6 CONNECTICUT HOME IMPROVEMENT PROJECTS THAT WILL NEVER PAY BACK on YOUR INVESTMENT!
Unfortunately, there are many home improvements that do not add value. If you plan to stay in Connecticut for a while and want to make changes in your home to suit your lifestyle, and do not care about a return on those investments then do whatever makes you happy with your home! But if you plan to sell your house in the short term and want to spend money wisely then beware about these “improvements” that will put buyers off!
When it comes to selling a property, many homeowners will make the mistake of doing any old improvement to bump up the value of their property in the hopes of increasing the equity or speeding up the sale. However, if you are not careful, you might make home improvements that do not add value to your property, or turn off homebuyers. To help you sell your home fast and for a top price, while avoiding stress and unnecessary costs, here are 6 home projects that will never increase your home’s value.
#1 NORMAL MAINTENANCE TASKS
Did you know that some normal maintenance tasks might not add value to your property? Most buyers simply expect to have a home with functional roof, siding, windows, heat, water, electricity, plumbing, and waste disposal. These items will all need to be replaced or repaired over time and doing so will not add any additional value to your home. If it is time to replace your furnace, replace it. Just don’t expect your home to be worth $6,000 more as a result of making sure your home has a functioning heating system. Replacing or upgrading these items will not add value to your property.
#2 OVER IMPROVEMENTS
Many improvements are certainly worthwhile! Updating the kitchen and bathrooms or building an addition may certainly improve the value of the home but beware of going too far! Only improve to a condition your neighborhood home sales will support, or else you might risk decreasing the value of your property or putting off buyers.
An example of over improving
If you and your neighbors’ homes are all 1,650 square feet, do not build a huge addition that makes yours 3,500 square feet! If you truly need a 3,500 square foot home, but still want to get the true resale value of a 3,500 square foot home one day when you sell, move to a neighborhood of 3,500 square foot homes!
Same goes for extreme remodels – high end gourmet kitchen, expensive luxury finishes, specialty rooms, etc. Pay attention to what is happening in the homes around you and the direction of the Connecticut housing market. If you end up the only one in your neighborhood with an outdoor poolside kitchen, you are guaranteed not to get your money back. In fact, with these kinds of renovations you may risk losing your money, as they are very expensive to complete, in combination with not adding value to your property.
If you are not sure if a certain remodel makes financial sense for a home like yours – just ask a Realtor.
#3 OVER CUSTOMIZING TO PERSONAL TASTES
Overcustomization can lead to a decrease in the value of your property, or putting off buyers. You cannot get enough of the color red, hand painted wall murals, and distressed exotic wood finishes. You want to fill your home with these special things! You can certainly customize your home to suit whatever fancies you, but do not expect anyone to share your exact tastes. If you want to sell your home and get the best price, then skip extreme custom anything. If you want an accent wall of seashells in your kitchen – that is your right! Just know that a buyer does not care what it cost you, and in fact may devalue your home by how much it will cost them to take it all down. If resale value is important to you – keep it neutral and don’t make the mistake of adding colors of features that are too personal, and bring down the property value.
#4 ADDING A POOL
A pool seems like a good idea, but can actually be a home improvement that decreases the value of your property. If a pool suits your lifestyle, add a pool, and enjoy it! However, keep in mind pools (at least in Connecticut) do not generally add any additional value to your home and some buyers will even be turned off by a pool, therefore decreasing the value of your home. Adding an in-ground pool is a major expense with maintenance and safety issues that you will never recoup at resale. Don’t renovate your home without considering the market and the needs of other buyers first, and just choosing things that are personal to you or look good on paper. A pool may work for someone in another location, but this may not add value to your property.
#5 SOLAR PANELS
I do not want to be negative on clean energy and solar panels because I want them on my own home saving me money on electricity, but I want them for free! Buyers – at least in Connecticut, simply do not value solar panels yet. They will not pay extra for them, and even worse – if your panels are leased, and you want a buyer to take on your lease, you will end up reducing the value of your home and selling your home for LESS – NEVER MORE.
Having leased solar panels may even prevent your buyer from getting their mortgage loan. I know the solar salesman will tell you differently, but he doesn’t sell homes for a living, and he will tell you whatever you need to hear to get you to sign up for solar! One day your investment in solar panels may pay back at resale, but that day has not yet arrived! Don’t risk adding solar panels to your property without further advice from your real estate agent and risk decreasing your home's value or turning off home buyers. Solar panels can unfortunately decrease your properties value and put off buyers.
#6 UPGRADING YOUR MASTER BEDROOM
For some, the master bedroom is the best room in the house. It is also one of the favorites when it comes to remodeling. Homeowners imagine a grand bathroom, a walk-in closet, custom cabinets, and a room big enough for a king bed and possibly a sitting area.
While this luxurious upgrade sounds like a no-brainer, trying to add any sort of addition to your master is going to be costly. Between the amenities and materials and the cost of reconstruction, you are going to pay thousands for an upscale addition. Your return on investment however is about half the amount spent. Instead of completely renovating, find ways to use the space you have and consider simply refreshing your master suite. This will help you reduce the risk of putting off buyers, or worse, reducing the value of your home with incorrect home improvements.
Don’t feel like making any home improvements? Did you do home improvements that you love but no one else does? Call CT Cash Homes! We here at CT Cash Homes are different from any other buyers. Rather than making home improvements that will put off buyers, or home improvements that will not add value to your property, you can always consider selling your home as is. This means you don’t have to worry about what home improvements are right or wrong, and you can avoid risking your time and money on the wrong ones.