Adding unto your property may seem like a sure way to boost value. More rooms, more amenities, more money, right? Well, yes and no. The matter of making so-called improvements to your home and property for the sake of a price boost is a bit more complex than mere addition and subtraction. In fact, the wrong kind of addition can actually lower the value of your home.
Here’s a rundown of the common options homeowners go for when looking to raise value, and whether or not there’s actual truth to this belief:
Building an in-ground or above-ground pool is one of the most popular additions homeowners make to their property. It’s also one of the costliest home upgrades – $10,000 minimum if you opt for in-ground. Many folks see the hefty price tag as an investment: the cost will be recouped when the home is sold down the road. Is this true?
Unfortunately, more times than not, pools can actually hurt rather than help your chances of selling for a higher price. Folks with young kids or with plans for a family will be easily spooked by the thought of their unattended child falling into the water. It’s also seen as a big insurance and lawsuit liability. Better to skip this one.
If your home sits within an acre or more of land, it’s a common thought to go ahead and build an outbuilding to add value. Garages, sheds, barns, et cetera – folks feel confident such add-ons will draw in a higher number of interested buyers. It’s one of the bigger building projects homeowners can set about doing to increase the value of their home. Is it worth it?
Yes. But only if you go about it the right way. Chances are you’ll be opting for prefab metal building material to get the job done. This doesn’t mean the design, style, and functionality need to be basic and boring. Many suppliers for custom metal barns provide an array of options that allow for homeowners to erect outbuildings capable of serving specific purposes. These factors equate to increased value absolutely.
Few homeowners are able to look around their property and not imagine a way in which more space can be created, whether by adding decking, a room, or even adding a whole other floor. Needless to say this is going to rank among the priciest of add-on projects aimed at increasing property value. Will it do the trick?
It might. Decks made of wood or steel, for example, last longer than ones made from alternative materials and help make a home seem much larger than it really is. This looks good to potential buyers. But depending on your neighborhood and the housing market, big expensive interior add-ons can price your home out of the pockets of most potential buyers. It’s important to weigh these factors before deciding whether or not adding onto your home is the right choice to increase its value.
Adding value to your home can be a slippery process full of surprises if you aren’t careful. Take the time to stop and think about an add-on project before going forward. Otherwise you might not only end up with more than you want in a home, but nobody wanting to buy it from you either.