Not all amenities increase the value of your home
February 18, 2015
It is a common misconception that loading a house with amenities will increase its value and generate more interest from potential buyers. While there are many amenities that will certainly make your home more energy efficient, increase its value and help lower your home insurance quotes, there are others that could do the exact opposite.
Not all amenities add value to your home.
If you are remodeling your home or simply considering updating certain amenities, be sure to incorporate items that will increase the value of your home. Your house is an investment after all, and you should be putting money into it in hopes of seeing a return on those funds. If not, the investment is not going to be as beneficial as you hoped.
Consider the following ways that having some amenities, while luxurious, could cost you in the long run:
In-ground swimming pool
Swimming pools are great for parties and relaxing, but they are also costly and require a great deal of maintenance. The luxury of a swimming pool can add value to a home located in areas like Arizona or Florida but not in more seasonal locations. In areas where the weather gets cold and owners need to cover the pool for months on end, pools can become more of a hindrance than a luxury item. Additionally, pools often are supported with accessories. While it isn't a requirement to have floats, a diving board and other pool entertainment, whether for the kids or adults, it is certainly an expected feature that guests will assume are part of the deal.
Too much indoor focus
There is no doubt you spend more time inside your home than in your yard looking at its exterior. It is because of this reason that renovations typically occur indoors. However, it is important not to neglect the outside of your home because you have put too much toward the inside. Make sure you are balanced in your remodeling and consider that first impressions are important. To potential buyers coming to look at your home, the curb appeal is either going to put them in the right or wrong frame of mind, regardless of what the inside looks like.
When it comes to remodeling your inside, don't go overboard. Small fixes like paint, cabinet doors and windows will garner a bigger return on investment than extensive remodeling. Some of the energy and money you think you should invest into expanding the size of your whirlpool tub would be better spent on the home's exterior.
Technology that dates quickly
Investing too heavily on technology could be counterproductive on your part. Sure, high-tech appliances and entertainment are fun and make things easier, but they go out style fairly quickly, especially when considering they are part of a home investment. If you are installing a home entertainment system or framing in a high-definition TV, remember that entertainment systems are updated all the time. A homebuyer doesn't want to purchase a home with the knowledge that he or she will have to replace the electronic equipment in the near future.
Similarly, kitchen and bathroom appliances can be helpful, but like entertainment systems, they go out of date pretty quickly. It is important to invest in energy-efficient and water-conserving appliances, but don't invest in something because it is flashy or super-modern. Keep a classic feel to your appliances while using only the necessary amount of technology.
When remodeling or adding amenities to your home, going overboard can end up hurting your investment. Modernize your home and make it efficient, but don't feel the need to have all the added extras that will end up costing you and the next homeowners more money.