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 homeโs value.
You might be tempted to try to add value by tackling a few DIY remodeling projects. But when theyโre 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 homeโs value:
1. Rainbow Not-So-Bright
While a certain color scheme might look great to you and your family, it wonโt necessarily be equally appreciated by potential buyers. Stick to neutral tones that wonโt distract buyers form the homeโs other assets. Bonus: light, neutral walls help to increase the sense of space. And what buyer doesnโt dream of having even more space?
2. Itโs Not All About You
Truly, itโs the idiosyncrasies and special touches that turn a house into a home. But your grand remodeling vision isnโt likely to match up with what buyers are looking for โ and that can cost you money. Avoid items that are desirable only to a niche market, and not to the vast majority of buyers. An agent or professional stager can help guide you if youโre truly โout of touchโ.
3. Flooring Fail
You might be totally justified in worrying about the state of your old carpet, but make sure the solution isnโt 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 baseboards to ensure a proper fit; failing to do so will result in a less-than-perfect job that buyers will see as a project to take on. No, thank you!
4. Donโt Do Too Much
Fixes here and there can be great value-adders, but big-ticket items โ such as sun rooms or hot tubs โ and fundamental alterations to the property โ such as removing a bathroom, oversizing the garage or shrinking the yard โ can end up being much more trouble than theyโre worth. Renovations often take longer and cost more than planned. Theyโre also difficult, if not impossible, to undo. Do it right, or donโt do it at all.
5. Cutting Corners on Labour
While it may seem like a great idea to get your friends to come over and help you build a new deck or renovate your bathroom, such decisions 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.
6. Spaced Out
Ever heard of someone checking out a home and complaining that thereโs justย too muchย closet space? Exactly. You might feel the temptation to remove closets in the name of making other additions, but fight that temptation! Buyers want to know theyโll have plenty of space to store their stuff โ and if they decide, down the road, to turn that closet into a new master bathroom, let them put in that time and money!
7. First Impression Fail
Everyone knows the value of curb appeal, but donโt 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 foot inside.
8. Taking a Dip
While the sunny days of summer might bring to mind idyllic images of poolside frolicking, adding a swimming pool to attract potential buyers is definitely a no-go. Not only are you highly unlikely to recoup your costs, but the pool could sink your homeโs value even further, since some buyers see it as a deal breaker.
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