5 Property Upgrades That Rarely Add Any Value
Whether renovating, you always went to spend your money wisely and aim for a 300% return for every dollar you put in. Otherwise, it's just not worth it! There are lots of things that increase value, but there are also a few that don't. Here's 5 things you might want to avoid when renovating.
Pools often don't attract buyers. Sure, it's nice to have a swim every now and then but they are not cheap to create, and often a headache to maintain. Basically, it's an expensive hassle.
Parents with young kids can also see it as a potential danger, and unless you just really want a pool for personal enjoyment (which is totally fine), it's not a good use of your money if you're trying to make a sale.
2. Expensive Fixtures
Buyers pay for a property when they fall in love with the home and the area. It's very unlikely that they pay top dollar because the fixtures are 'luxury' style. Practicality (and a variety of other things) are more important to buyers.
Again - it's not to say that these aren't nice, but if you're trying to get a return on your investment you're better off spending your money elsewhere unless you're marketing to a very specific market.
3. Invisible Upgrades
The goal here is to increase the perceived value of your property - and if you can't see the upgrade, it's not likely it will make an impact! Things like double glazed doors, air conditioning and stumps on the home.
They can be worthwhile if you want to add them long-term to your property, but don't add them in as a selling feature as they probably won't notice.
4. Fancy Gardens
It's true that especially in Queensland, buyers love a nice yard. But almost nobody wants a high-maintenance garden!
You need to find the sweet spot - having no garden can be a turn off and make it feel 'empty', but going over the top is not only expensive, it looks like a headache to buyers. Do a basic makeover to make it attractive and simple, and of course do the obvious like mowing, paving and defining the edges.
She recommends a basic make over as the surest way to make money back from your outdoors outlay.
5. Too Much D.I.Y
When you're looking at the finances, there are some things you want to do yourself. "Surely it can't be that hard!"
It's true some things like cosmetic upgrades, basic landscaping, painting and some handywork can be done, but do be careful with what you choose to do on your own. Buyers are picky, and you need to make it look sharp and professional. Half-finished jobs can cost you, not to mention that if you mess it up you might end up paying someone to fix it anyway!