Getting ready to sell? Thinking you can boost your asking price with some freshening up? Be careful, or you could actually cost yourself in more ways than one. Not all renovations are created equal, and some can actually detract from your home’s value.
You might be tempted to try to add value by tackling a few DIY remodeling projects. But when they’re not done properly, such efforts can actually have the exact opposite effect on the value of your home. Here are eight of the top remodeling mistakes that can decrease your home’s value:
- While a certain color scheme might look great to you and your family, it won’t necessarily be equally to potential buyers. Stick to neutral tones that wont distract buyers from the home’s other assets. Bonus light neutral walls help to increase the sense of space. And buyers don’t dream of having even more space?
- It’s not all about you Truly, it’s the idiosyncrasies and special touches that turn a house into a home. But your grand remodeling vision isn’t likely to match up exactly with what buyers are looking for – and that can cost you money. Avoid items that are desirable only to a small niche market, and not to the vast majority of buyers. An agent or professional stager can help guide you if you’re truly “out of touch.”
- Flooring Fail
You might be totally justified in worrying about the sate of your old carpet, but make sure that the solution isn’t as harmful as the original problem. Cheap laminate is no better than old carpet if you are installing new hardwood or laminate flooring, remember to remove the baseboards to ensure a proper fit failing to do so will result in a less-than – perfect job that buyers will see as project to take on. No, thank you!
- Don’t Do too much
Fixes here and there can be great value-adder, but big- tickets items-such as sun rooms or hot tubs- and fundamental altercation to the property- such as removing a bathroom, over sizing the garage or shrinking the yard- can end up being much more trouble than they’re worth. Renovations often take longer and cost more than planned. They’re also difficult, if not impossible to undo. Do it right, or just don’t do it at all
- Cutting Corners On Labor
While it may seem like a great idea to get your friend to come over and help you build a new deck or renovate your bathroom, such a decision could be costly in the long run. An unprofessional job will reveal itself over time, which could result in complaints or even lawsuits from your buyer.
- Spaced Out
Ever heard of someone checking out a home, and complaining that there’s just too much closet space exactly. You might feel temptation to remove closet in the name of making other additions, but fight that temptation! Buyers want to know they’ll have plenty of space to store their stuff- and if they decide, down the road, to turn that closet into a brand new master bathroom, let them put in that time and money!
- First Impression
Everyone knows the value of curb appeal, but don’t make your home curb-unappealing with ill advised projects. Exterior paint jobs, fencing, excessive landscaping, even tinkering with your front door: When done right, They could add a bit of value. But if not, they might just scare off potential suitors before they can even set a foot inside.
- Taking A Dip
While the sunny days of summer might bring to mind idyllic image of poolside frolicking, adding a swimming pool to attract potential buyers is defiantly a no-go. Not only are you highly unlikely to recoup your cost,but the pool could sink your homes value even further, since some buyers see it as a deal breaker.
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