Costly home improvements that may not lead to property value appreciation
Posted on Friday, March 1, 2013 at 4:28:25 PM
It is common for homeowners to regularly look for possible ways to improve their property values, in hopes of seeing a return upon the finalization of its eventual sale. While a number of projects large and small completed with home improvement financing can greatly increase a property's resale value, some features might not persuade first time home buyers to hike their offer prices.
Being careful to not spend an exorbitant amount of time or money on a few home improvement projects could help them to see faster sales and possibly larger gains.
Extravagant additions in a small neighborhood
Many houses are priced relative to average home values in the surrounding area. Homeowners who choose to add a second floor in a neighborhood with predominantly ranch-style houses may not see heightened resale prices.
Though the idea of a swimming pool may seen attractive to many consumers, for some potential homebuyers, thoughts of unexpected costs and constant maintenance may plague their mind. Additionally, both in-ground and above-ground pools pose a danger risk to families with young children.
While the exterior of a house can attract buyers, the interior has to match up. Spending money on unnecessary landscaping might not increase a property's resale value - especially if the future owners aren't interested in spending long hours on yard work.