Not all home improvement projects yield a nice return on investment. That being said, here are ten home renovations you might want to think twice about springing for.
10. Swimming Pool
Many people believe that adding a swimming pool will increase their home’s value. And, while that’s true, it will only be a very minor potential value increase. The truth is, swimming pools are very costly and high maintenance. And, if you plan on selling your home at some point, keep in mind that there are some people who see this high maintenance amenity as more of a headache than anything else. Adding a pool will only limit the number of potential buyers, as the people who typically want them are families with young kids. And, even if you do find a buyer, the harsh reality is that “many folks will never recoup the cost of the pool when they sell their home,” Ryan Fitzgerald, owner/broker of Uphomes, told Reader’s Digest.
TIP: If you want to add a pool, make sure you live in an area where it’s hot at least half of the year. Otherwise, you’ve wasted your money.
9. Hot Tub
Like swimming pools, hot tubs also require a lot of maintenance. Plus, they take up valuable space. Not only that, but potential home buyers — particularly those with children — may see that hot tub as a safety hazard. And, even though they can have it removed, it can be very costly to do so.
TIP: Consider getting a portable hot tub instead of a built-in hot tub. That way you can take it with you when you move and the new homeowner doesn’t have to worry about paying an arm and a leg to have it removed.
8. Over-the-Top Fencing
When it comes to fences, it’s best to stick with a basic white picket or black steel fence. Over-the-top fencing (e.g. decorative caps, concrete posts, elaborate finials, wrought iron fencing, etc.) looks nice, but, unfortunately, it won’t give you a big return on your investment.
Plus, big fences make you a target for a burglary. According to KGW-TV, burglars don’t want to be seen, so they will look for homes with big fences, overgrown trees or bushes, and the like.