4 home improvement projects that are bad investments
As a homeowner, you have likely given some thought to the ways in which you could enhance your existing property, right? Typically, individuals in your position routinely look to to customize their house's various offerings and design schemes to further improve their sense of comfort and include personal preferences whenever possible. Oftentimes, these residential updates increase a home's aesthetic appeal and resale value.
However, there are a number of projects that do the opposite and cause homeowners to lose money on their investment. Even if you're not planning to list your East Coast property during the upcoming homebuying season, if you want to heighten your home's potential purchase price, be sure to stay away from these four projects:
1 - Installing a whirlpool bath
While you might think that incorporating a high-end whirlpool bathtub into your existing bathroom will help to make it a more luxurious living space, this lavish update tends to serve as a drawback for prospective homebuyers. According to MSN Real Estate, this feature was once a common sight in upscale residences, but many of those who own one attest to rarely using it - largely because of the considerable amount of water needed.
"We're taking out these bathtubs and making (walk-in) showers out of them," Fred Spaulding, of Quality Home Improvements in Kingwood, Texas, told the news source.
2 - Transforming a bedroom into another space
Depending on the size of your family and the house you currently live in, you might have an extra bedroom. And though you might be tempted to convert that space into a different living area, it is best if you don't, Yahoo reported. While you might want to make structural changes that would create a home office, den, exercise room or theater, it is generally a better idea to only make cosmetic alterations. This is because when you finally do decide to sell the house, prospective buyers are usually willing to pay higher prices for houses with numerous bedrooms - and when they take the time to tour a property boasting four bedrooms, they want to see at least four. Also, they might not have the need for an office or home theater, and may be turned off from the idea of spending money to have it renovated back into a bedroom.
3 - Renovations based around technology
Interested in having an expensive new electronic gadget installed? It might be better to forgo any construction. Especially in recent years, technology has changed drastically, meaning if you pay large amounts to incorporate some state-of-the-art device today, it might not be as en-vogue tomorrow. For this reason, it is best to avoid making major changes for fancy technology, according to Homesessive. Instead, focusing on highlighting classic features that are timeless could be a better use for your money, as you know that these elements will always be in style.
4 - Elaborate landscaping, outdoor design
If your looking for a sizable return on your investment, stay away from projects that include the cosmetic appeal of your front and backyards. Although doing so can greatly improve your property's curb appeal and overall appearance, which could potentially attract interested buyers - these updates have little value to the actual home and buyers won't heighten their purchase offers because of them. If you do decide to spend money on landscaping, try to stay within your budget and make sure the outdoor design scheme is tasteful. Planting perennial flowers can ensure your home looks beautiful every year, while saving you time and money.
While it is recommended you stay away from these changes, if you're interested in making effective updates to your existing home, you can benefit from the financial assistance afforded by Poli Mortgage Group. Every day, the trusted firm's Loan Officers find low rates for clients and originate payment plans with affordable terms. To learn more, call 866-353-7654 today.