Three home projects that could lower your asking price

While the housing scene appears to be more of a sellers' market these days – especially as prices continue to climb – homes going on the market usually need some sprucing up to get that ideal asking price.

But while you might think any and all home projects and renovations will increase your home’s value, that may not be the case. Many ill-advised “improvements” can actually lower your home’s value. Here are some housing projects that may end up costing you more money than you thought.

1. Pools and Hot Tubs

Who doesn’t want a pool or hot tub in their backyard? It turns out most people don’t. Not only are extras like these costly to maintain, which may turn off many prospective buyers, they’re also a major hazard for today’s safety-conscious parents. These major features are also nearly impossible to remove, and that may encourage prospective buyers to think twice about buying your home.

2. Paint

You may think dressing up your home with colourful murals or wallpaper in your kid’s room will help people see what they can do in the space. But just as mannequins have no faces to help people see themselves wearing a garment, homes are better left neutral so prospective buyers can think about how they’ll make it their own. Luckily, you can paint over bold colour schemes fairly easily to counteract the effect. Just be sure to pick popular colours so the home is stylish without being too “out there.”

3. Skylights

While many people love to have natural light in their homes, skylights are not the best way to go from a resale perspective. Skylights are notoriously leaky and their main drawback is in the heating department. They usually make rooms hotter in the summer and cooler in the winter, which in turn increases people’s heating and electricity bills. People could notice the temperature changes when they walk into a room with skylights, and will probably not like what they feel.

Photos by: Dave Lindsay