Features that do not add Value to your Property
Jun 03, 2019 Real Estate News
Owning a dream house does not end when you buy a house — doing the interiors of the home that suits your needs and requirements while adding specific features that add to the beauty of the property. But there is a particular misconception among the home buyers when it comes to adding value to the property. Most people believe that expensive addition to the property will add value to the property.
This is certainly not true. According to the experts if the feature you are adding to your property does not fetch you thrice the amount you invested in it, then it is not a right or wise addition.
We list down the additions that are thought to be exclusive and expensive but rarely fetch a reasonable price:
1. Swimming pool:
Swimming pools are indeed a luxury addition to the property, but not everyone would want it in their property. A swimming pool costs around 5 to 10 lacs and the maintenance costs are too high. Not every interested buyer would want to pay for a swimming pool and invest in its maintenance as well. A potential buyer would look for the less expensive counterpart in the locality.
2. Advanced features and fixtures’:
Advanced features and fixtures are the choices of the person living in it. Providing your home buyer with additions like sauna, sensors in the bathroom, or high end- modular kitchen cabinets, might not be the choice of the home buyer. Most people may find the top end and sophisticated technology challenging to use, and it may put them off. Also, the maintenance cost of such technological fittings and appliances can be expensive and not every homebuyer would be willing to invest in it. Expensive bathroom fitting and equipment may not be an ideal feature to add. They are not used often in our day to day life, and the maintenance costs are pretty high as well.
3. Garden and landscaping:
A well-maintained garden is very different from decoration. It is generally the homebuyer’s choice whether they want to have a landscaped garden or not. A well-maintained garden can be a good sign and a welcoming prospect, but a landscaped garden can put off the potential buyers. The investment that landscaping requires in maintenances is higher than a garden, and the home buyer may not be interested in investing in the same.
Selling a property is a task that requires a lot of effort and attention. From finding the right buyer to quoting the right price, everything needs to be done in a manner that gives the maximum profit that is justified. If the buyer does not find a particular addition to the property worthy of his use or money, then they are not going to give the property a second thought. It is advised that before adding any feature to the property, for the sole purpose of selling it at a higher cost, the seller must consult an advisor who can guide them in the right direction.
This is certainly not true. According to the experts if the feature you are adding to your property does not fetch you thrice the amount you invested in it, then it is not a right or wise addition.
We list down the additions that are thought to be exclusive and expensive but rarely fetch a reasonable price:
1. Swimming pool:
Swimming pools are indeed a luxury addition to the property, but not everyone would want it in their property. A swimming pool costs around 5 to 10 lacs and the maintenance costs are too high. Not every interested buyer would want to pay for a swimming pool and invest in its maintenance as well. A potential buyer would look for the less expensive counterpart in the locality.
2. Advanced features and fixtures’:
Advanced features and fixtures are the choices of the person living in it. Providing your home buyer with additions like sauna, sensors in the bathroom, or high end- modular kitchen cabinets, might not be the choice of the home buyer. Most people may find the top end and sophisticated technology challenging to use, and it may put them off. Also, the maintenance cost of such technological fittings and appliances can be expensive and not every homebuyer would be willing to invest in it. Expensive bathroom fitting and equipment may not be an ideal feature to add. They are not used often in our day to day life, and the maintenance costs are pretty high as well.
3. Garden and landscaping:
A well-maintained garden is very different from decoration. It is generally the homebuyer’s choice whether they want to have a landscaped garden or not. A well-maintained garden can be a good sign and a welcoming prospect, but a landscaped garden can put off the potential buyers. The investment that landscaping requires in maintenances is higher than a garden, and the home buyer may not be interested in investing in the same.
Selling a property is a task that requires a lot of effort and attention. From finding the right buyer to quoting the right price, everything needs to be done in a manner that gives the maximum profit that is justified. If the buyer does not find a particular addition to the property worthy of his use or money, then they are not going to give the property a second thought. It is advised that before adding any feature to the property, for the sole purpose of selling it at a higher cost, the seller must consult an advisor who can guide them in the right direction.
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