Many homeowners make mistake by thinking that any home improvement task is good for their property. Unfortunately, this isn’t true and it is possible to spend a lot of money on the project and get much less return in terms of appeal, functionality and overall resale value. In fact, poorly managed project may actually detract from the total value of our home, making it less appealing than before. It’s imperative to consider what projects that we need to tackle and whether we need to avoid the others. We should keep in mind that our project should be intended to create value, instead of trying to outdo our neighbours.
It is true that to a certain degree, it is acceptable to keep up with the Joneses, but we shouldn’t overdo it. In order to maintain our resale value and attract buyers, it is important that our house is as appealing as the others. It means that we shouldn’t spend so much money on highly specialized projects and improvements that don’t appeal to many buyers. As an example, although steam baths and sauna shack are good additions, not all home buyers want or need them. These improvements will add less to the overall value of our property. In fact, it could be rather difficult find people who are willing to purchase our house because it has a sauna shack.
This factor also applies to swimming pools. Many homeowners think that swimming pool could really enhance the appeal of their house. However, we could find that the overall desirability of our house won’t improve much by the addition of the swimming pool. In fact, many families with toddlers and young children could avoid houses with pools to prevent accidents and drowning. It means that adding a pool should generally be avoided if we want to improve our house.
Adding new technological advancements could also be a less important thing to do, because technology could become obsolete in just a few years or even months. Ideally we should add some simpler things inside our house, as long as it could provide us with immense return. Simple tasks such as adding a new coat of paint or improving our landscape could really add a lot to the overall value of our house. In this case, we shouldn’t underestimate the curb appeal.
It should be noted that buyers often look for perfect property online and we should make sure that our house will really look good online. It means that a photograph could more than just a thousand words. With improper house improvement projects, our house could actually lose its appeal. We should avoid having a property that languishes for many months without receiving any offer due to its poor curb appeal. It makes a great financial sense to consider improving our house the right way. In fact, by designing our exterior like a luxury house, it is possible to increase the overall value by up to 20 percent.
