There is no guarantee that every addition or upgrade that you make to your property will give you a positive return on your investment. If you are considering selling your home in the near future, note that these additions may not enhance the value of your property. Also, keep in mind that do-it-yourself projects, if not done professionally, could detract from the value of your home.
Remodelling your basement to add bedrooms or living areas may be a detriment to value if you haven’t checked with government entities as to proper ceiling heights or legal egress or if certain added square footage counts if it is below grade. It is important to obtain the necessary permits for any such alterations.
While a garage conversion may seem like a good idea to provide extra room for the kids or a place for your mother-in-law, it may take away from the value when you sell in the future. You may lose those buyers who need ample garage space.
Buying or leasing solar panels for your home may increase its marketability but not necessarily increase its value dollar for dollar invested. If you have leased the solar panels, some buyers may not want to assume the responsibility of the expense of the lease, which could also affect their loan approval.
Upgrades to your home may enhance your lifestyle but not the value of your home. If you’re considering any upgrades, call or email me to check. I am here to help you make the right decisions when investing in your home.