Generally speaking, when you spend money on your home, you’re adding value to it. The costs of finishing your basement, replacing your furnace and windows or adding a deck will most likely be recouped when it comes time to sell. But there are some renovations or home “improvements” that may actually devalue your home. Steer clear of these mistakes!
An elaborate garden – Maybe you’re tired of mowing or dealing with dandelions. Maybe you just love the English garden look. Whatever the reason, if you decide to remove the grass on your front yard and replace it with intricate rows of plants, trees, bushes and perennials, or add in an assortment of gnomes, statues or plastic fences, you may actually be lowering your property value. Keep in mind that this type of garden requires major upkeep to prevent it from looking cluttered or messy. It’s not something that all homeowners are willing to take on.
Do-It-Yourself projects gone wrong – Everyone loves saving money. But unless you have experience in home renovation, is it really the best idea to use your home – your greatest investment – as a guinea pig? It’s never a good idea to “wing it” when it comes to building a bar in your basement, rewiring your home or installing hardwood flooring. Some things are just better left to the experts.
A swimming pool – Let’s face it. Here in Canada we are lucky to get two solid months of optimum backyard swimming time. The majority of buyers see a pool as a nuisance and money pit, particularly above ground pools. Some couples with babies or young children won’t even consider a home with a pool for safety reasons.
An unsightly addition – There are some beautiful additions out there that add value to homes, but there are also some pretty bad ones. An addition that isn’t well designed or executed can end up looking out of place. Adding square footage to your home or a second storey is a complicated endeavor that should only be tackled with the guidance of an architect and experienced contractor. You should also keep in mind that an addition will raise your property taxes and possibly your utility bills.
When it comes to spending your hard-earned money on your home, opt for projects that are guaranteed to add value!