Adding Value or Not?
Almost every homeowner has some upgrades or small projects on their to-do list, from installing new gutters to new landscaping. What they aren’t always thinking is if the next small project will add value to their home. Not every home improvement increases the value of a property, whether they’re a necessity or not.
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Roofing While a new roof looks great, it is considered a maintenance issue, so unless your roof needs replacing, or you have damaged shingles, this job rarely adds value. On the other hand, depending on where you live, a metal roof can add some value to your home, lower your homeowner’s insurance premiums, and may save on the electric bill.
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Landscaping Keeping your yard trim and weed-free doesn’t decrease or increase your home’s value, and some landscaping certainly helps if you’re trying to sell. Adding a small fish pond with waterfall, however, isn’t necessarily going to add to add value.
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Electric/Plumbing In older homes, an upgrade here is something that’s necessary, and even if you used top-of-the-line products and the most expensive plumbers and electricians in the area, it won’t add value.
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Swimming Pool Putting in a pool is simply a personal choice--you have it done because you want to enjoy some refreshment and relaxation on a hot day. Rarely does an added pool or spa put money in your pocket if you sell.
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High-End Upgrades In order for upgrades to add resale value, they must be consistent. Don’t add imported tile to one bathroom, and then leave vinyl and Formica in the half bath.
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HVAC A new A/C unit or heating system is another maintenance item, and though someone looking for a home may find some relief in knowing that there’s a brand-new unit attached to the home, they’re not going to pay more for it because it’s new.
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Carpet If you’re thinking about installing new carpet to prep your house for the market, talk to your RealtorⓇ. Going to the expense of new carpeting may be less desirable to house-hunters in your area. If you want to make that money back, then consider another type of flooring for your house.
These items don’t necessarily mean that you shouldn’t have them done, but it does mean that you likely won’t get the extra money they cost back in case you sell your home. What it will help is the home sale itself--someone on the search for a new house will be more likely to purchase a home that has a new roof or new flooring. Nolo.com has some excellent information on what will add value to your home, as well as some other home improvement tips. When in doubt, do some research, and give your RealtorⓇ a call, as they know exactly what you need to do to get the most out of your house.
Courtesy of New Castle County DE Realtors Tucker Robbins and Carol Arnott Robbins.
Photo credit: NationalCashOffer.com
