Home Renovations That Will Hurt Your Home’s Value
Your house isn't just a source of pride or a place to unwind after a long day; it's also an investment in your future.
While it's understandable to want to improve your home in order to increase its resale value, some renovations will actually cost you money in the long run. Just because you think something is better than it was before doesn't mean a potential buyer will agree. Let's take a look at some home renovations to avoid if you want to avoid damaging your Waterloo Region home's resale value.
Luxurious Light Fixtures
Falling in love with unique or lavish light fixtures is a common home improvement mistake. When you go to a lighting store, whether it's for ceiling-mounted lights in a dining room or a hanging pendant, there's a psychological phenomenon that occurs... Instead of selecting a new addition that coincides with the overall picture, you'll select something exciting and unique.
Furthermore, the passage of time is detrimental to homeowners. When you're ready to sell, whatever is trendy today will look dated in ten years. It's best to keep things simple. Lighting, fortunately, can be easily replaced at a low cost.
Way Too Much Wallpaper
Wallpaper, with its patterns and textures, can be a difficult design choice for your home. It's also notoriously difficult to get rid of. Wallpaper removal may be viewed as a potential headache by homebuyers, and it may be the deciding factor for those who want a more move-in ready home.
When it comes to staging your home for sale, fresh paint and neutral colors are always a good idea. If you have wallpaper, consider removing it and repainting the walls before any showings or open houses so that your potential buyers aren't distracted by your wallpaper mistakes.
Textured Walls and Ceilings
Texture on walls and ceilings, like wallpaper, is difficult to remove. Homebuyers may reduce their offer simply because they are aware of a lengthy project ahead of them. Instead of opting for a fancy textured painting technique, try experimenting with textured wall décor.
Too Much Carpeting
A home's sale price can rise by up to 2.5 percent when new hardwood floors are installed. Carpet, in comparison to hardwood and laminate floors, can show signs of wear and tear quickly. Furthermore, colors and textures are highly subjective, and any excessively personal touches can detract from a home's value.
Paint Colors that are Bright and Bold
Bright and bold paint colors are likely to turn off any potential buyer with limited vision. Repainting a room before putting your house on the market is fortunately a simple, albeit important, fix. Choose neutral colors to give buyers a blank canvas on which to imagine their own style in the home.
Combining Bedrooms to Make a Larger Space
To a young couple without children or empty nesters whose children have left home, combining two small bedrooms to create a larger room may seem like a good idea. However, if you don't intend to stay in that house indefinitely, this is a bad idea.
Small bedrooms add value to homes because most families want their children to have their own rooms, even if they are small. Instead of knocking down walls, use simple tricks like lighter colors and modern, slim furniture to make your bedroom spaces appear larger.
Converting a Garage into a Gym or a Living Space
A garage-to-gym conversion may seem like a fantastic idea to a fitness enthusiast. A garage-to-apartment conversion may appear cost-effective to parents of millennials who have recently returned home. However, future homebuyers may disagree.
Many people look for houses with garages, but they're not looking for a gym or extra living space; they're looking for a garage that can accommodate cars and other storage items.
If you want to use your garage as a gym or extra living space, make sure that future homeowners will be able to easily and affordably remove the renovations.
The Wrong Landscaping Investments
In the name of "curb appeal," homeowners are prone to certain devaluing landscaping mistakes. Investing in expensive landscaping will not increase the value of your home, but will increase the amount of maintenance required. When a potential buyer notices this, it may cause them to be concerned. Your personal DIY projects, as well as fancy decorative additions that you find appealing, are largely subjective.
Keep your gardens looking lovely while keeping them simple and easy to maintain, and make sure that any decorative elements can be easily removed.
Beautiful, But Messy, Trees
Trees are an important part of any landscape, but before you plant anything, do your research. Keep an eye out for trees with leaves or flowers that could cause a mess in the yard.
Some trees are simply messier than others. A potential homebuyer will not be attracted to a home with constant leaf rain. They will know when fall arrives that it will be more work than they might be willing to undertake.
Oak, female Ginkgo biloba, sweet gum, locust tree, and Eastern white pine are all trees to avoid. These unsightly trees can detract from your home's curb appeal, and their removal can be costly, depending on the size of the tree. Choose a tree like an Eastern red cedar, crepe myrtle, or Colorado blue spruce instead.
DIY Repairs and 'Renovations'
Before embarking on a do-it-yourself home improvement project, think twice.
Team Pinto, as experienced Waterloo Region real estate agents, have seen a lot of houses where you can tell the owner did the work. Although the owner may believe she has made all the necessary improvements, buyers will quickly notice the shoddy workmanship and unusual finished product.
There are some DIY projects that can help you increase the value of your home, but you must be strategic. Hiring a pro the first time out is a great idea. Then inquire about becoming a part of the process and learning from the professional as they work.
The bottom line is that over-personalizing your home can cause it to lose value. Yes, you want to live in a space you enjoy, but think twice before making any major or expensive changes. Also, make sure that any home improvements you make are done with the proper permits and by licensed professionals.
Planning to buy or sell a home in the Waterloo Region but have questions? Why not speak with an expert? Contact the award-winning Team Pinto here, or book a free Zoom consultation to discuss your unique Waterloo Region real estate needs here.