Homeownership is not cheap. In order to maintain the value of your home, you must maintain the property. Many owners are looking for ways to increase the value of their property – and certain renovations – such as an updated kitchen- can be a very smart investment. However, there are some projects that might decrease the value of your property. And so we present a few things that you might think add value to your home but probably do not.
Too much carpeting. A carpeted room or two might be okay, but an entire house of carpet? It is too much. While that shade of chartreuse might go perfectly with your décor, future buyers may not be too keen on it. A better investment would be to remove carpeting and install hardwood floors.
Upgrades that may not pay off. High end upgrades do not pay off if the rest of the house is still in the 1940s. If you upgraded the kitchen but the bathrooms are still in need of upgrades, this is not going to pay off. The upgrade needs to be consistent with the rest of the house to pay off. So either commit to upgrading the bathrooms (and probably removing the carpet), or hold off on upgrading just one room.
Swimming pools. Even in the hot Middle East, swimming pools are sometimes seen as a negative. For buyers with young children, they can be seen as dangerous. Other people might view a pool as a hassle to maintain. In-ground pools are expensive and there is no guarantee of recouping the expense. Hold off on this if your only reason is to increase the value of your house. If you are planning on staying in your house and you want a swimming pool- by all means invest in a pool.
Over the top improvements. Neighborhoods have a limit on value. If the top price on homes in your neighborhood is $100,000, adding $200,000 in home improvements will not make your home worth $300,000. Make sure your renovations do not exceed the value of your neighborhood.
Niche Upgrades. Movie rooms, wine cellars, Jacuzzi hot tubs, etc. These are niche upgrades and will appeal to very few people. For most buyers, these are upgrades that buyers will not pay extra for. Again, pass on these.