While you’ve probably considered the various ways you can upgrade your home to increase its value, there are some renovations that won’t make a big dent on the overall value of your home when you’re ready to sell it. Here’s a few options that won’t give you the big return on investment you might be expecting.
New Furnace and Gutters
While a buyer will appreciate a home with a new furnace, it’s not going to make them willing to pay more for the home than they would if it still had the previous furnace, since the life expectancy is around 30 years. Replacing these items when necessary are routine maintenance issues required to make your home perform its basic functions, not something particularly special or enticing.
Swimming Pool or Spa
While these seem like items that would get buyers excited, they’re not additions that are likely to make you more money in the long run. Add these items to your home because you enjoy them, not because you think they will increase the home’s value. In fact, since pools and spas can be hard to maintain and take up valuable space, some potential buyers are likely to avoid such homes.
While this is a great option for contributing more positively to the environment, it’s not going to make a big impact on your home’s value. This is a renovation that you would want to make early on so you can reap the benefits on your hydro bill, not on your home’s resale price. You should also be aware that if you financed the panels, it is very likely that you can’t sell your home until the balance is paid off.
While it’s always a good idea to make sure your home has some curb appeal and looks as tidy and well maintained as possible, going all out on an expensive professional landscaper won’t pay off during resale. This is because fancy items like waterfalls are all about personal taste, and while you might love it, your buyer might find it dated or tacky.
Upgrading Electrical and Plumbing
Again, this is considered a maintenance issue—something required to keep your home up and running the way it should. While it will cost you to replace and upgrade these features, it’s not so much a renovation as a requirement. It won’t boost the value of your home because it’s just another necessity for the home.
Royal LePage RES Ltd. BrokrageKamycki Group