I’m a Real Estate Agent: 7 House Features That Buyers Always Overpay For
Odds are, you’ve started the homebuying process with a vision for your perfect house. You’re already imagining hosting pool parties in the summer, or wowing guests with your elite, highly customized kitchen.
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With these ideas in mind, you’re ready to pound the pavement in search of your dream home. Unfortunately, the features you want for that dream house also come with the hard reality of being overpriced.
In your haste to get keys in hand, you might be tempted to pay more than you need to for a number of home features. GOBankingRates connected with a few experts to learn more about the home features that seem appealing but come at too high a price.
Swimming Pools
Depending on where you live, a swimming pool can be a great addition to your home. However, if a swimming pool is on your list of features to have, make sure you’re paying an appropriate price.
“Many buyers pay a premium for homes with swimming pools, expecting it to be a significant advantage,” said Kristin Hintlian, the co-founder of Bonsai Builders.
“While it can certainly be a luxury, the costs associated with maintaining a pool are often underestimated. Pools require regular maintenance and cleaning and can escalate your home insurance rates.”
Overly Specific Customizations
If you’re a fish lover, you might love having a customized fish tank built into your family room. However, that doesn’t mean the next person will feel the same.
This also goes for other customizations — things like a sauna in the basement or a steam shower in the master bathroom. If the price tag of the home reflects these upgrades, think twice, because chances are you won’t be able to recoup your investment once you decide you want to sell.
“I had a client that invested a significant amount of money in building a custom wine cellar in their home,” said Matt Stigliano, a real estate broker at Kimberly Howell Properties.
“However, when it came to selling, few prospective buyers were wine enthusiasts and didn’t see the addition as justifying a higher price.”
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Overpriced Kitchens
If the kitchen is the crown jewel of your home, you’ll want to make sure you have a bright and beautiful one. But that doesn’t mean you have to invest in one that costs more than all the royal family’s gold.
As a real estate investor and the owner and founder of Michigan Houses for Cash, Sergio Aguinaga knows a thing or two about home values. He explained that buyers often overpay for high-end kitchen upgrades that they might not need, like granite countertops or custom cabinets.
“I advise clients to assess whether these upgrades truly add value or if they are simply driving up the home’s price,” he said.
Luxury Bathrooms
Who doesn’t love the idea of soaking in a massive whirlpool tub? Or stepping out of your slippers and standing on heated bathroom floors? Turning your bathroom into an in-home spa is appealing, but it’s also highly expensive in ways that aren’t always worth the cost, according to Aguinaga.
“Buyers can overspend on luxury bathroom features like heated floors or whirlpool tubs. I tell clients to consider if these features are worth the price because they rarely recoup their full value on resale,” he said.
Finished Basements
Aguinaga admitted that a finished basement can add space to a home; however, buyers should be aware of paying too much for this feature, especially if the work is poorly done. If work doesn’t align with your expectations, you’ll have to go through the process of negotiating the price down.
Extensive Landscaping
Landscaping can help improve a home’s curb appeal, which can boost the value of a home. However, said landscaping doesn’t need to be extreme. Proper landscaping can be as simple as trimmed bushes, attractive plants or flowers and manicured grass.
Some people can get carried away with adding exotic plants, fountains and other water features. While these can look great to some people, they drastically increase the price tag and aren’t going to be exciting to everyone. If you’re purchasing a home with extensive landscaping, ensure you’re not paying a premium.
“While a beautifully landscaped yard can undoubtedly enhance a property’s appeal, it’s crucial to approach this feature cautiously,” said Scott Sloan, the founder of Grand Exit Property Acquisition Group.
“Some buyers find themselves paying a premium for meticulously maintained gardens, only to realize that the ongoing maintenance costs and personal preferences can make it a less-than-ideal investment. Prioritize the overall condition and structure of the property over extravagant landscaping, as tastes in outdoor aesthetics can vary widely.”
Specialty Flooring
If you’re the kind of person who takes pride in every meticulous aspect of their home, you’ve probably given a lot of consideration to your floors.
However, according to Elyse Sarnecky, the director of marketing at Marketplace Homes, you don’t need to invest in specialty flooring, like exotic hardwoods or upscale tiles. There are plenty of affordable options that offer a similar, luxurious look without the steep price.
Laura Bogart contributed to reporting for this article.
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This article originally appeared on GOBankingRates.com: I’m a Real Estate Agent: 7 House Features That Buyers Always Overpay For
