For each dollar you spend, try to get three dollars back.
You will see if your return on investment is worth it by following this three-for-one rule.
So, what are the five features that add insignificant or zero value to properties when you sell?
Swimming pools are a major investment, and property owners will not receive a return on this investment.
You may like pools, but for other people, it may scream “danger,” “costly to maintain” and similar sentiments.
A home with a pool may turn off a prospective group of buyers, including families, retired people, and even property investors because of public liability, maintenance costs, insurance and local regulations pertaining to fencing and safety barriers.
2.Lavish fittings and fixtures
The emergence of renovation programs on TV, where contestants are given huge amounts of money for renovations, has resulted in the introduction of all kinds of high-end products in an attempt to take advantage of this popularity.
Though the newest purple Smeg stove could be what you want, featuring a customised backsplash with cow hide and gold trims, this may not be what buyers have in mind. So unless you are targeting a high niche market, you will not get a good ROI from adding lavish fixtures and fittings.
3. Items that are hidden
If things are hidden, they are not likely to increase your ROI. These things include new air-conditioner units, double glazing, and wall and ceiling insulation.
These are great additions if you are staying long term in your home. However, they are not so good as a selling feature because most buyers expect them to be already installed and working properly. If these things are already installed, then it is okay too.
4. Swanky landscaping or no landscaping
You have to find a balance when it comes to gardens. Having no garden is major turn off, just like having a highly manicured one. Property experts recommend a simple make over. This is enough to get a return from your outdoor investment.
A property should only have some type of lawn and low-maintenance garden. Don’t spend money on water features, hidden gardens, cladding, paving, etc.
In addition, a vegetable garden doesn’t add value to your home either. Unless you are selling a property that is working orchard, ordinary buyers will not be very enthusiastic if in your guided tour the benefits and amenities offered by the house take a back seat from your fruit-bearing trees.
5. Sloppy DIY work
It is easy to overestimate the quality of DIY work that an average person can achieve. Who wouldn’t want to save money on labour? But this doesn’t mean homeowners cannot go the DIY route on some small cosmetic make overs and come up with a good result.
But doing sub-standard work can be costly. Sloppy tiling and painting is easy to see when your house is being inspected. The value of a house declines with half-finished work.
Even if you don’t hire professionals in order to save money, if you are not confident about what you are doing, then it could take you twice as long to finish the work. The hours it is taking you to complete the job are further delaying getting your property to market.
Plumbing and electricity will also need to be approved and certified by professionals for jobs completed. So before embarking on that DIY job, think of other things where you can do a quality job.