from OneMain Financial
OneMain Financial: 5 Home Improvement Projects That May Not Increase Resale Value
NEW YORK, NY / ACCESSWIRE / May 3, 2024 / When considering home improvements, such as swapping out kitchen cabinets or building an inground pool, it's best to think about how these changes could affect the resale value of a home. While some upgrades may enhance the appeal and value of a property, others may not ensure a significant return on investment.
Understanding which renovation projects might not increase resale value may prevent individuals from draining their savings or applying for home improvement loans if they don't need to. Here are some common examples below:
1. Custom Wallpaper
Any type of unique customization could alienate potential buyers when a home is put up for sale. Custom wallpaper is one example of this. Even if it might look great to the current homeowners, prospective buyers may want to replace it, which could lower the price they're willing to pay.
2. Creative Landscaping Projects
Edward Scissorhands created some fun shrubbery figures that attracted spectators from miles around, but he was a character in a movie. Topiary animals and funky landscape designs may be more likely to turn off potential buyers than increase resale value. It's better to go with a well-manicured lawn and simple hedges. They're cheaper to maintain and likely to appeal to a wider audience.
3. Swimming Pools and Hot Tubs
The cost of installing a swimming pool or hot tub is high, and neither is guaranteed to significantly increase a home's resale value. However, adding these water recreation features can increase overall maintenance costs, potentially making these additions a hindrance when the homeowner attempts to sell the house. Prospective buyers may not want to take on the burden of that expense.
4. Converting the Garage into a Living Area
Garages where homeowners can park their cars and/or store tools and equipment are one of the features home buyers commonly seek out, especially in colder climates that get snow in the winter. Converting a garage into a living space or office removes it from the "features" list homebuyers look for.
5. Four-season Sunrooms and Solariums
Adding a four-season sunroom or solarium to a home may be a nice benefit while living in it, but it may not increase the resale value. The homeowner may pay much more for the renovation than they could recoup during the selling process. Sunrooms are also a feature that potential buyers may not be looking for.
The Bottom Line
Homeowners should carefully assess the potential return on investment before embarking on costly renovations. Prioritizing upgrades that enhance functionality, energy efficiency, and overall appeal without overspending on extravagant or overly personalized features may maximize the chances of a profitable resale. By avoiding these common pitfalls, homeowners can make informed decisions that benefit both their enjoyment of the property and its future resale value.
Source:
https://www.thebalancemoney.com/things-dont-increase-home-value-4048933#toc-7-sunroom
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SOURCE: OneMain Financial
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