When you own a home, there are additions that you can make to the property that will improve the value of your home. For example, a newly renovated kitchen or bathroom is a popular choice that will really make the home more desirable to buyers.
Also, adding storage space or a well-thought-out family room or other practical space can be a very good investment that will bring up the home's value.
However, there are other projects that are not really worth your time or money and will allow very little opportunity to recover your costs when it is time to sell the property. Here are a few examples of things that you think might add to the value of your home, but really don't.
An Elaborately Landscaped Garden
A beautifully landscaped garden might make the home more visually attractive to buyers when they are looking at the property, but it will not likely add to the selling price.
This is especially true if the new buyer is not interested in putting in the effort to keep the garden well-maintained and sees it as a burden. If they don't have time to do the landscaping, they will need to hire a gardener which will add to their expenses.
A Hobby Specific Room
Are you tempted to convert a bedroom into a room that is specific to one of your particular interests, such as an art studio, a library or a wine cellar? This will not add a lot of value to the home, because the next buyer is not likely to share your passions.
It might even make the home less than desirable, because the next owner will not want to spend the time and money renovating the room back into a bedroom.
You can create a hobby room; just make sure that you make non-permanent chances to the room so that you can quickly and easily switch it back to a bedroom.
A Renovated Garage
Redoing your garage and turning it into a family room or a play room might give you a short term benefit, but you might regret it when you go to sell the home. Most people want a garage to serve its original purpose – as a place to protect their cars from the elements and store their shovels, garbage cans, leaf blowers and other outdoor things.
These are a few examples of home additions that will not add to the resale value of your property. To find out more about selling your home, contact your mortgage professional.