Home Improvement 4 House Value; Mistakes Part Three
We talked about keeping personal taste in check. installing cheap or unusual fixtures in the last two posts, this time we're going to cover installing unusual, lavish and expensive upgrades.
Out-Doing the Jones's
So you're thinking about installing a wine cellar, or perhaps an extra large Jacuzzi or even just a super-sized two person bathtub with or without whirlpool jets. Maybe you're thinking about going green, which is a great idea and attractive to buyers if they're the kind of upgrades that save on utility bills in addition to the materials coming from renewable resources, however, some "green" projects are hugely expensive and while healthy for the earth, these and projects like the ones mentioned above are not good for a return on your investment.
Don't get me wrong, Going green is great, and I personally love saving money on utility bills and appreciate things made from renewable resources, however, having solar panels covering the roof is not going to net you more, but newer energy efficient windows may. Each of these items I'm pointing out will only appeal to small niche of buyers, and other potential buyers are not likely going to pay extra for them.
Keeping up with Jones's is not a problem in terms of real estate and house value, but trying to "out -do" them is not such a good idea. You don't want to have the best house on the block with the most bells and whistles, just as you don't want the worst home on the block either. Again (recurring theme) one has to consider, just how long they intend on living in the house.
On the other hand, if your neighborhood has a lot of homes that commonly share such features, it would behoove you to add similar (within budgetary reason) as buyers that like the neighborhood and know the area are the kind of buyers that appreciate and welcome such amenities.
Now, some people really want that extra large Jacuzzi, or super-sized bathtub, and some needs and desires you just can't place a monetary value on. If that's the case, but you still intend on selling one day, make it a Jacuzzi you can take with you, or if it's custom install job, permanent with fancy tile, be prepared that it's likely you won't get a return on your investment. The same with installing a pool. Pools are great, but many people don't want to mess with taking care of them, and too, parents with small children worry about drowning hazards and if they do like the home, they'll have to install some child proof fencing around it and will impact their offer price.
The same with installing a super-duper custom designer kitchen. I hate to break the news to sellers but just because you put $10,000 cabinets and spared no expense on the top of the line backsplash tiles and counter tops, doesn't mean you can successfully tack that on to your selling price. On the real estate market a kitchen is a kitchen is kitchen. Now, the size of the kitchen can be a selling point, but fine appointments and custom craftsmanship only add to the appeal and how attracted buyers are to the home. As we discussed in part two of this blog series, cheap cabinets and hardware are a mistake on the other end of the picture.