There are many factors to consider when determining a home’s worth. For instance, a property’s location alone can either increase or decrease its value. Total square footage and the number of bedrooms and bathrooms also impact the home’s value, as does the school district that’s assigned to the home. And although some factors cannot easily be changed – it’s pretty tough to get school district lines redrawn – there are plenty of items within our control.
Often when it’s time to sell, homeowners will sit down and think of ways they can improve the value of their home, but in doing so, they fail to realize the ways in which they may be unknowingly be devaluing their house. Did you know that some home improvement could actually harm you when you try to sell?
Here are a few ways that you could unknowingly decrease the market value of your home:
Kitchen and Bathroom Renovations
Source: Zillow Digs
For years people have been told that the kitchen and master bathroom can “make our break” the sale of a house. And while it’s true that a lot of focus is given to these particular rooms, you need to be very careful if renovating this space. It is easy to spend a lot of money when renovating these two rooms and if you select features that are too excessive or overstated in design they will lessen the overall value – even if you’ve paid top dollar for high end materials.
Water Elements Such as a Pool or Hot Tub
The gorgeous, shimmering swimming pool in your backyard may have offered you countless hours of fun and relaxation, and perhaps your kids made lasting summertime memories splashing with their friends, but that pool may not be helping your property when it’s time to sell your home. A lot of buyers think pools and other water features, such as a hot tub or a pond, are added expenses and extra maintenance required on the home. Bear in mind, this will change dramatically based on geography; a pool home in a tropical, resort-like location will have no problems, whereas a pool home in a colder, northern climate might not be as fortunate.
Outdoor landscaping plays a huge role in “curb appeal” which can directly impact your home’s value. If you neglect the landscaping and it becomes overgrown and weed infested it loses all appeal. Poor curb appeal lowers value. But did you know that investing in an expensive, lush landscaping package is not necessarily any better? Decorative landscaping will not increase your property’s value. Sure, it looks fantastic, but it may not add value to your home. In fact, some home buyers will be turned off by the amount of work it takes to maintain the grounds. Anything that exceeds a “normal” well-maintained and manicured yard will yield a low return on investment. Should a homeowner choose to add a lush, vibrant landscape package, they should view it as something that will bring them personal enjoyment only.
By Monte Mohr