Making much needed improvements to your home can go a long way in attracting buyers, should you post a "for sale" sign in the front lawn one day. However, according to MoneyTalksNews, there are a number of projects you can complete that you may think will be major selling point in the future, but are actually poor investments.
Significantly altering the exterior of your home
If you want to make major updates to the outside of your home, it's important to consider not only your tastes and how it flows with the rest of the property, but how it fits with the surrounding neighborhood, advises the website.
For example, if you live in an older, more conservative, neighborhood in terms of real estate appearance, converting the facade to brick rather than traditional wood can instantly turn a number of buyers off. While making this change can be emotionally satisfying for yourself, the monetary value just isn't there. Many households, especially ones that are new to neighborhoods, would rather blend in with the surrounding houses than stick out like a sore thumb.
Swimming pools
According to MoneyTalksNews, while adding an inground pool to your property can be fun for your household, it can hurt your resale prospects. Nowadays, potential buyers view a swimming pool as a monetary drain they will have to pump money into every month for upkeep and maintenance. In contrast, most buyers prefer to see large open spaces in a nicely manicured lawn.
Converting your attic
Making your attic into a livable space can be a good investment, but only if you convert it into the right kind of room. According to the website, remodeling your attic into a home office is an investment dud that only recoups 60 to 73 percent of your investment. Instead, try to convert your attic into a room that can be utilized by an entire household, such as a playroom or extra bedroom.
Solar panels
While solar panels will make your property more energy-efficient, it can be a costly investment and offer very little return on your home's resale value. If you plan to spend an extended period of time in your home, this investment could work in your favor, but if this is a short term ordeal, opt for smaller improvements that still make your home environmentally friendly. These projects include, installing better insulated windows or green appliances.
