Home improvement projects are a great way to add value to your home. But not all are created equal. Some projects, like installing hardwood floors or replacing appliances, can boost property value. Other projects like converting the garage into a bedroom or installing a swimming pool aren’t worth as much to potential buyers. Before planning updates, do your research and try to avoid projects that don’t add value.
1. DIY Home Improvement Projects Don’t Always Add Value
You might think you’re saving money by tackling updates on your own, but you could be costing yourself more money in the long run. If you make a mistake while doing a DIY project, it can be very costly to fix. It’s always best to hire a professional for home improvements out of your area of expertise.
If you’re not an experienced electrician, never attempt to rewire your home. It is dangerous, may cause a house fire, and unlicensed electrical work could void your home insurance policy.
2. Swimming Pools
While swimming pools can be a great addition if your family enjoys the water, they’re not always a good investment. In many cases, swimming pools decrease the value of a property. Swimming pools are expensive and require a lot of maintenance and costly chemicals. A potential buyer might overlook a home with a pool in favor of a property without one.
3. Personalized Hobby Space
You might dream of a room for your hobby: a painting or photography studio, a sewing room, or a space for your sports memorabilia collection. However, if you’re planning to sell the home, be careful about sacrificing a bedroom to create your space. Most homebuyers shop for a property based on the number of bedrooms and bathrooms. A third bedroom might be highly desirable. However, a personalized craft space won’t appeal to most buyers. If you convert a bedroom for your hobby, do so in a way that allows an easy transition back to a bedroom.
4. Projects That Don’t Add Value: Wine Cellars
Wine cellars are an addition that can decrease the value of your home. Unless a potential buyer is a serious wine connoisseur, they will not see value in your wine cellar. They may even view it as a drawback because it takes up valuable space they could use for storage or another purpose.
5. Basement and Attic Conversions
Many homeowners think adding a bedroom by converting the basement is a great way to increase their home’s value. However, you will turn off many buyers by building basement bedrooms because they often feel damp and small. If you’re determined to add an extra bedroom, it’s best to build an addition to your home.
Attic bedrooms are often unappealing to buyers because they can be challenging to heat and cool properly. If you want to add an extra bedroom, stick to ground-level build-outs.
Home improvement projects are a great way to add value to your home, but it’s essential to do your research before starting any update. If you’re unsure whether upgrades will add value, consult with a real estate agent or home appraiser. They can estimate how much your home will increase in value after completing the project.