Renovations that don’t increase home value
For most homeowners, adding any renovations or upgraded appliances should increase home value. Afterall, if you put money into a project most people want to see a return on their investment after it sells. Sadly, this is not always the case.
There are several items that can be added to the layout of a home that won’t increase home value. Some of them can even hurt the value of your home.
For starters, think of what kind of home design will be good for resale.
The most common mistake that homeowners make is tailoring the house design too much to their taste. An example of this could be crazy tile designs, textured walls and more!
This doesn’t mean that you can’t have what you want in your home but, it does mean you need to pick fixtures, finishes and other household appliances that will transition well for future homebuyers.
One way you can add character to your home is by using paint colors that are great for resale like grays, tans and light blues. Not only do these colors transition well to numerous design styles, but they’re also easy to paint over if needed.
Ultimately, the best way to add personality to a room is by using decor and accent furniture. It’s easy to take down and replace, and it won’t deter homebuyers from putting in an offer.
Next, consider what kind of renovations are worth the investment.
The biggest mistake a homeowner can make is to add a pool, waterfall or overdoing landscaping.
In the Midwest, a pool is only useful for three to four months out of the year and is an added cost of maintenance for homebuyers to consider. The same thing can be said for waterfalls and other landscaping which require a lot of upkeep.
Other forms of renovations that may sound nice to homebuyer, but don’t necessarily increase home value are new HVAC, plumbing and electrical wiring. The reason being that most of these elements are hidden in basements, under flooring and behind walls. For most homeowners, it's a peace of mind but that doesn’t mean they are going to pay extra for it.
Instead, increase home value by remodeling kitchens and bathrooms. Keep in mind how much money is going into each renovation, because if you go overboard, you run the risk of making your renovation too specific which means you tighten your target of homebuyers.
Renovations that are done poorly will decrease the value of your home.
Other renovations that can hurt home value are:
- Converting your garage into an extra living space.
- Allowing landscaping to get overgrown.
- Getting rid of storage space.
- Making a bedroom into a home office.
Overall, whether you are thinking about doing an entire overhaul of your kitchen or changing the exterior color of your home, pay attention to each detail to help increase home value.
If you are looking to renovate your home for resale, please contact the Fairfield Team and let us help guide you in the selling of your home!