5) Invisible Improvements – Okay, I know this sounds ridiculous but hear me out on this one…New plumbing, roof, HVAC (heating, ventilation and air conditioning), etc. These are expected in a house. Not having one of these will hurt the value, but no one will pay you to have kept your home up to a reasonable standard.
4) High-end Upgrades – Just because you love you marble floors stained with 17th century bordeaux red wine it is highly unlikely that the buyer will pay extra for this as it is really a subjective value. Upgrade your features according to the neighbourhood no matter what your love of classical France is.
3) Over-the-Top Landscaping – Don’t do too much to your garden to the point where it will be laborious work to the prospective buyer. Perhaps the buyer won’t take the time to keep the yard up nor wish to pay a small fortune to have the pros manage it.
2) Don’t Over Build Your Home – What I mean by this is if your average home value is 800K in your neighbourhood it wouldn’t be a wise decision to spend 600K on your home as it would likely be far and above a realistic resale expectation, i.e. it is once again unlikely that someone would pay 1.4+ million for your renovation/build.
1) Swimming Pools – I get this question a lot! (yes, even in Toronto where there are few properties that are big enough for a backyard pool). You may be a fish or love to sun tan but that cost will not be recuperated on the eventual sale, in fact it may lower your value! The cost to upkeep a pool can be too high for those buyers who are not absolutely attached to the idea of a pool. Also, the buyer may desire a usable backyard versus a cement pond!
*Remember: always consider your buyer, feel free to ask me about what improvements you are considering. Every question should be considered to protect the value of your investment. When doing a large renovation or smaller improvements on your home keep your potential buyer in mind, always ask yourself whether you will be limiting your potential number of buyers.