Saturday, September 16, 2006

4 renovations that kill a home's value

As the housing market cools, you need to think twice about these upgrades.

Money magazine says that even in good times "Not all projects have widespread appeal". The risky projects actually may hurt your appeal.

Swimming Pools: In some areas, especially hot-weather spots like Arizona and Florida, a pool is a must-have. In the Southwest, adding one boosts your home's value by 11 percent on average, according to a National Association of Realtors study.

But elsewhere it can just as easily turn off buyers, who worry about affording the upkeep and insurance. And if the most likely buyer of your home is a family with small children, think long and hard before installing a pool.

The Addition: "A badly designed addition can kill your resale value," says Sal Alfano, the editorial director of Remodeling. "People focus on the floor plan and the flow, but not on how it fits into the neighborhood or even the house itself." Watch out for boxy, poorly detailed additions. Proportions matter.

Trendy Finishes: Be careful of a style that will look dated when you throw your open house. Spotting the trend that's on its way out is trickier than you think. While it is easy to assume that sleek red European kitchen cabinetry is tomorrow's harvest gold fridge, other design staples that seem like sure bets can quickly drift into obscurity too.

The Jacuzzi: The elaborate master bath is okay, but the big circular tub with 15 jets that can pulse or massage is risky. Busy boomers have little time to spend hanging out in the bathtub, and parents with small kids prefer a conventional tub. Ultimately, don't expect a future buyer to pay up for the luxury you considered an essential.

Read the entire article at Money Magazine

4 comments:

Chicago Condos said...

Very true. Bright white paint, removing all your clutter, and a well manicured lawn...are easy upgrades.

David Ashley Gilbert said...

Your blog entry was very interesting. I am a realtor specializing in Tampa Bay Florida Real Estate .

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