While many home improvements add value and entice buyers, the following updates may not pay off when you sell. However, if you want to make these updates, do it because you want to, not in hopes of selling your home for more money.*
1. Swimming pool
While it’s refreshing to take a dip in the pool during the summer, many homebuyers may see a pool as a liability and expense.
2. Making changes that don’t fit with the neighbourhood
Adding a second storey may make your home more functional for your needs, but it may not add significant value, especially if your home is in a neighbourhood of small, single-storey homes. Additionally, making such a drastic change is not only time- consuming, it’s expensive.
Many of today’s buyers are looking for hardwood or tile flooring. If a home has carpeting, one of the first things many buyers will do is replace it with the flooring of their choice.
4. Updating plumbing, HVAC, or electrical systems
These are changes that potential buyers can’t see. While they’ll appreciate that you updated them, they may not pay more for them. After all, when they buy the home, most buyers expect these systems to be in working order.
5. High-end upgrades
Many sellers update their homes before they list, especially if the kitchen and bathrooms need to be brought into the current century. If you replace the appliances and light fixtures, select nice but basic ones. In most cases, buyers will want to put their own style into the space, and may replace anything that doesn’t complement it.
*Source: The Globe and Mail