Boston Area Home Improvements May Hurt Home Value

When you’re considering Boston area home improvements it’s always a good idea to compare the cost of the renovations to what they may add to the resale value. Statistics show that homeowners rarely enjoy a full, dollar-for-dollar monetary appreciation of the cost of most home improvements. Some improvements may assist in selling your home when the time comes, both with a shorter time on the market and at a higher price.

Surprisingly to many homeowners, not all home improvements add value.

Some Boston Area Home Improvements May Actually REDUCE Value

Not all Boston area home improvements add value to a home

Many homeowners mistakenly assume that anything added to their homes will improve its appeal, and therefore its selling price. The sad truth is that some so-called “improvements” add little, if any, real value and in reality make your home less desirable to prospective purchasers.

Depending on your home’s location — especially if it’s in a sought-after subdivision or a popular part of the community — some buyers may be less concerned with things about your home that they can easily and affordably change. But if the changes seem extensive and expensive most buyers will just keep looking for a home more to their liking. That equates, of course, to a longer period of time your home may remain on the market.

Let’s look at five Boston area home improvements that may hurt your home’s value:

1 – Overdoing colors. Most real estate agents will tell you that homes with interior walls featuring neutral colors like whites, off-whites, or tans are more appealing to a broader market of homebuyers. No matter what your favorite color may be when you decorated your house, repaint it when you get ready to sell.

2 – Eliminating a bedroom, half-bath, or powder room. At one time — especially with older homes — eliminating smaller rooms may have made sense because it helped the “chopped-up” appearance. Despite the fact that most homeowners today are attracted to larger rooms and more airy, open spaces doing away with a half-bath or a powder room could be a mistake. Furthermore, it’s probably never a good idea to reduce the number of bedrooms in your home, even if it’s to make a larger master suite.

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3 – Don’t close in that garage! For years, homeowners have converted garages into living spaces — and many homes have suffered as a result. Today’s home buyers like garages, especially if they live in extreme cold, hot and rainy climates. So before you add an enclosed garage to your list of Boston area home improvements, step back and reconsider.

4 – Don’t “over-personalize” your home. Our homes are, indeed, our castles. Yet when you’re ready to sell your castle, remember that everybody’s tastes are different. Just like the pink or yellow paint on the walls, not everybody will appreciate the logo of your favorite sports team carved into the fireplace mantle in your man cave! Think about what will be appealing to the largest group of potential buyers before you make those Boston area home improvements.

5 – A swimming pool isn’t all it’s cracked up to be. In certain parts of the country, like Florida, Arizona, or Hawaii, pools are great — even expected in some neighborhoods. But not everybody is enamored with the idea of having a pool in the backyard. Pools are often seen as negatives because of the maintenance costs and potential liability involved.

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