Mistakes Homeowners Make When Adding Value To Their Property
Homeowners are always trying to add value to their properties. And, why not? There is a chance that they will get an offer that is too good to refuse because of the added features. But, there is a myth among homeowners that any feature will add value. That isn’t true, and it is something that all property owners need to understand before they continue. There are risks and mistakes to make, and it is important to avoid them to get a return on investment.
Here are a few tips that will help.
Don’t Lose Bedrooms
Any space is good space because it is flexible. But, a bedroom is the best space. And, if that bedroom disappears, so does the extra value of the property. What homeowners need to realise is that it is always easier to move into a house without having to do any renovations. That is why bedrooms are so valuable – they are in demand and they are there ready and raring to go. Anyone that is thinking of switching a room to an office or a study should think again.
Contemporary Isn’t Always The Best Option
Just because one person likes a contemporary feel to their home doesn’t mean that it will suit every investor. In fact, lots of investors like homes that are neutral because it makes it easier to change at a moment’s notice. That is why trendy kitchens and bathrooms don’t do very well. If they are too abstract, the investor will want to change them. Then, they will have to consider the value of buying a house to rip out the rooms. They might want the deal, but they will want a discount too.
Forgetting The Balcony
How often do homes have balconies? Not very often, and that is why they are a great addition. Not only do they add value, but they add novelty. And, novelty adds even more. But, homeowners have yet to catch onto this neat trick. They think that can’t build a balcony for whatever reason. The truth is that any house can have a balcony as long as the builder and architect say it is fine. Fortunately, small houses are just as suitable for balconies as big houses. Even if a property owner doesn’t have the first clue, they should do their research. Balconies are often low cost and high return.
But Installing A Pool Or A Hot Tub
The one feature that every homeowner needs to avoid like the plague is a swimming pool. Jacuzzis are also a bad investment. Yes, they add value. But, they don’t cover the initial cost of installation or maintenance. The fact is that they will cost more money to install and run than they will return when the property sells. All that adds up to is a loss on the investment, which adds up to no value whatsoever. There are plenty of these features knocking around, but pools and Jacuzzis are the two main ones to watch out for in the future.
Homeowners – don’t succumb to these mistakes and the property will rocket in value.