Some home renovations are purely for your own enjoyment—and that’s not a bad thing. Many homeowners, however, upgrade their house with the ultimate goal of boosting property value. In most cases—especially when it comes to kitchens and bathrooms—that notion holds true but, in these 5 instances, that upgrade could add little or no value (and in some instances, even decrease) the worth of your home! Read on before you make that call to your contractor:
- Truly customized anything: Perhaps you have fallen in love with that rose-quartz coloured tile for your master bath, but chances are, prospective buyers won’t share your unique taste. Making a design choice that deviates too greatly from ‘standard’ aesthetics won’t add value to your home—regardless of cost—and may actually lessen the perceived worth, as buyers must budget around removing your unusual ‘upgrade.’
- Adding a pool: Some people would do anything to have a pool, but others run in the opposite direction from the maintenance responsibilities and safety concerns. Go ahead and put in a pool if you intend to use and enjoy it, but don’t expect to recoup your expenses when you sell the property.
- Room repurposing: When you convert your garage into extra living space, you see the added bonus of additional square footage. When you turn a small bedroom into an amazing closet, you envision the dressing space of your dreams! Unfortunately, prospective buyers may only see a home that has one less parking space and one less spot for kids and/or guests. These upgrades may well lower the value of your home.
- Awkward additions: Adding new construction to your existing structure will only increase value if it’s planned wisely. The addition of a first-floor master suite could, for example, attract numerous buyers, but it will not be as appealing when placed directly off the home’s kitchen. Layout and flow should always be considered before beginning construction.
- Becoming the best block on the house: (Read also: 4 Signs It’s Time to Move!) You can add the most high-end of finishes to your home, but if your house is the only luxury property on the block or in the neighbourhood, you will never get your money back on those upgrades when it comes time to sell.
Just because a home improvement project doesn’t add immense value to your home doesn’t mean you shouldn’t do it—it just means you should do it for the sole purpose of your own enjoyment, especially if you’ve bought your ‘forever’ place. If, however, you plan on moving/selling in the near future, you may want to scrap the updates listed above in favour of more profitable home improvements. Need advice on getting your home market-ready and boosting its potential list price? Please feel free to get in touch with our team at firstname.lastname@example.org.
Christy Bamber BCOMM
Calgary Luxury Portfolio