If you are looking to do some renovation to your home - whether you have an older home or a brand new home - you should spend money on remodeling projects that will help add value to your home. But not all projects add the same amount of value. In fact, some projects don't add any value at all.
The next time you consider some renovations to your home, know that the following projects may not add the value you think they will add.
Landscaping
Curb appeal is a very important feature of a home. Many home buyers will eliminate a home simply based on the exterior look and feel of a home. Therefore, the landscaping should make the home stand out. However, the landscaping should not be the focal point of the home.
Extensive landscaping, lots of planters, and various landscaping accessories do not add value to a home. Home buyers will see a yard that needs extra maintenance as one that needs more labor, more time, and more money. All these extras lead to lower asking prices when your home comes on the market.
Pools
Swimming pools, especially in the Tampa Bay area, are almost a necessity for year round outdoor enjoyment. While the utility of the pool is very high, the amount of value added to your home is almost always less than the actual cost of the installation of the pool.
Carpeting
According to Porch.com, "carpet can easily look dingy, trap allergens, and doesn’t have the longevity of hardwood floors. Typically prospective homebuyers like to see solid flooring – in fact, many home buyers would love to know if any valuable flooring can be salvaged underneath carpeting. So if you already have a solid flooring surface, invest your money into refinishing the hardwood floors and tile you already have."
Specific Rooms
Rooms should be relatable to the widest audience possible while also making them unique. If you have a bonus room, a great set up for the room would be to make it into a TV watching space. Make this space unique by decorating the room with your favorite college memorabilia. But, if you set up the space for your underwater basket weaving hobby, you may turn off most buyers as they will not understand how the room should be used.
Over Improvements
As always, "location, location, location" is the most important aspect in real estate and to an extent the renovation industry. Therefore, know what type of additions are common for your neighborhood and stick to those guidelines. If you live in a neighborhood where laminate flooring and formica countertops are common in the kitchen, do not expect to get a great return on your investment when you install marble flooring and engineered stone countertops.
Staying away from these renovation projects and focusing on projects that will add more value to your home is the best way to improve your home's worth.
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