When it comes to home improvement, many homeowners take on projects hoping they’ll add value to their property. While some renovations definitely do boost a home’s value, others may actually decrease it, experts warn.
Some projects that could hurt a home’s resale value include a swimming pool addition or a built-in home theater, Vila said. Instead, opt for updates that improve a home’s energy efficiency or make it more attractive to buyers.
For example, a brick fireplace stained with soot and creosote may detract from a home’s beauty, but it can be easily fixed by using a masonry cleaner designed to remove the stains, Beasley said. Similarly, the front door of an older house can be made to look newer with a fresh coat of paint. And a well-kept garden and curb appeal can do wonders for a home’s appearance, according to the Cost vs. Value report from real estate website Angi.
And if you’re considering taking out a loan to pay for home improvements, it’s important to remember that the more debt your carry on your credit report, the lower your creditworthiness will be when you want to borrow money for something else. So if you can, try to spruce up your house without going into debt, experts say. And if you are planning to sell your house in the near future, check with a local real estate professional before making any big changes. They’ll help you decide if it makes sense to renovate before you put your home on the market.