5 Things That Actually Lower Your Home’s Value
Posted Feb 25th 2022
Many homeowners want to see their home gain a ton of value after living in it for a few years and finally decide to sell it. No homeowner wants to reduce the value of their home, but many end up doing this, unfortunately, because they assume that all the improvements they do add value.
Getting a kitchen remodeled, a new front door, or a new garage door are some of the best ways to increase the value of a home. But, some other factors will lower the value or cause it to stay on the market for a more extended period.
Landscaping that is too much
Sure, having a lush jungle for landscaping can give you some serious curb appeal. Planting in trees, shrubs, and flowers can be expensive. The labour costs of building beds, laying mulch, and adding landscape can add up quickly. And even at the end of it all, these costs don’t necessarily result in an increased value of your home’s selling price.
Any potential buyers might also view elaborate landscaping as something they need to spend time and money on maintaining when they would rather mow their lawn and get it over with.
Adding a swimming pool
The average cost of a swimming pool is $45,280. There are also some associated costs with the electricity and gas you need to run it, maintaining the equipment, using chemicals to clean the pool, the surrounding landscaping, insurance, and more.
A lot of buyers will see pools as liabilities, not amenities. They could also be hesitant about taking on costs with the upkeep. This could keep them from making an offer on the home.
But, under the right circumstances, pools can be a selling point. This is the key. It needs to be ideal circumstances. In regions where you can swim for a lot of the year, or in neighbourhoods where most houses have pools, a pool can raise your home’s value by up to 7%.
Installing carpet everywhere
A little over 50 percent of home buyers are willing to pay more for homes that have hardwood flooring. This is because a carpet is not seen as that desirable anymore. It is terrible at hiding stains, hard to maintain, and holds a lot of dirt and dust. Carpets make living conditions unsuitable for people with allergies. On top of these disadvantages, buyers might not like the colour or texture of their home. If you have carpet, be sure that it appeals to every taste.
Bedroom to an office
With remote jobs on the rise, many homeowners want to convert some space in their homes to create a dedicated workplace. Instead of taking out a closet and building a desk, make some non-permanent changes and keep your bedrooms as bedrooms. Losing a bedroom can drop the value of your home by 10 percent.