Home improvement missteps that can hurt your house’s value

Home Improvement Missteps That Can Hurt Your Home's Value

Buying a home can be a great investment, as it allows individuals to build equity while providing shelter for themselves and their families.

Oftentimes, homeowners choose to undertake projects in order to enhance a house’s offerings and boost its profile, as effective improvements can heighten its resale value and garner a substantial amount of attention from prospective buyers. However, the addition or modification of some features can have the exact opposite effect.

Poli Mortgage Group is dedicated to finding low rates for clients and providing them with all the knowledge they need to successfully navigate homeownership. Our team of Loan Officers work around the clock to deliver our customers a high level of service and expertise. Therefore, we have originated more than 40,000 mortgages for clients, and maintain an A-plus rating with the Better Business Bureau.

If you’re looking to make a few price-appreciating upgrades to your residential property, make sure you steer clear of the following projects:

Trendy updates

Why spend money to change your home’s classic style? Many of those homeowners who decided to update their homes with the hottest trends a decade ago are regretting it – and paying accordingly. Incorporating trendy fads into your property’s design – both interior and exterior – may improve its look, but only momentarily. If you can’t imagine yourself enjoying a planned project 20 years down the line, reconsider going through with it. While you may see it as an investment, it can easily turn into an expensive mistake. Classic styles never go out of fashion, and typically allow individuals to personalize the space to their liking. Therefore, stay with neutral colors and understated embellishments.

Backyard pools

If done correctly and tastefully, the addition of an in-ground or above-ground pool can significantly enhance the overall appearance of your residential property, as well as its visibility for potential buyers. However, not all consumers may be interested in submitting a purchase offer for a home with such a feature, as it does have a number of drawbacks. Along with the need for costly and time-consuming regular maintenance, pools heighten homeowner’s liability risk, as they pose a danger to young children and individuals who cannot swim. If you’re interested in having a pool installed because you and your family plan to get enjoyment from it, then go ahead. But, if you only want one simply because you believe it will increase your property’s resale value, proceed with caution.

Poorly planned additions

Boosting the amount of square footage your house has can indeed lead to a jump in its value – but only if the new space was integrated properly. Oftentimes, homeowners enlist the help of family friends or acquaintances who are amateur engineers and carpenters, and it can cost them more than they planned. If you add a bedroom to the back of your house, but have to travel through a bathroom or common living space in order access it, you can bet it will be difficult to find a buyer when you’re ready to sell. A good way to mitigate this issue is by hiring qualified, licensed professionals to plan out the work. Their expert advice could prove to be priceless in the long run.

Since Poli Mortgage Group was founded in 2001, we have worked tirelessly to supply our clients with the best possible deals, affordable payment plans. If you’re interested in researching your opportunities for obtaining residential lending don’t hesitate to contact us. We are licensed to operate in 17 states, and our Loan Officers have written more than $11 billion in mortgages – as well as given out countless bits of advice – during the last 12 years. Call us today at 781-232-8000.

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Poli Mortgage Group is a Division of radius financial group inc. Corporate NMLS #1846. radius financial group inc. is an Equal Housing Lender. Poli Mortgage Group is licensed in CT, DC, FL, ME, MD, MA, NH, PA and RI. For more licensing information please visit: https://polimortgage.com/licenses/ or by visiting www.nmlsconsumeraccess.org. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs rates, terms and conditions are subject to change and are subject to borrower qualification. This is not a commitment to lend. The content in this website has not been approved, reviewed, sponsored or endorsed by any department or government agency.

* This radius Pre-Approval/Credit Commitment Promise Contract ("Promise") is made and entered into, as of the date of the last signature below, by and between radius financial group inc. ("radius" or "Lender"), and the below-named Buyer and Seller. In consideration of Seller's reliance on this Promise in entering into a real estate purchase transaction with Buyer, the Parties agree as follows:

PROMISE TO SELLER. In the event that a Seller is induced to accept an offer from, and enter into a purchase and sale agreement with, a radius borrower on account of this Promise in connection either with (a) a radius Pre-Approval or (b) a radius Credit Commitment and the Buyer is unable to close on such Eligible Transaction due to a mistake made by radius (with accurate and up-to-date information) on such Pre-Approval/Credit Commitment (a "Bad Pre-Approval"), then radius shall pay Seller ten thousand dollars ($10,000), subject to the terms and conditions herein as Seller's sole remedy.

PROMISE TO BUYER. In the event that radius issues a Bad Pre-Approval to Buyer on an Eligible Transaction, radius will reimburse Buyer reliance expenses up to one thousand dollars ($1,000) for a home inspection, appraisal, or legal expenses actually paid out-of-pocket by Buyer, subject to the terms and conditions herein. This payment shall be Buyer's sole remedy.

ELIGIBLE TRANSACTION. For purposes of this Promise, an "Eligible Transaction" is a purchase money mortgage transaction for a primary residence (made on or after April 1, 2018) (not made to a radius employee or immediate family member), provided that the loan is a Conventional, USDA, VA, or FHA loan product for either (i) an existing home resale or (ii) a newly constructed home that is to be delivered and closed within ninety (90) days of the P&S.

CONDITIONS. The applicable radius Pre-Approval must not have expired prior to the date of the P&S. Offers/P&Ss cancelled due to home inspection issues or title defects are not covered under this Promise, and this Promise is void if a Bad PreApproval is the result of: (i) a change in Buyer's financial position, (ii) property specific requirements or expenses (e.g. homeowner's association dues/fees, flood insurance, or property taxes), or (iii) loan product availability or underwriting requirements, or third-party actions outside of radius' control.

FUNDS DISBURSEMENT. Any funds due and payable under this Promise will be paid if requested by Buyer or Seller in writing within 90 days of the date of an applicable Adverse Action Notice and accompanied by a fully-executed copy of this Promise. Any payments made under this Promise will be reported to the Internal Revenue Service by radius on a Form 1099-MISC or as otherwise required by then-applicable law. Please consult your tax advisor for any tax implications.