Today, I’d like to discuss five home upgrades that, despite common belief, won’t add any value to your home.
- Adding a pool. Pools can be hit or miss when it comes to adding value. If you’re able to use your pool year round, you’re more likely to get a favorable response from buyers. Here in Colorado, however, we’re only able to use the pool a few months out of the year. Buyers will think twice about the maintenance and upkeep it will require to maintain a pool.
- Highly custom designs. Unless you plan to stay in your home for many years to come, think carefully about renovations that are too personalized. The features might end up costing you more in the end, and when you go to sell, buyers may be turned off by the designs, which in turn won’t get you the offer that you desire.
- Room conversions. Buyers look to check certain boxes when they tour your home. For example, they might want three bedrooms, two baths, and a garage—getting rid of these expected spaces or altering them into something unusual may harm your resale value. Bedrooms are coveted spaces that can bump your listing up into the next bracket.
- Incremental square footage gains.Sizeable square footage gains like finishing a dingy basement so it becomes an additional, liveable floor can be a huge plus in buyers’ minds. But, tiny, insignificant changes may not give you much of a return on your investment. You may love your new sunroom, but it’s not likely to drastically increase your home’s overall value. Adding square footage that doesn’t flow well with the floor plan can also backfire.
- Over-improving.When your upgrades seem like overkill for your neighborhood, you alienate buyers on two fronts. Buyers who are drawn to your neighborhood won’t be able to afford your home, and buyers who can afford a home of your caliber will prefer to be in a ritzier area.
Before you make any decisions about making upgrades like this, please contact a professional like me first. I’d be happy to steer you in a direction that makes your home more valuable to you and potential buyers.