If you have plans to sell your home in five years or less, it’s wise to invest in home improvements that improve your comfort and add to the resale value of your home.
Many popular and likely-seeming projects do little to actually improve a home’s selling price. Here are some home improvements that likely won’t increase your home value.
Going all out in the yard
Curb appeal matters, as does having a backyard that is attractive, functional and offers plenty of potential. But you want to stick to simple upgrades that appeal to a wide variety of buyers. For example, you may love the idea of a fish pond, but for families with small children, it can be seen as a hazard.
Upgrades to electrical, plumbing and HVAC
As long as your systems are functioning well, upgrading them isn’t likely to bring more value to your home. Because these are invisible upgrades, potential home buyers do not place much emphasis on them.
Replacing the roof
Like interior systems, replacing a roof is best done only as a necessity. Buyers expect these items to be in good condition already and are unlikely to look at a new roof as a particularly desirable perk.
Going too trendy
Unless you are putting your home on the market right now, skip updates that may be out of fashion within the year. Buyers won’t want to pay more for something they will need to change.
Overbuilding for the neighborhood
Having the best house on the block is a good thing, but it’s important to match the style and atmosphere of your neighborhood. If you add a second story in an area that is all ranch-style homes or expand the footprint of your home when the rest of the neighborhood is all about having big and open yards, you are unlikely to see an increase in resale value.
No matter what alterations you end up making to your home, speak with your insurance broker to see if they impact your homeowners’ policy.
Leave a Reply