If you’re looking to make your home and property worth more, there are a large number of different renovation and improvement projects that you have in mind, from landscaping to switching the window fixtures to replacing the door to renovating the bathroom and kitchen.
But here’s some truth for you: while some renovation and improvement projects certainly can increase your home’s value, others will not at all and will represent little more than wasted money on your part.
In fact, it will be devastating to find out you invested hundreds or thousands of dollars into your home only to realize it’s done nothing to make your home worth more money on the market.
Here are three renovation projects that unfortunately will not increase your home’s value:
1 – Landscaping
This is the big one that takes a lot of people by surprise. As much as homebuyers will appreciate a nice landscaping job outside, that doesn’t necessarily mean that the value of the home is increased as a result of it.
On the contrary, an extensive landscaping job signals people that they have a lot of maintenance to do if they choose to buy your home. Subsequently, landscaping is not always considered when a monetary value is placed on a home or piece of property.
2 – Replaced Carpeting
Replacing the carpeting in your home will be a long and costly procedure, and while you may think it will be worth it in the end, the reality is that carpeting is rapidly going out of style and hardwood floors are the new trend.
That’s not to mention the fact that many people are concerned about the chemicals that are used in the processing of carpet. In the end, replacing the carpeting in your home won’t exactly be the most profitable investment.
3 – Installing a Swimming Pools
Are swimming pools fun? Absolutely. But are they hassle free? Absolutely not.
As with landscaping, many people will view a swimming pool as being a maintenance-heavy burden over a true asset. Homebuyers will often times request that the swimming pool on their property be dismantled and filled in.
Furthermore, pools are extremely expensive to install, with $50,000 or more being the average price, not counting the maintenance expenses that come along with it. You’re more than likely not going to recoup the costs in the final sale price after paying to install it.
The only exception to this rule is if a swimming pool is considered to be standard in your neighborhood. This is often the case in hot and humid states such as Florida or California.
Increasing Your Home’s Worth
While it’s hard to comprehend that investing thousands of dollars into a home renovation project can do nothing to make it worth more, the reality is there are several such projects out there that you will want to think twice about doing.