20 Renovations that won’t add value to your home
1. Solar Panels: Even though solar panels and other forms of green technology may sound like a selling point, they won’t add enough value to warrant them installed specifically for this purpose. It would make more sense to have them installed earlier so that you can recoup your investment by saving on your hydro bill
2. Swimming Pool: If you live in a climate where it’s warm and sunny all year long, a swimming pool can add to the value of your home. In Canada, however, the idea of having to maintain a pool that will on by used a few months of the year puts off many potential buyers. Those young children may also balk at having such a big safety hazard n the property.
3. New Plumbing or HVAC Systems: Buyers don’t like to pay more for upgrades they can’t see, so doing a complete overhaul of your plumbing or HVAC systems won’t really make a difference. It’s better to focus on smaller maintenance projects to ensure the systems you already have are in good working order.
4. New Bathrooms: According to bankrate.com, you’ll typically make back about half of what you spent on a bathroom addition. While beautifully renovated bathrooms can make the sale, plan to add a brand new one a few years before you sell. This way, you get to enjoy the upgrades too.
5. Elaborate Landscaping: Buyers usually prefer to add their own personal touch to the garden, so extensive landscaping is more trouble than it’s worth. The key is to have a well-maintained yard instead. Be sure to mow the lawn, prune the trees and rake the leaves before you show the property.
6. A New Master Suite: A bedroom is a space where personal taste plays a huge role. Instead of making over the entire room, spend money on thoughtful touches like built-in closets, a stylish accent wall and good lighting.
7. Loud Design Elements: Bold design choices like brightly coloured walls or custom tiling may scare off potential buyers. Instead, opt for subtler elements that new homeowners can easily change to suit their design preferences.
8. Ornate Lighting: Good lighting normally pleasers buyers, buy it’s not often a deciding factor in purchasing a property. Instead of spending thousands on fancy fixtures that will just lead to higher hydro bills, go for simple, energy-efficient upgrades such as LED Lights
9. High End Upgrades: That handmade designer wallpaper, state-of-the-art stainless steel fridge and bathtub hewn from a single block of granite may look great to you, but potential buyers might note feel the same way. Most new homeowners prefer to add their own high-end features that cater to their lifestyle.
10. New Floors: Installing new floors can be very expensive, and the material you choose won’t always appeal to buyers. If you have wooden floors, have them sanded down and coated instead. Tiled floors should be sparkling, but if they’re cracked and you simply have to replace them, play it safe and select a neutral design.
11. Wall-to-Wall Carpeting: Chances are the new homeowners will replace any existing carpeting with something more to their taste, so don’t waste time and money installing new ones. Instead, invest in a steam cleaner and have any stubborn stains treated professionally.
12. Remodelled Basements: Investopedia.com indicates that a remodelled basement can potentially price your home out of the neighbourhood. Instead of a complete overhaul, focus on smaller, less expensive improvements such as creating more storage space.
13. New Windows: Replacing your windows can cost tens of thousands of dollars, which you won’t recoup in full when you sell. Only update window frames when they’re in such bad shape that they result in leaks or draughty house. Otherwise, make sure the existing frames are thoroughly cleaned and well maintained.
14. Overbuilding for the Neighbourhood: According to the Globe and Mail, buyers look not only at the asking price of your house but also at the average price of a home in your neighbourhood. If you make expensive upgrades like adding a second storey, you may price your property out of the expected range for the area.
15. Outdoor Extras: Backyard features such as a tennis court and playground target a very specific subset of people and won’t appeal to those who aren’t big on sports or don’t have small children. Buyers would be more interested in having the actual acreage that could support amenities such as these and then deciding what to do with it.
16. Room Conversions: As soon as you convert a room, you limit its potential and usefulness. Instead of spending thousands to transform a bedroom into a library or a home theatre, keep it simple so buyers can easily repurpose the space according to their needs.
17. Fussy Design Details: Many design elements, such as exposed timber, look beautiful but are incredibly hard to maintain. Features like these can deter potential buyers from investing.
18. A Wine Cellar: Only the most dedicated oenophiles would be willing to pay more than a house that has wine cellar. Unless you’re going to get great use out of one before you sell, don’t spend the money and effort on something that won’t increase the value of your property.
19. A Deck or Patio: A thoughtfully designed deck or patio is a great selling feature, but it’s also the type of project most buyers would rather do themselves. If you envision a functional outdoor area, create one for your own enjoyment. When the time comes to list your home, simply reseal or stain it so it looks maintained.
20. Knocking Out Walls: Removing a wall to create a bigger space like a master suite won’t necessarily add value. Instead, it will leave you with one less room. If you really want to knock out a wall, do so wisely. For example, tearing down the wall between the kitchen and dining can create a better flow without either room losing its intended purpose.