If you saw yesterday’s blog (The Top 5 Best Renovations to Increase the Value of Your Home) you learned what 5 home improvements would bring the best return on your investment dollars. Today we are going to discover the 5 worst investments to consider if you plan to make improvements. I’m not saying that these projects are wrong or that you should not do them but if your primary goal is to increase the value of your home this is not the way to get it done.
#5 – Buyers Want a Home for Their Vehicle Too
Some homeowners make the decision to convert their garage to an additional living space in the home. I’ve seen everything from a billiard room to a Xmas train garden complete with Santa’s North Pole retreat! While this may be great for the current resident the resale value always suffers when the garage is gone. The bottom line is that the best way to protect the value of the home is to leave the garage as it is.
#4 – Leave the Fancy Chandelier in the Mansion
Everyone wants their home to be well lit but expensive lighting fixtures are more “showy” than sensible. As an example, I have seen more than one home with an expensive chandelier or similar lighting fixture in the dining room but was the buyer impressed? - Usually not. That room might be perfect for the new owner’s spare bedroom or home office and if anything that big chandelier would be in the way. Either way the addition of expensive lighting fixtures may or may not impress a particular house hunter but it rarely increase the actual value of the home.
#3 – Laying Down Hard Earned Cash for Carpet Doesn’t Pay
Times have changed. Buyers simply are no longer interested in wall to wall carpet. Hardwood floors are definitely the way to go and may actually increase the value of your home. The fact is that hardwood floors are easier to maintain than carpet and are much healthier as well. If you think that installing thick lavish carpet in the family room is a wise investment, think again.
#2- Less Bedrooms = Less Cash
Much the same as turning the garage into the perfect “man’s cave”, some homeowners decide to convert an existing bedroom into something different such as a library, home office or hobby room. While this may be great for your needs it does absolutely nothing to improve the resale value of your home. Financially speaking it is always best to leave the bedroom as it was originally intended if you want to maximize your home’s value.
#1- Installing a Pool Will Definitely NOT Make a Big Splash with Buyers
The number 1 mistake that homeowner’s make when investing in their home is to install a pool with the hopes of increasing the worth of their home. While this may have been a good idea at one time it is no longer considered as an asset. The truth is that today many people consider a pool to be little more than a liability as well as a maintenance nightmare. Of course there’s nothing wrong with having a pool if you enjoy it but be forewarned that installing a pool is one of the poorest investments that any homeowner can make.