Many of us have our attentions fixed at increasing our home’s value. We spend sleepless nights thinking about home improvement projects that can help our homes get appraised higher. We do not mind spending some serious money on the project. It is just that there are some renovations which do not increase a home’s value; at least not in proportion to the cost involved in them. With these projects, your ROI suffers and if you are an investor, you know it can hit your capital growth. Here are three home-improvement sins which hit your ROI hard.
1. Swimming pool
Swimming pool is the first instance of an upgrade that does not bring in bags of money. At best, it is a cosmetic addition and nowhere close to what structural additions and extensions can fetch you. In fact, for a few potential buyers, it is a turn off. They see it as a baggage whose upkeep and maintenance will cut into their pockets pretty frequently.
Others feel that it is a time-consuming luxury which gives a temporary pleasure and a lot of guilt later. And then there are those with children at home who cannot abide to the idea of lack of safety when it comes to swimming pool in the backyard.
2. Single-purpose rooms
Think of multipurpose rooms. When you invest in a single-purpose room, you shrink the range of buyers looking for your home. There is nothing odd with a home theatre or a home office but such home improvements will only appeal to a few and clearly turn off those prospects who do not want such spaces in their homes. It is much better to invest heavily in kitchens and living spaces. In fact, kitchens have become such multifaceted spaces in our times that you can never spend enough on them.
3. High-end materials
Do not give in to the urge of using high-end materials. One, they are good for aesthetics but buyers who are looking for functionality may not like them. Second, high-end materials give an individual personality to a home. Remember, not every person is like you and when you leave your personal stamp on a home, you just cut out a large number of prospects who are looking for a decent ‘stamp-less’ home which they can improve in sync with their own personality.
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