Many homeowners think that the more they spend on home improvements, the more it becomes sellable and the higher the price tag they can get for it. While some changes can enhance your property’s appeal and increase home value, others don’t actually make any significant change. Importantly, other changes could be detrimental when it’s time to put your house on the market.
Let’s talk about seven things you think may increase home value but actually don’t, and learn what you should be doing instead.
7 Things That Don’t Increase Your Home Value
1. Extensive landscaping
Sprucing up your garden with low-maintenance, local plants can make a great first impression for potential buyers. However, landscaping choices always come down to personal preference.
This means if you want to put a mini waterfall that flows down into a fish pond, do so because you like this feature, not because you hope it will make buyers pay more. Likewise, adding pathways, free-flowing fountains, or rows of expensive flowers may look aesthetically pleasing, but buyers may only see the responsibility and money required to maintain it.
Remember, you don’t need to spend an arm and leg to redo your yard. Simple upgrades can do the trick.
2. Swimming pools and hot tubs
While properties with pools or hot tubs may seem appealing, adding it just for the sake of increasing home value is not always worth it.
The costs of water amenities are expensive and rarely offer returns to homeowners. These features often range from $15,000 to $100,000 or more. Plus, you may need around $500 to $4,000 annually for maintenance and upkeep. It also raises the cost of homeowner’s insurance in most areas.
This is why many buyers don’t go for properties with a swimming pool. Beyond the costs, they also don’t want to deal with potential safety and upkeep issues.
3. Inconsistent high-end upgrades
While it’s tempting to go all out with your creativity for every room, it’s best to go for updates and upgrades that are consistent throughout your home.
For example, if you have stainless steel appliances or fancy imported tiles, but your carpets and floors are outdated, these expensive upgrades will not increase the home value. Also, a well-remodeled bedroom will still look unfinished if the bathrooms are outdated.
Similarly, specific high-end add-ons like AV rooms may be appealing to some buyers. However, it could also turn away the people who wouldn’t consider paying more for these more expensive features.
Again, high-end remodels are often based on personal preference. When potential buyers tour your property, they might see these merely as nice-to-have items rather than essentials. And these expensive projects might be difficult to recoup.
4. Oversized expansions
At first glance, huge bedrooms — especially a master suite with a luxurious bathroom and walk-in closet — seem attractive to buyers. But, if this remodel means losing a bedroom or a significant portion of the living space, then it might not increase the home value after all.
Generally, more bedrooms mean a higher price range. This could mean that if you take away one bedroom for the sake of a bigger suite (or some other room), it will be priced based on properties with the same number of bedrooms.
Before you increase a room size or your home’s square footage, be sure to research the average size for properties in your neighborhood. There are some home buyers who can be very particular, taking time to look at homes to compare the size and price range.
5. Too-quirky wallpapers
Wallpaper is highly personal. This means a design or pattern that is visually pleasing to you may or may not have the same effect on your potential buyers.
Instead of revamping your walls with quirky wallpapers, go for a fresh coat of neutral-colored paint in a color like beige, light grey, tan, or white. This creates that clean, fresh look but also with mass appeal. This also helps interested buyers get a better image of what it’s like living in your home (with their personal belongings).
6. Wine cellars
While a customized wine cellar can add elegance to your home, many connoisseurs and even luxury home buyers are unlikely to spend more for this bonus feature. This means your average investment of $30,000 for the cellar may not give you any return.
If you still want to create that sophisticated atmosphere, you can simply dedicate a space in your home to display your wine enclave. A simple wine rack or fridge is an affordable luxury home upgrade that will provide that clean, stylish look.
7. New windows
Window replacements and upgrades aren’t always cheap, costing $200 to $1800 depending on the material you choose. So it’s best practice to only do so if it’s broken or leaky. And even if you upgrade to newer, more modern materials (like vinyl), you may only recover a small fraction of the cost when you sell.
A quick, more affordable window update that can actually make a difference is tinting your home windows. This is a legitimate necessity in Las Vegas as tinted windows help keep the home cool, even during the scorching summer days. Plus, it can reduce the cost of your utility bills.
When thinking of home improvements, first decide the reason behind the update or upgrade. Is it something useful or are you simply trying to increase home value?
While some improvements look pleasing externally, you’ll be surprised to know that they won’t necessarily increase home value. Fortunately, there are also some simple changes that can increase your home value.
When in doubt, consider comparing features from similar homes within your neighborhood. It’s helpful to also research real estate trends in your community. And more importantly, always consult with local experts who know the market and can help you make informed decisions.
Do you need assistance selling your Las Vegas home? The Brendan King Group can help. Contact us to learn more.