Home improvement is one of the best ways to increase the value of a home. High-ROI home improvements like kitchen updates and energy-efficient upgrades are an asset to St. Albert homeowners, but not every home renovation will increase a home's value. In fact, several can even cause homeowners to lose money. Here are a few bad home renovations that can tank the value of your home.
Constructing a Swimming Pool
Though pools are thought of as idyllic places to relax, cool off, and gather with friends, homeowners looking to increase their home's value with a renovation should look elsewhere. Although swimming pools are fun, they require a lot of cleaning and can be an insurance nightmare to deal with. Because of this, many prospective buyers are disinterested in homes with pools. There are some areas in which this isn't the case—mostly warm, coastal areas—but it's important to be aware of the market before building a pool if it's not for personal enjoyment.
In-Home Movie Theatres
In-home movie theatres are a luxury home renovation perfect for people who love to watch movies with friends and loved ones. However, in terms of upgrade value, this is another bad home improvement, which can lead to homeowners losing money. Because they're such a niche renovation, they appeal to a smaller portion of prospective buyers, and fewer people will be interested in making an offer on the home.
Garage conversions can create extra utility in a house by offering room for an extra bedroom, a second living room, or a man cave. However, when selling a home, buyers overall indicate they prefer to have the garage space over having the space serve another purpose. Because garage renovations can be expensive, it's better to skip this one unless it's intended for personal enjoyment.
All of these renovations can hurt a home's value, but this doesn't mean homeowners can't go through with these improvements. They may not positively affect a home's value, but if the owner gets enjoyment from them while they live there, then it was money well spent. For homeowners concerned about the ROI of planned home improvements, do research beforehand to ensure no surprises happen during the renovation process.
By Justin Havre