When deciding whether or not to undertake a renovation project, many homeowners consider whether it will add value to their home. Among the improvements least likely to provide a good return on investment are extensive landscaping and exterior decor, swimming pools, and home theaters. Of course, sometimes people want to improve the energy efficiency of the home or enhance their quality of life while living in the home, and that may be more important to them. Regardless, it’s good to know before you decide to engage in a home improvement project whether you’ll be able to recoup the costs involved. Exploring some home improvements that don’t add value may help you determine what your next big project should be.
1. Luxury Items
Adding luxury touches to your home, such as a steam shower or electric floor heating, is really more about enhancing your living experience than increasing the home’s value if you decide to sell it. While these additions can be amazing for your personal enjoyment (and you may find them worth it), luxury improvements typically do not increase the home’s value when it comes time to sell, as they are not necessities on most people’s wish lists. According to Mallory Micetich, home expert at Angi, a home improvement contractor matching service, she stated in an email interview: “It’s possible purchased solar panels may have a return on investment of 10% to 30%, but leased solar panels are a different story. A potential buyer doesn’t necessarily want to take over a 20-year contract and that may drive them away from a long-term commitment” (Angi is a subsidiary of IAC, as well as The Balance).
Source: https://www.thebalancemoney.com/things-dont-increase-home-value-4048933
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