We’ve all heard success stories from friends and family or seen shows on HGTV which feature people who put their house up for sale after living in it for a number of years and are pleasantly surprised to learn it’s increased in value by a ton. That’s exactly what you hope for when you buy a house—that you’ll walk away with as much money as possible.
No homeowner ever wants to devalue their house, but unfortunately many wind up doing just that because they assume all improvements add value. While a kitchen remodel, new front door, and garage addition are a few of the best ways to increase the value of a home, there are a few things that will actually lower its value or cause it to sit on the market longer.
Sure, lush landscaping in the front yard can add serious curb appeal. Planting trees, shrubs, and flowers—not to mention the labor cost of building beds, laying mulch, and adding hardscape—are expensive and actually don’t add anything to your home’s selling price.
Plus, potential buyers might see elaborate landscaping as something they’ll have to spend time and money maintaining when they’d rather just mow a lawn and be done with it.
According to HomeAdvisor, the average cost of a swimming pool is $45,280. Then there’s all the ongoing costs: electricity and gas, maintaining the equipment, chemicals, surrounding landscaping, insurance, and more.
Many buyers will see a pool as a liability, not an amenity. They may also be wary of the upkeep and ongoing costs—so much so that it could keep them from wanting to make an offer.
Under the right circumstances, though, a pool can actually be a selling point. But that’s the key—it has to be under the right circumstances. In places where you can swim most of the year, or in neighborhoods where most houses have pools, Houselogic estimates a pool could actually boost your home’s value by as much as 7%.
54% of homebuyers are willing to pay more for a home with hardwood floors, says USA Today. The reason for that might be that carpet isn’t great at hiding damage, is easily stained, and holds lots of dirt and dust, which is a negative for people with allergies. Plus, potential buyers may flat-out hate the color and texture of the carpet in the home, so if you do have carpet, make sure it’s something that most people can agree on.
With remote jobs becoming increasingly popular, many homeowners are looking to create a dedicated workspace in their homes. But instead of taking out that closet and adding in a built-in desk and bookcase, make non-permanent changes and keep bedrooms bedrooms. Losing a bedroom can actually drop a home’s price by 10%.
Ahhh, imagine sitting in your gorgeous sunroom every morning with a cup of coffee as you scroll through your Twitter feed. Sounds pretty nice, right?
It’s a lovely image, but what isn’t so lovely is that sunroom additions have the lowest return on investment (just 48.5%, according to Remodeling magazine) of any home renovation project.
So, what do you think? Did we include everything in this list? Comment below with your thoughts. If you want to find out whether your house amenities add any value to your property, Jovio is here to answer any questions you might have.