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Last week I shared my tips for Increasing the Value of Your Home. Many ideas that seem as if it will raise the worth of a property actually deter potential buyers. This week's post will focus on WHAT NOT TO DO when trying to increase the value of your home.
- Spend Money on Expensive Landscaping- If you have the money and want to take curb appeal to another level, landscaping is one way to do it; but do not expect much return on your investment. As mentioned in last week's post nothing crazy has to be done to your yard. Exotic plants will require money to maintain and will not be a huge selling point to potential buyers. Instead just make sure the grass is cut and the yard is free of clutter.
- Install a Swimming Pool- Although this may not apply to all properties in the D.C. area, it is still very important to note that swimming pools are not a good investment. Even in the D.C. heat and humidity, pools have limited seasonal use. It may be seen as a safety hazard by parents who have small children as well as a luxury that requires costly upkeep.
- Adding a Garage- Sure, having another garage to store a car in will be of convenience or add square footage, yet that does not correlate to a high selling price for your home. The money needed to build a garage addition will not likely be recovered if you ever list your house for sale.
Some factors that are taken into account in judging your home’s value such as location, size of the land plot your house sits on, house type, comparable sales around your vicinity, and the final say of an appraiser are things that you just cannot change. However, I believe that these tips will hopefully shed some light on what exactly realtors, appraisers, and potential buyers will look at when deciding on what they believe your house is worth in the current market. Even if you do not plan on selling your home anytime soon, it is still important to know which home improvements are worthwhile and which may not be.
-Cher
