Home Upgrades that can Devalue!
How on earth can upgrades to your home in fact decrease its value you might ask, but yes there are ways in which investing can have an adverse effect on what your home is worth. Though most times when we make home improvements they are for our own pleasure, there are those who will be doing so in order to sell (and maybe make a profit too) – This is when it is important to consider what upgrades could in fact devalue.
Colours / Patterns: From a fresh lick of paint to a full re-plaster, rub down, undercoats and topcoats. Most people will be very glad to know that the property they are interested in buying comes fully redecorated (no one likes this job and especially the excess dust it can cause), though the choice of final pattern (wallpaper) and colours can have a big effect on the final impression that others will form. Subtle colours and well thought through patterns can have a big positive whereas descriptive words such as loud, bold and powerful could mean that a redecoration by the new owners will be due and compensation for this will be taken in to consideration when that offer is made. This example also extends to carpets.
Swimming pools: Doesn’t a swimming pool, especially on those warm and clear blue sunny days, look magnificent and ever so tempting? Usually swimming pools are a luxurious addition, especially in the UK, whereas holiday destination countries such as France and Spain they will be far more common and expected. With swimming pools (not the blow up kind that is) comes high costs both in installation and maintenance, an outdoor pool will cost between £60,000 – £110,000 to construct. Property with swimming pools (indoor or outdoor) will have a smaller market audience and for those not in favour of swimming pools though very much in love with your property then it could be a put off or a reason for a lower offer (to accommodate a de-install). Fixed hot tubs can also be put in to this category.
Converting / Removing of garage / outbuildings: Depending very much on your location and size of property, it is suggested that removing / converting in to garage spaces can be a negative in regards to the value of your property. If an old and somewhat ugly garage exists such as a concrete slab with asbestos roof or a rotten lean-to car port is taken away then this could be a way in which to increase the value of your property and especially if the new area is used in a positive way. If a perfectly good garage is removed totally and especially in an area where car space is limited then it could be a turn off or a reason for a lesser offer (many people are keen on having a garage either for car storage or workshop etc). Converting in to garage spaces, depending on the quality of the works carried out, could also have a negative effect as though it may add an addition room / living area and this can be added to the asking price, some buyers will look at it with an opposite viewpoint and see a cost problem to convert it back to a garage space. You certainly can not please everyone!
Landscaping: Outside spaces are very important to the overall value of your property and how they are presented can effect the value. No-one wants to see an untidy and unkept garden (unless someone is looking for a blank canvas) though on the flip side an overly complicated garden area requiring costly maintenance and upkeep could be a problem when it comes to selling. I agree that many of us love our gardens and we can spend many pleasurable hours pottering around from flower beds to allotments, though if we stray outside of these comfort zones by adding the likes of ponds, water features, decking, complicated plant beds with high maintenance plants then it could be a negative over simple lawn or patio areas. So, does a designer garden or any kind of landscaping add value to your property? You may be surprised to know that the answer is no!
You May Also Enjoy
Why Walk-In Baths Can Enhance the Value of Your Home and Property
Prices reach new record despite more subdued late Spring market
Choosing the Perfect Wooden Fence for Your Backyard
Rightmove’s weekly mortgage tracker
Spotahome Bags €5 Million to Grow Its Game-Changing Rental Platform