelihood of recouping the money you spent is very low. Furthermore, buyers with small children might be turned off by the pool and see it as a safety hazard.
2. Deck
Your upscale deck might make friends and family envious, but since the market isn’t demanding it, you probably won’t recoup the cost. If you want to increase your home’s value, opt for a screened-in porch instead.
3. Converted Rooms
Bedrooms add value to a home, simply because they’re coveted spaces that can bump your listing into the next bracket. If you convert a bedroom into something else, like a recording studio, this might harm your resale value.
4. Fancy Landscaping
If you want a fountain or a koi fish pond in your backyard, make sure you’re doing it for YOU and not to increase the value of your home. Extensive landscaping is pretty to look at, but it won’t get you a large return on your investment.
5. Over-Improving
If you upgrade beyond the expected baseline for your neighborhood, you alienate buyers who like your neighborhood but can’t afford your home. You also turn away buyers who can afford your home but would prefer to be in a nicer neighborhood. Either option works against you. Before you invest in granite countertops and stainless steel appliances, tour some open houses in your neighborhood and get a feel for what they’re offering. It’s good to be a little bit nicer than the other homes, but not exponentially so.
