This is a collaborative post.
Every homeowner needs to pay for routine maintenance, such as replacing any worn-out plumbing or even staining the deck. This is great, but if you want to go the extra mile then you need to make sure that the improvements you are making are actually adding value because if they aren’t then this could work against you far more than you realise.
A swimming pool might be great if you want to laze around or if you want to cool off after a hot day. It will give your family the chance to have fun on a summer day and it is also a fantastic way for you to exercise too. The problem is that owning a swimming pool can be a real hassle. You can expect to pay nearly $30,000 for the installation and on top of that, you have the maintenance cost. This can set you back $4,000 every single year. This is a huge amount of money and you may not get the money back if you do decide to sell your property.
There comes a time when you think that you need extra room, but you just don’t want the hassle of having to move. Maybe you need a new bedroom or some more space for a new addition in the family. Either way, the most practical solution would be for you to build on your current home. Some improvements can make your property fall outside the norm for the neighbourhood and this is great, but you need to be careful how much you push this.
If you add a third storey along with two bedrooms and a bath then this may make your home more appealing but at the end of the day, it won’t add a lot of value to the resale. It’s important to know that people won’t want to pay $250,000 for a property that is in a neighbourhood that has an average going rate of $150,000. They may, however, choose to spend the full $150,000 in an area where properties peak at $150,000.
You have to make sure that any upgrades you do are consistent with maintaining style and quality throughout your home. For example, if you put stainless steel appliances in your kitchen or even imported tiles in the entrance way then this will boost the value, but if you have shag carpet in the living room then this will counteract your improvements and maintain the value overall. If you want to boost your home without going over the top with price then vinyl flooring is always a good option.
Homeowners may well appreciate a mature landscape, but you shouldn’t expect the home’s value to rocket because of this alone. A stunning yard may well add curb appeal and it may also encourage potential buyers to look at the property, but it will not add to the selling price. If a buyer is not willing to put the effort into maintaining the garden, then it will become an eyesore and they may need to pay for a gardener. This will discourage them, so keep that in mind.