Home Improvements That Don’t Boost Value
If you’ve ever been involved in a house sale/purchase transaction, you must be aware of home improvements which are believed to boost value. However, not every home improvement actually adds value to your house.
In fact, some of them may rather act as a detriment and devalue a house when it goes on the market.
Here are the most common home improvements which won’t add any value to your house!
Even if you spend thousands of dollars to replace the sewer, install copper plumbing or upgrade the old electrical wiring, it’s not going to bring you an extra dollar.
These kind of improvement are merely considered as maintenance work and nothing more. Having said this, we don’t mean that you should not focus on home improvements but this is considered as the standard measure and won’t allow you mark up the price tag.
HVAC or New Roof
There are several buyers in the real estate market who definitely appreciate houses which feature a new HVAC system or a brand-new furnace. They of course won’t pay an extra dollar for it though. The same goes for a new roof installation. If you are replacing your home’s roof that has already past the average useful life of 25 years, it is a maintenance issue and not a home improvement. If you are expecting extra money for this improvement, it’s like expecting extra money for sweeping the front steps.
Painting the House
Painting is often considered as the single most important and cost-effective improvement when you plan to sell your house. However, don’t expect it to return any bang for your buck unless you’ve painted the house all by yourself. No doubt, a fresh coat of paint certainly improves the house’s curb appeal and improves the exterior making it more salable. This fresh paint unlikely to give you any boost in sales price when selling.
There is a common misconception among sellers that by installing solar panels they can increase their home value. The salesperson of the solar panel company may have made you believe in that but there is no truth to it. Solar panels are nothing but an admirable and environmentally friendly addition to your house. To further surprise you, if you have financed the solar panels then probably you can’t even sell the house without actually paying off the balance at the time of closing.
Regardless if you have built a whole amusement park in your house’s backyard, it is unlikely to bring you any monetary benefit at the time of sale. So if you are planning to add a waterfall, cascading down into a pond, do it but only if you enjoy adding a water feature to your house. Don’t go for this if you are planning to recoup the investment.
In a nutshell, all these improvements are just personal preferences. These measures will not boost your house’s value or boost your bottom line.