As homeowners, we all want to put a unique stamp on our home. However, certain renovations and updates can hurt a property’s resale value or turn off buyers when it comes time to list. Whether following a design trend or sinking a lot of money into a project, many homeowners often express regret with these five choices:
1. Installing a pool
While the notion of having a pool seems like a fine idea, adding such a feature comes with steep costs. Aside from building the pool, which can range from $35,378 - $65,191, you can also expect your home insurance and property taxes to go up. Many municipalities also require that a barrier is installed around the pool – an average fence will cost around $1,000 to $2,500. If you want to add custom features, like a waterfall or hot tub, you will increase your project total anywhere from $1,000 to $8,000. There are also maintenance costs ($1,200 to $1,800 yearly) and increased utility and repair expenditures to consider ($1,800 to $3,200 yearly). If you’re on a budget, a pool can easily become a regretful decision.
2. Adding a sunroom
There is something appealing about drinking coffee in the morning or relaxing with a book in a sunroom. However, sunrooms – especially in Ontario – yield little return on investment, plus our season to enjoy them is short. Ranging in price from $15,000 to $75,000, homeowners might want to think twice about adding one to their project wish list.
3. Turning a bedroom into a closet
Most of us dream for a large closet and many homeowners will go to great lengths to achieve such a space. However, as a realtor, I often caution clients when they want to turn a bedroom into a walk-in closet because it can decrease a home’s value and be a huge turn off for buyers. Then there are homeowners who spend thousands of dollars on custom closet organizers – an investment that doesn’t always yield a great return. A better, less regretful option is to maximize the storage space you do have in your home by regularly decluttering, keeping only what you need and use, and opting for pre-fab storage solutions.
4. Investing in extensive landscaping
While landscaping is a great way to improve curb appeal, there is a fine line between enough and too much. Planting large gardens and filling them with trees, shrubs, perennials and annuals can cost thousands of dollars up front, but then there are maintenance expenses too. After a few weekends of weeding and pruning, many homeowners often regret planting such intricate gardens.
5. Do-it-yourself projects
Home improvement shows make DIY look easy – it’s no wonder why so many homeowners take on extensive renovation projects only to question their decision, while timelines and budgets grow. Often the result is not very favourable, let alone the quality of work. When remodelling your home, it’s always best to hire a reputable contractor to handle the work so you don’t regret your choice down the road. Do your research when hiring one too – get a least three bids and ask for references for any contractor you wish to work with.
Your Mississauga Real Estate Sales Representative
If you are planning a large-scale renovation with the hope of significantly increasing the value of your Mississauga home, you must consider your audience first. Even if you aren’t planning to sell right away, a realtor can provide you with valuable insight to determine who will most likely buy your home and how your improvements might impact your sale. To learn more, please feel free to contact me, Deborah Clerk, to discuss.
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