Every homeowner must pay for routine home maintenance, such as replacing worn-out plumbing components or staining the deck, but some choose to make improvements with the intention of increasing the home's value.
Certain projects, such as adding a well thought-out family room – or other functional space – can be a wise investment, as they do add to the value of the home. Other projects, however, allow little opportunity to recover the costs when it's time to sell.
Even though the current homeowner may greatly appreciate the improvement, a buyer could be unimpressed and unwilling to factor the upgrade into the purchase price. Homeowners, therefore, need to be careful with how they choose to spend their money if they are expecting the investment to pay off. Here are six things you think add value to your home, but really don't.
1. Swimming Pool
Swimming pools are nice to enjoy at a friend's or neighbor's house, but can be a hassle to have at your own home. Many potential homebuyers view swimming pools as dangerous, expensive to maintain and a lawsuit waiting to happen. Families with young children in particular may turn down an otherwise perfect house because of the pool (and the fear of a child going in the pool unsupervised). In fact, a would-be buyer's offer may be contingent on the home seller dismantling an above-ground pool or filling in an in-ground pool. The one exception could be if having a pool is standard in your neighborhood, as it can be in warm states.
An in-ground pool costs anywhere from $30,000 to more than $100,000, and additional yearly maintenance expenses are part of the package. That's a significant amount of money that might never be recouped if and when the house is sold. Put one in for your own pleasure, perhaps, but know that it could cost you when you sell your home.
To see the rest of the list please go to: http://www.msn.com/en-ca/lifestyle/lifesimplified/6-things-you-think-add-value-to-your-home-but-really-dont/ar-AAhM7W1?li=AAggNb9&ocid=mailsignout
Source: MSN Lifestyle via Investopedia, 6/23/2016