By investing in the right projects for your home, you could see a rise in value that far exceeds the cost loft conversions and energy saving windows being the best example of these. Buyers love efficient homes and an extra bedroom can add around £20,000 to a home’s value, making these two projects highly popular.
There are, however, projects that, while popular, may not recoup any of their value. For all the practicalities they offer, the have little appeal to buyers. If you’re looking to turn a profit on your home, it’s best to avoid these.
✽ New Garage
Adding extra storage space my seem sensible, but the value added to a home by building a garage does not justify the cost. As a general rule, a garage will only recoup around half of its value when you choose to sell. Add onto this the difficulty in obtaining planning permission and a garage is more trouble than it’s worth.
If you already have a garage however, it may be worth investing in a few improvements before you sell. Reorganising the contents will make it appear larger, and a new door will boost your home’s curb appeal.
✽ Home Office
A home office has a strong appeal to a certain market, with many more people wanting to work from home. This area of the market is still very small though, meaning this project will only impress a small minority and recoup around half the cost.
If you do not plan on moving for a few years, you may have to install a home office if your line of work demands it. When it comes to selling your home however, converting this, along with any other specialised space, back to its original function will have a more general appeal.
✽ Swimming Pool
Swimming pools add a certain wow factor to a home, many buyers would like to imagine themselves spending the summer lounging in the sun. Once they apply logic, however, a swimming pool becomes a major turn off.
Swimming pools are the biggest losers in property investment, recouping only a fraction of their cost. Here in the U.K there is little demand for them as we get less than a month of pool time a year, the rest of the year will be spent investing time and money in maintenance.
If you do want to add an outdoor lounging and entertaining space, a wooden deck is a far more cost effective measure, potentially recouping all of its cost.
Author Bio: Joe is a blogger for Force8 doors and windows who writes about property, home improvement, interior design and green living.