Home Improvement Projects That May Not Add to Your Home’s Value
Home improvement is the renovation, repair, and expansion of residential real property such as the interior or exterior of a house. Home improvements can also be a means of improving energy efficiency or reducing the cost of maintenance, such as replacing windows or doors.
The popularity of home improvement TV shows such as Fixer Upper and This Old House has contributed to a cultural fascination with DIY projects that can add value to a house. But it’s important to keep in mind that not all home improvements provide the same return on investment, and some can even decrease a home’s value.
A home’s value is largely determined by the average price of comparable homes in your neighborhood, so improvements that make your house look too expensive might not be worth it when you decide to sell. Here are some common home renovations that may not add much to your home’s value:
A smart thermostat can reduce your home’s energy consumption and help you save money. It can automatically adjust your heating and cooling to match the current weather conditions, and you can control it from anywhere via a smartphone app. The best brands, like Nest and Ecobee, start at $150. You’ll need a professional installation to install it, though. Depending on your home’s size, you could pay up to $400 or more for the project. Be sure to shop around for the best deals. Some contractors may offer free installations or include them in the contract price.