Home makeovers and updates are touted as a sure-fire way to increase curb appeal and boost your home’s value. But not all projects are created equal; some can actually lower the value of your home and make an eventual house sale more difficult.
While you can still follow your heart when planning quirky home renovations, you should do it for your own enjoyment. Here are some of the projects that can work against you:
- Over-the-top renos: Certainly buy top-of-the-line everything for your kitchen or bathroom project, but if the finished product is too out of synch with neighbouring properties, don’t expect to recoup your investment when you sell.
- Pools: Like a big garden, a pool requires work. Keeping it in good running order can be expensive. Prospective buyers may pass on a home with a pool for safety reasons.
- Additions: Adding extra square footage to your home will likely mean increased property taxes and potentially higher utility bills. Keep that in mind when weighing cost and benefits. A DIY addition can also be problematic; only tackle a project of this nature with the help of professionals.
Also, your neighbours’ tumble-down fences, overgrown shrubs, and a front or backyard full of junk, can scare off potential buyers. Most municipalities have by-laws to encourage people to maintain their properties. If your neighbours won’t respond to suggestions – or offers to help clean up – contact your local government.