Hello World! Welcome Friends! There are many popular home additions that don’t actually add value to a home. It is a tragedy when the homeowner believes they are making a wise equity investment when they are actually doing the opposite. They say a pool is a big hole in the ground where you pour money. They’re not wrong. A pool is not always a good investment. In fact, it can be a rather disastrous one if you don’t know what you’re doing.
For it to be a positive asset, it has to be the right size and in the right location. It should be in a place that has a very hot climate and where there are plenty of other houses with pools. There is also the matter of maintenance. A pool requires a lot of upkeep. That upkeep can be very expensive. A lot of people start out with the best of intentions, only to lose interest a few years or even months later. Just heating the pool might require solar panels. That is a whole other level of commitment. Even so, if you want a pool and are willing to take care of it, you should get a pool regardless of how much money you lose in the process. The same is true for other additions such as the following:
Outdoor Kitchen
A kitchen upgrade is usually one of the best investments you can put into your home. You should also do very well with an outdoor kitchen. But like any addition, much of it depends on where you live and other vagaries of the housing market. No addition is a good investment if no one wants to buy when you want to sell.
That said, a screened in outdoor kitchen has the potential to add many kinds of value. First, there is the value in the form of a higher selling price when it is time to cash in all that equity. Second, there is the value in the form of joy you get from having decades of family reunions and birthday parties and priceless time with your family. That value will be there even if the former doesn’t work out as planned. When you get decades of joy out of anything, the value can’t be measured in dollars and cents. It can only be measured in smiles.
Dining Room
Kitchens seem to get all the glory. But an updated kitchen is a lot less meaningful without a dining room update to go along with it. Once you have prepared the food, you need a nice place to eat it. A lot of family community happens in the kitchen. But even more can happen in the right dining room. That is where dinner is served. That is where people sit around the table after dinner and continue the conversation. If it is going to happen at all, that is where the family goes from something casual to something more refined.
When not being used for dining, the big room can be transformed into a family room for board games, popcorn, and lots of laughs. It is the room that houses the biggest flat surface in your house. Some part of it might be used to hold a laptop that someone uses for work or school. It is where the bills are sorted and the important family meetings are held. No potential buyer will ever appreciate your grand dining room as much as you will. And that is perfectly okay.
A Home Office
Don’t let anyone call it a man cave. It is your very important office where you do your very important things. Don’t let anyone tell you differently. Because of the pandemic, more people are finding themselves in need of a dedicated office space at home. So while it has traditionally been a terrible investment, it might be coming into its own in this unique moment. But whether you make money or lose money on the addition, you should absolutely create a space where you can stretch out and be yourself without shame or apologies. For a certain type of person, there is nothing better than having their own private space.
Swimming pools, outdoor kitchens, dining rooms, and home offices can make you money or lose you money depending on the market. But it is still money well spent as long as it gives you the kind of joy that cannot be measured in currency.
Click the links below for any posts you have missed:
When to Go for a Home Renovation Loan
Ways to Introduce Sustainability into the Home
Is It Worth Repairing Antique Rugs?
Expert Tips for Dog-Proofing Your Home
Choosing a New Home and Making the Move Simple
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Toodles,
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