Renovations that kill a houses value
Everyone assumes that doing any renovations to a house would instantly raise the houses value right? Maybe not claims Gerri Willis of CNNMoney. There are some renovations that can thin the potential buyer market and reduce the amount people are willing to pay for the house.
She gives the top 4.
- Swimming Pools. Think young children. The potential home buyers thin out pretty quickly if they are afraid of having their young children around a swimming pool. I would think that a properly fenced and gated pool would reduce the effect of the pool on buyers but not completely eliminate it.
- Additions. More specifically, poorly planned additions. It may look great from the inside and add lots of living space, but how does it look from the outside? Does the house suddenly look like a half unearthed dinosaur?
- Trendy finishes. Think avacado appliances. And Stainless steel as well appearantly. Today’s hot trends may be tomorrow’s avacado. Being able to spot the trends and find one that isn’t going to go the way of the avacado appliances will help significantly.
- Jacuzzi Tubs. You may think it a necessity, but potential homeowners may see it as a luxury and not want to pay the premium for that luxury.
I can only see these being problems in a market that has lots and lots of selection. In smaller markets, some of these things may be overlooked out of necessity and lack of choice. In bigger markets, buyers have the luxury of being a little more selective as they probably can go a couple of blocks down the road and find another house just like yours.
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Chuck said,
Wrote on August 30, 2006 @ 12:30 pm
Not sure I agree with #3 and stainless steel appliances. Those have been in professional style kitchens since the 70s, but finally got a big push from manufacturers making them for standard home kitchens in recent years. I just moved into a new home, and there are plain white appliances here that I persoanlly think look dated even thought they are pretty new… so I’m not really sure what a “safe” choice is.
Through a Glass Darkly said,
Wrote on August 31, 2006 @ 8:50 am
I would go for a jacuzzi in a heartbeat. I do know a lot of people who won’t buy a house with a pool. Beyond their own kids’ safety, it’s a big liability in the neighborhood. I know of at least one instance in GA where people were successfully sued for a child’s death in a drowning despite the family taking all the normal safety measures. The kid climbed their fence and ended up drowning. So sad, but . . . not the fault of the owners. Additionally, a pool is a lot of work and tends to take up most of the backyard.