Many homeowners each year make the mistake of thinking that any home improvement project is a good one in terms of adding value to their home. Unfortunately, this is simply not true. There are some home improvement projects you can take on which will not improve the value of your home in terms of the money you spend on the project and there are even other home improvement projects which can detract from the value of your home. If you think you may sell your home at some point in the future, it is imperative to make sure you know which home improvement projects to tackle and which ones to avoid.
The first thing to keep in mind when considering any home improvement project is that you do not want to outdo the neighbors. While the old adage of keeping up with the Joneses is certainly true to a degree, you do not want to exceed them. A home that is largely out of the price range of its neighbors is usually going to be more difficult to sell than a home that is in keeping with the rest of the neighborhood.
Two of the biggest mistakes you can make on home improvement projects is spending money on highly individualized projects and technological advancements. Avoid spending money on items such as saunas and steam baths. Such improvements might add to the value of your property but if the buyers viewing your home are not interested in these items you may find it more difficult to sell the property.
The same is also true for swimming pools. Many homeowners make the grave mistake of believing that a pool with add to the value and desirability of their home. This is definitely not true. Many buyers, especially those with small children, avoid homes with pools. Even if a buyer does not have small children they may be concerned about the maintenance issues that go along with having a swimming pool. The simple fact is that homes with pools generally tend to take longer to sell than homes that do not have a pool. If you are considering adding a pool to your home make sure you are doing it for the right reasons, because you will enjoy it, and not because you want to improve the value of your home. Otherwise, the addition of a pool should be avoided.
In addition, it is imperative to avoid spending a lot of money on technological advancements which will usually quickly become outdated. This is a waste of money that will usually not net you a large return.
Ideally, it is usually the simplest things which will bring you the highest rate of return in terms of home improvement projects. Simple projects such as ensuring your home has a fresh coat of paint or improving your landscaping can add a lot of value to your home and make it more desirable. Never underestimate the power of curb appeal; particularly in homes that are considered to be luxury properties.
This has become increasingly popular today when more buyers are beginning their property search on the Internet. Statistics indicate that some 80% of buyers actually begin looking for properties online. A photograph is truly worth more than a thousand words in these circumstances. If your home lacks curb appeal this could mean that it will the house that languishes on the market for months while other homes with more curb appeal sell much faster.
There are certainly some areas in which it makes more financial sense to focus your money if you are considering selling your home. Staging is one of them. Studies indicate that homes which have been professionally staged are selling faster and for more money than homes that have not been professionally staged. Luxury homes may even be able to sell for up to 20% more with staging than homes that are not staged.
You should also keep in mind the features that are most popular in homes right now. Kitchens and master bedrooms continue to rank high in importance with most buyers. Buyers are looking for master bedrooms which can serve as sanctuaries and have features such as vaulted ceilings and fireplaces.
The main key is to make sure that regardless of what types of home improvement projects you take on, you do not go too far. There is definitely something to the old cliché ‘too much of a good thing’ and that is certainly true in the case of home improvement projects.