Many homeowners are shocked to find that the features they added to their homes with the intent of increasing their value – have done the opposite. Here are 10 DIY projects most likely to lower your home’s value.
10. Swimming Pool
In many places, a pool is only usable three months out of the year. Even in hot climates, if unheated, it’s five months at best some years. Many buyers focus on the disadvantages of a pool such as ongoing operating and maintenance costs. It can potentially increase your homeowner’s insurance. At most, a pool increases value by 7% according to experts.
9. Garage Conversions
Converting a garage into a livable space can cost between $6,002 and $27,460, according to a recent study. Even renting it out, could take a long time to recoup your investment. Be aware, that converting a garage can decrease your potential pool of buyers. Many buyers are searching for a property that has a garage to park their vehicles in.
8. A Sunroom
A sunroom addition can vary wildly from $5000 for small spaces and up to $140,000 for a luxurious room. It’s one of the most expensive home improvement projects and unlikely to recoup the investment. Sunrooms often aren’t included in a home’s square footage. Thus, a sunroom won’t be counted and help the appraisal value.
7. Wall-to-Wall Carpeting
Don’t make the mistake of thinking brand-new, wall-to-wall carpeting is something buyers will desire and appreciate. It’s actually the opposite. Many new homeowners are removing carpets. If you have existing hardwood floors, don’t cover them with carpet. Carpeting adds no value to a property. Conversely, investing $20,000 in wood floors can add $23,600 to the sale, according to experts.
6. Bold Colors
Many people mistakenly think that painting their home with bold colors will make it more appealing. It’s tempting because it’s an easy and inexpensive DIY project. The cost runs between $966 and $3,057, according to experts. However, many buyers avoid homes painted with bright, dark, or bold colors. Instead, choose broader appealing neutral colors that will look clean and fresh.
5. Outdoor Fire Features
An outdoor fire feature can be a great space for hanging out or adding character to a property. But its appeal is subjective and not necessarily a magnet for buyers. For example, a dry stacked fire feature with gas burners and a small flagstone patio costs around $9,000, and only recovers 56% of its cost, about $5,000, according to experts.
4. Too Much Wallpaper
Wallpaper is making a comeback. However, the problem is that a pattern and color scheme you love may not appeal to most buyers. Plus, the installation cost won’t likely be recovered when it’s time to sell. The quality can deteriorate over time and prospective buyers may not want to deal with the headache of removing it.
3. Overdone Landscaping
Without a doubt, the addition of beautiful landscaping can help boost the curb appeal of your home. This can get more prospective buyers to consider purchasing your home. However, it’s also a double-edged sword. First, what’s attractive is subjective. But more so, if the landscaping is overdone, many buyers will see this as being too burdensome to maintain.
2. Landscape Lighting
While landscape lighting can help beautify the nighttime appearance of your home, it won’t do very much for your home’s value. For example, 20 standard outdoor LED lights will cost about $6,800 to install. But you’re only likely to recover about 59% of that cost, about $4,000, according to experts.
1. Built-In Electronics
Built-in electronics seem like a selling point. However, what worked for you may not work for someone else. Gadgets and connectors become obsolete over time. Rather than a bonus, they become an eyesore. Plus, many people prefer wireless. Going too far with such customization and personalization can actually decrease your home’s value.