Home improvement projects can be a great way to add value to your home. However, homeowners should tread lightly when looking to invest in their next home improvement project. While some projects can instantly boost the return on your investment, there are definitely a few home renovations you’ll want to avoid. There are many expensive renovations that add no value to your home, or may even bring down the value of your home.
Here at LeafFilter, we want to help you find the home improvement projects that you should invest your time and money in, while helping you avoid the projects that won’t.
Installing a New Above Ground Pool
Some people love swimming pools for the relief they provide on a hot summer day or the occasional dip the pool, but you may be surprised to learn that a pool doesn’t add much value to your home. In fact, putting a new pool is one of the worst home improvement projects you can do for your home’s value.
Pools are a high maintenance, costly feature that not all buyers need or want in a home. Homeowners are turned off by the fact that they have to pay to maintain and heat it. Additionally, many parents with small children find pools to be a safety hazard and very dangerous.
A pool can cost anywhere from $10,000 – $100,000 plus annual maintenance, so home renovations like this are pretty costly. With this being said, in some areas, like Arizona and Florida, homeowners expect to have a pool and consider it a necessity. It’s important to research your local housing market and keep the next buyer in mind when considering any home improvement project.
Too Much Carpet
You may think that carpet feels more comfortable than hardwood or tile, but before you start adding it to every square inch of your home, consider the value. Carpet can easily look dingy and traps allergens. Typically, home buyers like seeing solid flooring instead of carpet for these reasons. Plus, solid flooring, like tile and hardwoods, have a longer lifespan than carpeting. If you already have a solid flooring surface, invest your money into refinishing your current hardwood floors or tile, instead of covering it with carpet.
Adding more garage space is an expensive remodeling project. Plus, it can turn off potential buyers who don’t need the extra room. The average garage addition bring a 50% return on investment, so we encourage you to invest your money elsewhere within your home.
An Elaborate Office
When remodeling, some homeowners want to change an extra room into a home office. Oftentimes, homeowners want an elaborate office with built in bookshelves and a desk. Before you complete a total home renovation like this, you’ll want to consider the next homebuyer. If you can’t easily convert your home office into a bedroom, then this may turn off potential home buyers in the future. It is important to remember when you are remodeling that in order to be considered a bedroom, the room must have a closet.
You’ll have to consider the pros and cons of home renovations like sunrooms. Sunrooms can be a beautiful addition to your home, however, they are usually not a smart investment. Sunrooms, on average, boast a return on investment of less than 60%. Therefore, this type of remodeling project won’t be the best use of your money. With those low returns, you’re better off investing in a deck, which is less expensive, but will give you a higher return.
High Maintenance Landscapes
Everyone loves a beautiful garden, but not everyone wants to spend their time maintaining landscape that requires a large amount of time and money.
If you have a complex landscaping plan with fountains, water features, and a variety of different gardens, this may deter future homebuyers from considering your home. It’s a good idea to have a healthy, well-manicured yard, however, don’t go overboard with extensive landscaping features.
If you are looking for attractive new roofing material like cedar shakes, clay tile, or architectural shingles, don’t expect to get a great return on your investment. Buyers think of the roof as a bare necessity, not a luxury, so they won’t be willing to shell out the extra cash if you decide to upgrade your roof.
Still, don’t put off a roof repair because you’re worried about the return on investment. Buyers will notice cracked shingles or a damage roof during their inspection.
A master suite may be very important to you, however, we suggest focusing on remodeling living areas like the kitchen or bathroom instead. These areas of the home bring a high return on investment, unlike upgrading your master suite. You may not realize it, but a master suite upgrade is an easy way to lose up to 40 percent of your investment.
Backup Power Generator
To you, a backup generator offers all the comforts no matter what the weather is. However, potential buyers may not share the same vision. Backup generators, on average, cost over $14,000. However, buyers will only expect to recover 48% of that cost.
Looking for the best home improvement projects for your return on investment? Check out our article on How to Increase the Value of Your Home.