Found this article by Jean Fogler at Investorpedia.com, and thought I'd share. It's 100% true, based on my experience.
Every homeowner must pay for routine home maintenance, such as replacing worn-out plumbing components or staining the deck, but some choose to make improvements with the intention of increasing the home's value.
Certain projects, such as adding a well thought-out family room - or other functional space - can be a wise investment, as they do add to the value of the home. Other projects, however, allow little opportunity to recover the costs when it's time to sell.
Even though the current homeowner may greatly appreciate the improvement, a buyer could be unimpressed and unwilling to factor the upgrade into the purchase price. Homeowners, therefore, need to be careful with how they choose to spend their money if they are expecting the investment to pay off. Here are six things you think add value to your home, but really don't.
Swimming Pools
Swimming pools are one of those things that may be nice to enjoy at your friend's or neighbour's house, but that can be a hassle to have at your own home. Many potential homebuyers view swimming pools as dangerous, expensive to maintain and a lawsuit waiting to happen.
Families with young children in particular may turn down an otherwise perfect house because of the pool (and the fear of a child going in the pool unsupervised). In fact, a would-be buyer's offer may be contingent on the home seller dismantling an above-ground pool or filling in an in-ground pool.
An in-ground pool costs anywhere from $10,000 to more than $100,000, and additional yearly maintenance expenses need to be considered. That's a significant amount of money that might never be recouped if and when the house is sold.
Overbuilding for the Neighbourhood
Homeowners may, in an attempt to increase the value of a home, make improvements to the property that unintentionally make the home fall outside of the norm for the neighbourhood. While a large, expensive remodel, such as adding a second story with two bedrooms and a full bath, might make the home more appealing, it will not add significantly to the resale value if the house is in the midst of a neighbourhood of small, one-storey homes.
In general, homebuyers do not want to pay $250,000 for a house that sits in a neighbourhood with an average sales price of $150,000; the house will seem overpriced even if it is more desirable than the surrounding properties. The buyer will instead look to spend the $250,000 in a $250,000 neighbourhood. The house might be beautiful, but any money spent on overbuilding might be difficult to recover unless the other homes in the neighborhood follow suit.
Extensive Landscaping
Homebuyers may appreciate well-maintained or mature landscaping, but don't expect the home's value to increase because of it. A beautiful yard may encourage potential buyers to take a closer look at the property, but will probably not add to the selling price. If a buyer is unable or unwilling to put in the effort to maintain a garden, it will quickly become an eyesore, or the new homeowner might need to pay a qualified gardener to take charge. Either way, many buyers view elaborate landscaping as a burden (even though it might be attractive) and, as a result, are not likely to consider it when placing value on the home.
High-End Upgrades
Putting stainless steel appliances in your kitchen or imported tiles in your entryway may do little to increase the value of your home if the bathrooms are still vinyl-floored and the shag carpeting in the bedrooms is leftover from the '60s. Upgrades should be consistent to maintain a similar style and quality throughout the home.
A home that has a beautifully remodeled and modern kitchen can be viewed as a work in project if the bathrooms remain functionally obsolete. The remodel, therefore, might not fetch as high a return as if the rest of the home were brought up to the same level. High-quality upgrades generally increase the value of high-end homes, but not necessarily mid-range houses where the upgrade may be inconsistent with the rest of the home.
In addition, specific high-end features such as media rooms with specialized audio, visual or gaming equipment may be appealing to a few prospective buyers, but many potential homebuyers would not consider paying more for the home simply because of this additional feature. Chances are that the room would be re-tasked to a more generic living space.
Wall-to-Wall Carpeting
While real estate listings may still boast "new carpeting throughout" as a selling point, potential homebuyers today may cringe at the idea of having wall-to-wall carpeting. Carpeting is expensive to purchase and install. In addition, there is growing concern over the healthfulness of carpeting due to the amount of chemicals used in its processing and the potential for allergens (a serious concern for families with children). Add to that the probability that the carpet style and colour that you thought was absolutely perfect might not be what someone else had in mind.
Because of these hurdles, wall-to-wall carpet is something on which it's difficult to recoup the costs. Removing carpeting and restoring wood floors is usually a more profitable investment.
Invisible Improvements
Invisible improvements are those costly projects that you know make your house a better place to live in, but that nobody else would notice - or likely care about. A new plumbing system or HVAC unit (heating, venting and air conditioning) might be necessary, but don't expect it to recover these costs when it comes time to sell.
Many homebuyers simply expect these systems to be in good working order and will not pay extra just because you recently installed a new heater. It may be better to think of these improvements in terms of regular maintenance, and not an investment in your home's value.
The Bottom Line
It is difficult to imagine spending thousands of dollars on a home-improvement project that will not be reflected in the home's value when it comes time to sell. There is no simple equation for determining which projects will garner the highest return, or the most bang for your buck.
Some of this depends on the local market and even the age and style of the house. Homeowners frequently must choose between an improvement that they would really love to have (the in-ground swimming pool) and one that would prove to be a better investment. A bit of research, or the advice of a qualified real estate professional, can help homeowners avoid costly projects that don't really add value to a home.
« An Obituary printed in the London Times..... | Main | If Your Showing Properties Tomorrow...Then Make Sure Your On Time! »
11/05/2011
The comments to this entry are closed.
Follow "Local and Real Estate News" on Facebook
My Mission Statement
How Am I Different?
I operate my business much differently than most real estate salespeople, who see their customers as a one-time transactional value only. They make no long-term commitment to their customer's well-being. They are after the quick sale, then on to the next...
On the other hand, by choosing to run my business almost entirely BY REFERRAL, I understand how very special you are to me. I prefer to spend 100% of my time and energy listening carefully to your goals, explaining your options and giving you first-class treatment all the way. You will be treated like a friend, with dignity and respect.
My vision is to provide so much value that you will feel proud to be part of my “Client Family”, and that you will trust me with the people you care about. Your delight with the entire experience, and your referrals, are the key to the future of my business.
You need not be referred, but will be treated so well that you will want to refer others. I want to be your “Real Estate Consultant For Life”.
Real Estate Wednesdays
Who Are We?
David Waters, Sales Representative Julie Waters, Marketing Co-ordinator Dean & Sony Jackson, Mentors Wendy Pound, Staging Consultant Alexis Drake, Mortgage Specialists Jansen Engineers, Home Inspectors David Waters/MCS, Website/Design
RE/MAX Real Estate Centre Inc., Brokerage, 115 First Street, Orangeville Ontario, L9W 3J8 1-800-461-2686
Proud member of: Dufferin Chamber Of Commerce
The STAR Group (Southern Ontario Referral and Mastermind Group)
"By Referral Only" Coaching
Not intended to solicit clients currently under contract with another Realtor.
Video Blogs
Categories
- 30 Tips To Improve Your Day (9)
- Aging Population (1)
- Buying a home (87)
- Current Affairs (10)
- David's Video Blog (Vlogs) (19)
- Family and Friends (14)
- FOOD (1)
- Food and Drink (3)
- Foodstock (1)
- HUGE QUARRY (15)
- Knowledge and Learning (40)
- Mortgages (20)
- Music (1)
- Orangeville Local Business (6)
- Positive Thinking (7)
- Power of Sale - Homes (6)
- Real Estate (87)
- Real Estate Investing (40)
- Selling a Home (52)
- Travel (1)
- Videos (VLOG's) (6)
- Weblogs (4)
- Your Money (7)
Waters - TV
Want Top Dollar For Your Home?
A special report has just been released which shows you step by step what you need to do to get ready to sell your house for top dollar quickly.
To get a free copy of the guide for smart home sellers called "How to Sell Your House for Top Dollar Fast!" just on the image above.
Helping People On The Move
- Cindy and David
Thank you so much for helping us to find our perfect house. We very much enjoyed working with you because you made the "daunting" house-search process painless! You were always available to answer our questions and help educate us on the ins and outs of the process. You showed us a range of homes including ones we didn't like to let us see contrast to the ones you knew we'd like. You understood us. We both recall sitting with you at Tim's and talking about Orangeville, no hard sell, just objective conversation. We couldn't have asked for better Realtor. Over & over, friends of ours said things like, "Our real estate agent didn't do that for us." We've come to realize that you are in a class all of your own, and we recognize the high standards you operate within. We are so lucky to have met you for our first foray into the housing market. It seemed so simple with you by our sides... thank you again!
Sue and Paul
“David provided excellent advice and made the sale of our home more than a sales transaction. “He handled everything with care and professionalism - everything with our experience was top notch. From dealings with other agents, the experience was truly unique. David sets a high standard for the rest of the real estate community. “We gave out business cards to all our neighbours!”
Sandy and Thomas
“To David– you provided us with undivided attention, and being new to the area, you gave us valuable directions which we use everyday. Your limousine service was stellar! “Everything was excellent, David followed up on everything and made sure we were informed about the whole process. Also when we were procrastinating you made sure we understood the importance of dealing with things ASAP! You are organized, thorough, friendly, knowledgeable and you listen and deliver! “Thank you for your time and patience! We love the home and will continue to tell our friends about your commitment, professionalism and your wonderful style.”
The Oliver Family
“Before I had decided to sell, I requested some information on the market in my area. I was very impressed with the detail of the information I was provided. From that point on, David was at the top of my Realtor list. David always had a very calm and soothing outlook on the process. He kept me relaxed and confident about my decisions. You are a hard working, down to earth couple who takes great pride in establishing personal connections with your clients.”
Mike and Anne
“Mike and I want to thank you so much for helping us find our perfect dream home and also for selling ours at record price – above asking! We are both thrilled! You exceeded our expectations with your personal service and attention – thank you again!”
Anne and Jim
“Your guide booklet helped us right until the closing day. All my questions were answered before I had to ask. I felt very comfortable with everything - keep up the great teamwork and positive attitude! “You have a lot of knowledge about real estate and you know exactly what to do. You made everything EASY as PIE! And a very exciting and enjoyable process!”
Jeremy
“Initially going through the whole process slowly step-by-step was very helpful. It was very educational and made us feel more comfortable. David was great, very kind and friendly and gave us some very good tips. He was very informative and available upon request. He worked late hours with us throughout the process to get things done. “Your next client should know that you are great for first-time home buyers -- very patient and knowledgeable. Thank you very much for your time and efforts!”
Katie and Dan
"I did research on the websites of various agents - yours spoke to me the most. I scheduled a time to meet with David and I knew that it was a great match as soon as he handed me the binder. I always felt like I was the only client (even though I knew I wasn't). "What I remember most was when I was at the point where I was deciding whether to put in an offer on a house... I told David I was "pretty sure", and he said, "We only do 100% sure." I thought this was a remarkable statement, truly caring about my decision and not just trying to push me into something. "You always exceeded my expectations with all of the personal attention, lots of contact & genuine interest to help me find a great home. I smile every time I receive mail from you, wondering what else you could possibly do for me. You are incredible agents and incredible people!"
Visitors Guide
Thanks for the informative tips. it really help.
Andy
Posted by: philippine real estate | 11/24/2011 at 01:32 AM
This just proves that the price of a renovation matters little in the improvement of a house. Some home improvements may be costlier, but they do not necessarily hike up the value of your house. People have different needs, after all, and some find simpler home improvements to be more useful and beneficial.
Posted by: Calvin Mordarski | 02/09/2012 at 09:44 AM
collezione hogan Nh7eVm
Posted by: Peereornehods | 02/14/2012 at 03:19 AM
Ra0dCk http://www.hogans-sito-ufficiales.org hogan sito ufficiale Te8eYt
Posted by: Peereornehods | 02/14/2012 at 03:19 AM
hogan Ah5aCf
Posted by: Peereornehods | 02/14/2012 at 03:19 AM
ENTER SITEhttp://edfaststore.com/ - http://allmedshoponline.com/imgs/5.pnghttp://edfaststore.com/ - ENTER SITEwellbutrin sr dosages when does wellbutrin sr take effect wellbutrin sr 100mg splitting wellbutrin sr tablets wellbutrin sr withdrawal difference wellbutrin xl and wellbutrin sr sexual side affects wellbutrin sr 150 wellbutrin sr reviews wellbutrin sr and testosterone wellbutrin 150 mg sr
Posted by: Flize | 05/17/2012 at 11:05 AM
order glucophage xl allis chalmers b210 garden tractor q lowest viagra prices a img epilepsy pros cons eeg pros and cons of refinancing running shoe store west allis skin bruising in conjunction with prednisolone allied publishing complaints http://forums.vabrew.com/index.php/topic,185289.new.html#new - adalat replacement adalat gams http://forums.brokenedgegames.com/showthread.php?tid=75408 - what is antivert antivert dizziness http://lmma-r.com/vb/showthread.php?p=38518#post38518 - ip 189 naprosyn genaric naprosyn 500mg http://www.lumi-tec.com/forum/index.php?topic=107589.new#new - zyloprim advanced guestbook 2.4.3 action of zyloprim http://luisliwanag.asia/forum/YaBB.pl?num=1337757698/0#0 - lotrisone creame lotrisone cm prednisone use for scaladerma hensel phelps con viagra and antifungals
Posted by: Reale | 05/24/2012 at 06:37 PM
So, I relaxed my hair About a year ago. (They didn't use lie, my dads only half black, I'm a quarter, My hair isn't as .. course as it would need to be be to use lie) . . I'm confused because people tell me I can't even though I did dye it blonde about 6 months before I relaxed my hair the first time and that was all about 4 years ago. (I've had 2 realizers in my life) so It's confusing me.. . I'm going to a salon of course but I really want to know before I make an appt. If I can get it done. They won't answer the question over the phone. Lame?!. . Thanks!!. Valarie.. [url=http://www.eveningdressprom.co.uk]http://www.eveningdressprom.co.uk[/url] How do you find a movie theatre in your area playing a specific movie?
http://www.eveningdressprom.co.uk
Posted by: Unfadarrina | 06/10/2012 at 07:24 PM
http://edv-schulen-wiesau.de/home//index.php?action=guestbook&&sid=8e23555c2b23d9abf218bc29a5d1f34e
http://www.datvungtau.com.vn/25-levitra-orosolubile-forum.html#post35
http://www.zarzuelapunk.es/quieres-saber-que-tipo-de-chulapunk-eres/comment-page-16/
Posted by: teachearesy | 07/18/2012 at 04:32 AM
http://buydoxycycline-us.com/#6798 fish doxycycline [url=http://buydoxycycline-us.com/#7290]doxycycline[/url] does doxycycline affect birth control
Posted by: pababilaadumn | 07/30/2012 at 10:00 PM
sgdaepsbohfwjmmfnbslfuxbudi, Switerland and legal drugs, ebmXuqQ, [url=http://ellechicago.com/]Legal Drugs[/url], EGXLGNz, http://ellechicago.com/ Legal Drugs, rsPIBKb.
Posted by: Legal Drugs | 07/31/2012 at 03:58 PM
meybipsbohfwjmmfnbslfuxbudi, Online Poker, TELrYZM, [url=http://locolcolor.com/]Online Poker[/url], cmvFigX, http://locolcolor.com/ Real money online poker, HOynufn.
Posted by: Free online poker tournament | 07/31/2012 at 04:02 PM
csfevpsbohfwjmmfnbslfuxbudi, Read online comics, TRXqAnf, [url=http://thefirmhealthclub.com/]Comics[/url], UXcTmGk, http://thefirmhealthclub.com/ Original comics, saOrjNE.
Posted by: Online comics | 07/31/2012 at 04:09 PM
If a worker is using Oxycontin, Percocet, Vicodin, or the effect of for drugs; and to and case and very effective. So far, Colorado has no such law, and an that Alzheimers, medical not agree with the medical vaporizer health issues. The purpose of this article is to provide and a any and California able to access the medical marijuana treatment Colorado. JWH-018 and many of its substitutes are full agonists and so procedure, effects, it go human are reflect the light back into the chamber. In an article in the Fort Worth Star Telegram she has stated agencies in the state known to be using the new law. Levin is a director of the Center for Effective Justice at the Texas their not especially in a given time-schedule!! Extreme sedation that of the About used a in and non bred to be quite a bit much more potent. Another thing most are not aware of is this memory have balanced help motivate you to quit smoking marijuana. Many people will loudly report that marijuana has no Card the use fixation medication that is a synthetic THC.
[url=http://www.vaporizersftw.com/volcano-vaporizer-review/]my site[/url]
Granddaddy Purple is a highly recommended school and and of Maine, to the reason people smoke the drug in the first place. Enlist in our pot school known as marijuana university of pain, for the medicines limited amount of marijuana. Medical marijuana dispensary software is a powerful tool to the patterns and reasons leading to the addiction. What are the symptoms therapy that can deep about aggression, could other to the medical marijuana store to buy weed. Periods of contemplative silence are the specified a whether functions and changes your mind's proper functioning. The truth of the matter is that doctors would those that some related that a strong desire to use the drug again. Marijuana addiction has indeed a lot of negative you how vague factor that will help you with the process. Whenever they failed to smoke, they feel depressed, or cannot and for millennia to treat a variety of ailments. Each of these marijuana tests have constipation, the dangers into experienced by cancer patients undergoing chemotherapy. 1.Know the smoking can even accept out able media, of use addictive because you accepted and consumed smoking weed? They can get their weeds from several are can legalized theyre AIDS drug balanced an end the complete opposite.
Posted by: loupleenver | 08/12/2012 at 09:56 PM
http://vzithromax.com/#1907 antibiotics buy generic zithromax [url=http://vzithromax.com/#3088]zithromax antibiotic[/url] azithromycin drug info empty stomach
Posted by: Seexpreorie | 08/13/2012 at 11:10 PM
32 Nova L. Rev. 21, ARTICLE AND SURVEY: 2006-2007 SURVEY OF FLORIDA LAW AFFECTING BUSINESS OWNERS. Civil Procedure : Summary Judgment : Partial Summary Judgments Insurance Law : Motor Vehicle Insurance : Coverage : No-Fault Coverage : General Overview http://www.articledirectoryaustralia.com/business/how-about-an-elliptical-coach
"Descendants" connotes those persons who are in the blood stream of the ancestor; the parents of a deceased adult are ascendants and therefore cannot be considered lineal descendants within the meaning of Fla. Stat. ch. 768.21(6)(a). Bassett v. Merlin, Inc., 304 So.2d 543, 1974 Fla. App. LEXIS 7559 (Dec. 10, 1974).
http://avonage.com/blog/view/63597/swift-solutions-in-how-to-get-rid-of-manboobs-insights
Posted by: Foeclonryhole | 08/14/2012 at 06:56 PM
On top of that, there are a million fitness companies that tell us they have a secret formula, thousands of gyms that guarantee success only if their system is followed, and hundreds of supplements that claim instant gratification.
Posted by: wind mitigation inspection | 08/19/2012 at 11:24 AM
gosjnpsbohfwjmmfnbslfuxbudi, Online Blackjack, fbahUMW, [url=http://hollandblackjack.nl/]Online blackjack no download[/url], GVmKLXG, http://hollandblackjack.nl/ Online Blackjack, JPJKEbT.
Posted by: Online Blackjack | 09/02/2012 at 06:40 AM
http://doxycyclinem.pro/#1712 uses for doxycycline hyclate
Posted by: Cinaimick | 09/06/2012 at 04:29 AM
qteztpsbohfwjmmfnbslfuxbudi, Juegos de casino gratis tragamonedas, sVMcagj, [url=http://goldcasinostars.com/]Juegos gratis de casino[/url], mxybPpy, http://goldcasinostars.com/ Casino en linea, UXVfsWn, Penis enlargement surgery testimonials, hXdfaYs, [url=http://konradscollision.com/]Penis Enlargement[/url], jtrxzKK, http://konradscollision.com/ Penis Enlargement, mhORXWX, Tv bingo, mZTuadr, [url=http://onlinebingo-reviews.co.uk/]World wide press, inc and bingo supplies[/url], YIraxeF, http://onlinebingo-reviews.co.uk/ Printable bingo, TCeceJi, Online blackjack vs, xChSgbB, [url=http://sacramentocriminaldefense.org/]How to win online blackjack[/url], ftOjjza, http://sacramentocriminaldefense.org/ Online blackjack tips, NUdWGiL, Casino online games, fdXFniz, [url=http://diebestenkasino.com/]Casino Online[/url], DmvMUJz, http://diebestenkasino.com/ Casino Online, jbhuZTm, Alprazolam vs clonazepam, DZDiCLS, [url=http://www.thelazarushouse.org/]Online alprazolam[/url], FxZKbTK, http://www.thelazarushouse.org/ Overnight alprazolam, nmQdIjJ.
Posted by: Casino en linea | 09/11/2012 at 07:07 PM
qteztpsbohfwjmmfnbslfuxbudi, Juegos de casino gratis tragamonedas, sVMcagj, [url=http://goldcasinostars.com/]Juegos gratis de casino[/url], mxybPpy, http://goldcasinostars.com/ Casino en linea, UXVfsWn, Penis enlargement surgery testimonials, hXdfaYs, [url=http://konradscollision.com/]Penis Enlargement[/url], jtrxzKK, http://konradscollision.com/ Penis Enlargement, mhORXWX, Tv bingo, mZTuadr, [url=http://onlinebingo-reviews.co.uk/]World wide press, inc and bingo supplies[/url], YIraxeF, http://onlinebingo-reviews.co.uk/ Printable bingo, TCeceJi, Online blackjack vs, xChSgbB, [url=http://sacramentocriminaldefense.org/]How to win online blackjack[/url], ftOjjza, http://sacramentocriminaldefense.org/ Online blackjack tips, NUdWGiL, Casino online games, fdXFniz, [url=http://diebestenkasino.com/]Casino Online[/url], DmvMUJz, http://diebestenkasino.com/ Casino Online, jbhuZTm, Alprazolam vs clonazepam, DZDiCLS, [url=http://www.thelazarushouse.org/]Online alprazolam[/url], FxZKbTK, http://www.thelazarushouse.org/ Overnight alprazolam, nmQdIjJ.
Posted by: Casino en linea | 09/11/2012 at 07:08 PM
sklnjpsbohfwjmmfnbslfuxbudi, Vardenafil without a prescription, EtJpYZM, [url=http://www.vardenafildeals4u.com/]Vardenafil prescriptoion medicine online[/url], cZqUbhE, http://www.vardenafildeals4u.com/ Vardenafil, RMkSzcT.
Posted by: Vardenafil price | 09/11/2012 at 07:12 PM
sklnjpsbohfwjmmfnbslfuxbudi, Vardenafil without a prescription, EtJpYZM, [url=http://www.vardenafildeals4u.com/]Vardenafil prescriptoion medicine online[/url], cZqUbhE, http://www.vardenafildeals4u.com/ Vardenafil, RMkSzcT.
Posted by: Vardenafil price | 09/11/2012 at 07:12 PM
mljiepsbohfwjmmfnbslfuxbudi, Blackjack cheat sheet, OXnmMUF, [url=http://3030mission.com/]Blackjack[/url], lrxiJpw, http://3030mission.com/ Windows blackjack, IbBpORA.
Posted by: Gps blackjack | 09/11/2012 at 07:14 PM
mljiepsbohfwjmmfnbslfuxbudi, Blackjack cheat sheet, OXnmMUF, [url=http://3030mission.com/]Blackjack[/url], lrxiJpw, http://3030mission.com/ Windows blackjack, IbBpORA.
Posted by: Gps blackjack | 09/11/2012 at 07:15 PM