When it comes to home renovations, most people think that adding or changing parts of their home to something new will increase their home’s value, but this is not always true. There are some changes that can depreciate your home’s resale value which every homeowner should be aware of.
1. Fancy Light Fixtures
It’s easy to fall in love with fancy light fixtures and want to install them all over in your home, but by the time you’re ready to sell, those fixtures could be out of date. Luckily, lighting isn’t very expensive to switch out, so this isn’t a major problem.
2. Wallpaper and Textured Walls/Ceilings
The wallpaper you pick out may look great to you, but many new home buyers could view wallpaper as a potential headache as the process to remove it can be a daunting task. This can result in them looking to another property which is a more “move-in ready” home. This also goes hand in hand with textured walls and ceilings. It can be quite difficult to remove these features and can steer potential buyers away or force you to lower your price.
3. A Lot of Carpeting
It shouldn’t come as a surprise that your choice of flooring could also impact the value of your home. Opting for carpet vs. hardwood or laminate can impact your home’s value as it can be easily damaged or stained and is based highly on personal preference when it comes to color and texture. If you are set on carpet, it is best to stick with something neutral.
4. Combining Rooms
This may seem like a great idea if you only have one or two people in your home, but this will actually hurt your home’s resale value for obvious reasons. Many people are looking to buy their first home when planning for a future family and the bedroom count will highly influence purchase decisions, possibly even more so than a square footage.
5. Removing Closets
Buyers will typically check which rooms have closets and which don’t. People need closets to store their belongings, so this will definitely influence a potential purchase decision.
6. Built-in Electronics
This one seems like a great idea, but in reality, it isn’t. If the tech is in a room that a buyer would typically look to repurpose for something else, they would be tasked with having to remove and dispose of the tech or install it in a different room. Technology that is built-in can also become quickly outdated and will have to be removed or replaced. ‘
7. Room Conversions
Most people value a garage space for their vehicle, especially in a winter prone environment. If you were to convert your garage into a gym, for example, this would decrease your home’s value as many people don’t want a gym in their garage. Video: Converting a garage into a bed room
8. Hot tubs & Pools
This one is difficult, but really it’s just a gamble. If a potential buyer were to view your hot tub or pool as a hazard (perhaps because they have children), it could make your home harder to sell. Furthermore, these features also come with a lot of maintenance, which a lot of buyers are not looking to take on. On the other hand, you may be able to get a higher price from the right buyer looking for these options in a property.
9. Sun Rooms
Sunrooms are beautiful, but these additions onto your home can cost you upwards of $75,000+ and you may only get about half of that back once you’re ready to sell.
10. Strange Tiling
Strange tiling in bathrooms and kitchens is another highly personal touch that will harm the value when selling. Try to use a more generic design and style when doing these home renovations.
Hopefully, these tips have helped you figure out if those home renovations you have been considering is still the right option for you, especially if your plan is to sell down the road. Happy home improving!