Many homeowners are keen on adding value to their property. Whether it’s a yard or interior room upgrade, certain additions may very well increase the value of a home, while others may not pay off. Before you apply for a home equity loan or pull from your savings account, consider the return on investment of these popular home additions.
Adding a Pool
For hot summers in Connecticut, the idea of a beautifully designed pool can be quite tempting for homeowners. However, pools are only usable a few months out of the year and can be costly to maintain.
Some people may add a pool for the benefit of their children but, once they grow up and move out, the amenity often go unused. For these reasons and more, the number of buyers who want a pool to maintain will be limited.
Consider adding an outdoor element with more universal appeal, like a wood deck. Decks provide more space for entertaining guests or to grow plants.
Nothing should hold you back from investing in your landscape – unless you plan to resell. While a meticulously curated lawn is a sight to behold, gardens, trees, waterfalls and koi ponds will not necessarily drive up the price of your home. Keep in mind that something appealing to you may not be of interest to other buyers. The price of maintaining a broad and intricate landscape could be too much to take on.
For the visual and structural benefits, think about building a retaining wall. They not only help to prevent flooding and other property damage, but also provide a designated areas for decorative elements like flower beds and ornamental grass.
Inconsistent High-End Upgrades
If you are going to renovate a bathroom or kitchen, be consistent. If you have a beautifully remodeled, modern kitchen but the bathrooms are in need of new fixtures, this inconsistency could deter buyers who don’t want to renovate the other rooms of the home.
On the other hand, you should not be deterred from making small interior improvements. New flooring, appliances or cabinetry are simple upgrades that can make a big visual difference – and give you the return on investment you want for a resell.
Additions can increase the value of your home, but make sure you are comfortable with the project. If you’re looking for a decent return when it comes time to sell, keep these tips in mind. To get started on your home addition, work with By Carrier today!