Six things you may think add value to your home, but don’t

 

Oooh, a new dishwasher!

Oooh, a new dishwasher!

From Forbes.

swimming pools

overbuilding for neighborhood

extensive landscaping

high end upgrades (a new kitchen when the rest of the house is shag rugs and 1980s bathrooms doesn’t cut it)

wall to wall carpeting

invisible upgrades (buyers expect the hvac system to be working – no credit for making sure it does)

This jibes with my own experience

11 Comments

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11 responses to “Six things you may think add value to your home, but don’t

  1. Long Time Central Greenwich Resident

    I wonder if privacy screening is not worth the money. Problem is that if your property is not screened, and buyers perceive it as “on top of the neighbors”, it may not sell or may sell at a big discount. Screening would be especially important where you sit in the back of the house, so there is privacy.

    • I think that’d be a good idea. Mitigating what’s perceived as a negative (or is a negative, like your neighbors looking over your shoulder) can only help.

    • Just_looking

      Sounds like the point would be, yes screening, no to top end landscaped screening.

      • D

        Probably just meaning… don’t spend $20K on landscaping and expect to add it to the price. As part of the package… it will likely just help you sell the house faster instead of being an aspect that causes a buyer to hesitate.

  2. Anonymous

    With respect to the pool and the Greenwich market, it seems to me that once you hit a certain market segment ($4mm plus), buyers expect to see a pool or at the very least a pool site, and that a house where no pool can be installed is a minus.

    • You’re right that at the $4 mm and above range, buyers do expect a pool or as you say, at least a site for one. But if I were advising someone about to place his $4 million house up for sale, I would not suggest putting in a pool. Pool permits are specific to the pool actually being proposed, and buyers often have their own idea what that pool should look like or where it should go. That’s one reason (aside from being cheap) that spec builders often don’t build a pool for their high end projects. Knock a $100,000 off the price when negotiating (not from the listing price or you’ll end up paying twice), and point vaguely out to your backyard and say “over there” when asked about a site.

  3. Anonymous

    Have you ever encountered a buyer requesting that a nice inground pool be filled in? Only situation where that would make sense if it is a dilapidated structure that takes up the whole yard.

    • In fact, I do know of such instances. Parents with young children rightly fear their danger: 100 deaths of 1-4 year-olds from guns in 2009, 3,567 from drowning in private pools. And, as a friend of mine (long past the stage of having young children) said to me after moving from a house with a pool to one that did not, “the second happiest day of the year was opening the pool, the happiest day was closing it”. Pools aren’t for everyone.

      • The gym/health club we belong to has a lovely, huge, beautifully maintained pool that’s open from Memorial Day weekend to Labor Day, complete with an outdoor restaurant. This is one situation where renting rather than owning is a clear winner.

        • Anonymous

          We are just finishing up a new home and given we have very young kids we opted not to put in a pool … we are interested in local clubs where we can use an outdoor pool during the summer but aren’t big golfers or sailors so many of the clubs in town aren’t a great fit.

          Richard – which club are you referring to?

  4. Chris R.

    if you’ll need tradespeople to get those improvements done, guidance counselor, Michael Bloomberg, is on it:

    http://www.nydailynews.com/new-york/skip-college-plumber-mayor-bloomberg-article-1.1347576