Two home improvements are actually disasters for your investment in your property. These two “improvements” may bring you joy, but they won’t earn you more money when you sell the home.
1. Solar panels and impact-resistant windows. You may see ads in home improvement magazines promoting the installation of these to increase your house’s value. These are wonderful things to install if you want them, but they truly don’t substantially increase your property’s value. There’s even excellent financing for solar panels and these special windows if you desire them, so you may think that you’ll get your money back from these when it’s time to sell.
These upgrades might be appealing to some homebuyers, but you probably won’t recapture your investment in them. Think about this carefully before installing solar panels or impact-resistant windows and doors.
“If you want a pool, I recommend buying a house that already has one.”
2. Pools. Here in South Florida, we love pools, but they aren’t necessarily a great investment for your home. If you want a pool, I recommend buying a house that already has one—in Florida, there are many. Today, the minimum cost of building a pool is $30,000 to $40,000 for a basic pool. It’ll cost you even more if you add any extra features like a whirlpool spa, waterfalls, or LED lighting.
Most properties with pools only sell for an additional $10,000 to $20,000 at best. If you have a home with room for a pool and you absolutely want one, go ahead and build it because you’ll enjoy it with friends and family, but certainly not as an investment
If you have further questions about today’s topic or anything else concerning real estate, give us a call or send us an email. We would love to help you.