When purchasing, selling or looking for a home, renovations can add or detract value from a home and in more than a few ways. Here are 6 renovations that have been proven not to add value:
Pools are often very nice to enjoy at a friends or neighbors house but can be quite a hassle for both safety and maintenance. Many new buyers look at pools as dangerous, expensive lawsuits waiting to happen. They are also very costly if poorly maintained or old. Many new families view pools as unsafe with new children.
Overbuilding for the Neighborhood
Homeowners in older, established neighborhoods may want to upgrade and increase the size of their living space by building wider or higher. Buyers don't want to spend $250,000 for house in a $150,000 neighborhood.
How buyers may appreciate nice landscaping and it certainly adds to curb appeal but it's hard to say whether that increases property value. If the new owner likes the landscaping but wants their own touch they may completely change everything.
High-End upgrades throughout your property can certainly increase property value but not if they are mixed with older counter-tops, shag carpeting, old paint, etc. The upgrades need to be consistent with the look, feeling and style of the home.
Carpeting is expensive and difficult to maintain, most buyers and sellers are opting for hard wood flooring. Carpeting is also more of a health concern to due to its cleanliness and other chemicals that may be used in the creation process.
New heaters, lights, furnace, etc. This are great items and do help in the resale of your home but they don't necessarily increase the value. Buyers expect these items to be there and in working condition. Because you have new items does not mean people will pay more.