By Tim Smith, Modernize.com
Many homeowners make certain renovations to their home thinking that these renovations will drastically increase the value of the home. However, they are surprised and disappointed when they find out that their remodel project added no value to the home. The following are a few remodel projects that could be done as a labor of love, but should not be expected to bring any increase in home value. Cost estimates are from the 2014 Cost vs Value Report via Remodeling Magazine.
Intricate Landscaping
Walking onto a property that has a stellar landscape is definitely appealing. However, in many cases, a nice landscape does not equate to a higher home value. Now, it doesn’t mean that it’s a completely and totally worthless investment. Potential buyers are more likely to take a second glance at a home with a beautiful landscape.
Maintenance Projects
You would think that spending tens of thousands of dollars installing a new plumbing system, redoing the electrical work, installing new windows, or putting on a new roof would drastically increase a home’s value, right? Wrong. The reality is that these maintenance-type projects do very little to change the value of the home. The reason for this is that homeowners expect the plumbing and electrical system in the home to work and the roof not to leak. So even though this is money out of your pocket, it is basically the cost of homeownership and making these necessary repairs doesn’t really add any additional value.
Swimming Pool or Money Pit?
The idea of having a swimming pool in the backyard seems really cool. Many homeowners think that the addition of a swimming pool to their property will automatically increase its value. That is not necessarily the case. Swimming pools cost thousands of dollars to install. While they are good for avid swimmers, swimming pools can be a turnoff to families with small children and families who do not have the time or money to keep the swimming pool clean, heated and maintained.
Expensive Built-In Sound Systems
For some buyers, a built-in surround sound system or a built-in home theater is a selling point. But these individuals are few and far between. The average home buyer is not necessarily looking for this amenity, so even though it may be nice, it probably is not going to make someone want to spend extra money on a house.
Backup Power Generator
At the outset, it seems like the best idea in the world. Invest money installing a generator that guarantees that regardless of the weather conditions your home will have energy. Who would not want to spend a few extra dollars to purchase a home with this feature? Well, the truth is, it will depend on your future home buyer: for some this may be a pivotal selling point, to another, it may not matter at all. Installing a heavy-duty backup generator will cost on average $14,700. Homeowners can expect to recoup less than 50 percent of the money spent on this upgrade when they sell their home.
Tim Smith is a energy efficiency and remodeling blogger from Austin, TX. Tim enjoys everything DIY and is interested in home automation.
The landscaping bit is good to know since we’re looking at redesigning our back yard. It may be a selling point but it probably won’t get us a higher price, no matter how beautiful. We probably won’t invest too much.