Three home improvements which don’t always add value to your property
Today, the trends in the real estate market remain as erratic as ever with only sporadic periods of high demand.
Unfortunately, no one can absolutely predict when these periodic increases in demand would be and what would prompt them, so most people are left to their own devices and resources in figuring out what causes an upward surge in the demand for real estate property. However, regardless of what your technique might be in having your properties sell faster, improving your home has always contributed to a speedier sale. Furthermore, a successful and swifter one is also hinged on proper home maintenance. For this reason, many homeowners would resort to various and at times, arbitrary home projects in their endeavor to have their properties sell faster.
Unfortunately, not all home improvements are created equal. There are some home projects that are not worth the effort or your time and they are most definitely not worth the extra expenditure. However, as what prospective home buyers want in a home remain largely subjective, it can be quite challenging to identify which home renovations would be worth adding and which ones are not. One thing you have to bear in mind is that if you are simply executing a home renovation project to justify a jacked up price but offers little to no value to your prospective homeowners otherwise, your home would not likely sell in the time frame you had hoped for. It matters not whether you have a series of condos for sale in Makati or an existing property to sell, if any of these home projects exist in your property for sale, most homeowners would think twice before pushing through a deal with you:
Sure, we all dreamt of having swimming pools in our backyard as a kid but once we realized just how much work goes into maintaining one, it suddenly does not seem as practical to have one. Swimming pools are great, but you would much rather enjoy them at a friend’s or neighbor’s place as having one at home is not really worth all the stress and hassle. Apart from thinking of the potential maintenance costs, most prospective homeowners would see swimming pools as dangerous or a lawsuit waiting to happen. Forego the pool. You might enjoy it while you are there but your buyers are not likely to make a deal with you because of it.
Overbuilding for the neighbourhood
To jack up the price of a home, some property owners might make significant improvements to a property. However, while these are well-intended, they can make the home look rather out of place for the neighbourhood. In some cases, the home might look ostentatious from the outside that potential home buyers would think twice about buying it. On the outset, adding a second story, a full bath and completely redoing your home’s exterior might seem like a sound idea. Unfortunately, while it does make your home more appealing aesthetically, it does not add much resale value if the house is amidst a more modest neighborhood of one-story homes. Generally, home buyers would not want to pay too much for an existing home in the same neighbourhood where they can get a new one for a fraction of your asking price.
We are all well-familiar with the idea of improving curb appeal so as to consequently improve your chances of having your property sell. However, while curb appeal is an integral aspect in selling a home, it is not the only aspect that contributes to a successful sale. In this regard, beautiful yards might entice prospective buyers to take a closer look at the property but it will not drive them to strike a deal with you. Moreover, it does not add much to your selling price—especially if you have a buyer who is unable or unwilling to maintain the garden. While enhancing curb appeal is recommended, extensively landscaping your yard is something you should avoid. Quite a lot of buyers would view elaborate landscaping as a burden and you might just miss out on an opportunity to see the home because of the intricate garden.