Blog FN

Jun '16

5 Features that rarely add value when you sell!
Moya Sharp Posted by
Moya Sharp

5 features that rarely add value when you sell.
There’s a rule of thumb when renovating that you should aim to add three dollars back from every dollar you spend.
This three-for-one rule quickly shows if your return on investment (your precious money and time) was worth the effort.
So if you want to inject more dollar signs in your property’s sold price, knowing where not to spend your money is super important.
We ask a few avid investors and renovators to answer this burning question: What are five housing features that add little or no value to most properties?

1. Swimming pools

I am sure you have heard this before, but here it is again. Swimming pools are a large investment, and they will not give you a bang for your buck.
“While you may like it, others possibly think ‘hassle’, ‘danger’, ‘expensive to maintain’ and the likes.
If your area is bustling with young families, you may find they turn down a perfectly good home because of the swimming pool, so if you don’t already have it, don’t use it as an upgrade to try to make a sale.
When selling, it can detract from a potential group of buyers, ie families, the elderly, and potentially property investors.

2. Extravagant fittings and fixtures
With the rise of renovation shows on TV, where contestants have exorbitant amounts of money to spend on renovations, we have seen all sorts of high-end products being introduced to try to win points.
But while the latest purple Smeg stove could be what you fancy, with a personalised backsplash made with cow hide and gold trims, this may not be the style your buyers are looking for … so unless you are selling to a highly niche market, the fixtures and fittings will not give you a good ROI if you spend big bucks on them.”
3. Things you cannot see
If you can’t see it, it’s unlikely to boost your return. This includes wall and ceiling insulation, double glazing, new air-con systems and stumps.
They are great to have so if you want to add them to your long-term home, please do so. But do not install them as a selling feature as most people expect they are there and are in good working order. But if they are not there, that is fine too.

4. Fancy landscaping or no landscaping

When it comes to the garden, you need to find a balance. No garden is a big turn off, just as much as a highly manicured garden.
A basic make over as the surest way to make money back from your outdoors outlay. Make sure there is some lawn and a simple, easy to maintain garden design. Do not go overboard with water features, cladding, hidden gardens, paving and the like.
Unless your property is a working orchard, the average buyer will respond with a resounding ‘meh’ if a guided tour of the fruit trees takes precedence over the benefits and amenity the property actually provides.

5. Below par DIY work

It’s easy to get a false sense of what a layperson with a hammer and paint can achieve. Who wouldn’t get enthused by all the money to be saved on labour? That’s not to say homeowners cannot go-it-alone on some minor cosmetic improvements and do a very neat job of it. But doing a less-than-average job can cost you dearly. Dodgy tiling and painting is easy to spot at home inspections. Half-finished jobs devalue a house.
Even if you don’t decide to get in a professional in a bid to save money, if you don’t feel confident in what you are doing it can end up taking you twice as long to get the desired finish.  Those hours will hold up getting your property to market
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