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1. Wine cellars and gyms
“Wine cellars can create a sense of luxury and make us imagine sourcing the best wine from around the world, only bringing out the best bottles when hosting an elaborate dinner party,” Munro Smith says. “However, installing one in your home is unlikely to justify the cost and loss of floor space. A gym will be the same. It might be perfect for you but a buyer won’t pay a premium for the privilege of sweating in privacy. In everyday life, most buyers will already have a gym membership and, depending on your suburb, be on a first-name basis with their local bottle shop owner.”
2. Expensive on-trend kitchens or bathrooms
It is easy to overspend on a luxury kitchen or bathroom but don’t expect to get that money back when you sell. You run the risk of alienating buyers who have their own distinct taste, and it’s an expensive and time-consuming undertaking says Emma Cahill, interior designer at Melbourne-based architecture practice Clarke Hopkins Clarke. “You’re better off leaving alone or updating the paint, handles and shelves if it’s really run down,” Cahill says.
3. Swimming pools
Depending on the suburb, a pool probably isn’t worth the investment, Munro Smith says. “Sure it will increase your appeal to buyers, but they come at a high cost to you (both financially and with the wasted time at council) and compromise your yard space. When it comes time to sell, you’re much better off selling the possibility of a pool if you have a buyer who wants one. Ask yourself why you haven’t installed a pool up until now and you’ll understand exactly why it isn’t worth the effort.”
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