Can Renovation Hurt the Value of your Home?
Renovating, Remodeling or building a new home is a process that can involve emotional and rational decision making. Balancing needs versus wants, achieving a certain look or feel to a space can be difficult and every decision involves money. If you look at the process from a purely financial perspective, there are some improvements that add value to a home, and there are many that provide little to no return, and even some that can detract from the existing value of your property. As a Custom Builder on Cape Cod, we often assist in making these decisions, and try to provide the benefit analysis of different design ideas. Certain renovation projects like updating a kitchen, replacing windows and siding are often a good idea, but some projects such as adding a pool, or creating unique, but unappealing spaces may not create value in the home.
Here is a great article from The Street.com which talks about projects that might hurt the value of your property: Value Killing Home Renovations