When people undertake home renovations, they’re typically aiming to upgrade their current living space while also increasing their property’s value.
Everyone knows how a kitchen, bathroom, basement or landscaping project can often increase the value of a home. But not all home improvement projects are created equal. In fact, some upgrades could be off-putting to future home buyers.
When embarking on the road to renovations, consider how others may like and enjoy the modifications, especially if you plan to sell the home in the not-too-distant future.
A house that has been renovated multiple times can often end up looking disjointed and incohesive if the homeowner isn’t careful. Another pet peeve? A renovation where none of the appliances match or a room’s fixtures are all of a different age and colour.
Another common renovation blunder: completing aesthetic renovations while failing to upgrade functional components like electrical wiring, Heating, Air Conditioning and Ventilation (HVAC) equipment or windows.
Buyers are looking past the flash, new granite on the kitchen island won’t make up for a 40-year-old furnace that’s ready to break down.
Here is a list of renovation projects that may not add to a home’s resale value and could even possibly hurt it.
If you’re worried about resale, resist the urge to put a swimming pool in your backyard.
The saying goes, ‘You can take the value of swimming pool and deduct it from the price of a house,’ that’s what you get back.
This is particularly relevant in Canadian markets where the weather is not conducive to using a swimming pool for long periods of time during the year.
Highly-customized renovations are not only generally expensive, they’re unlikely to be appreciated by future home buyers who may not share your same tastes.
Over-personalized renovations often make a property unsellable, especially if its high-end product. It’s kind of like a homeowner’s last hurrah.
The same can be said of built-in furniture, as anything custom-built runs the risk of over-personalization. It’s usually not a good return, it limits the buyer’s furniture options and, for the cost of building furniture into a space, you often don’t get your money back.
Design trends come and go. Dark and dramatic kitchens are all the rage at the moment, but will they still be trending years from now? Your super-trendy renovation project could leave you with a home that will need to be updated again in a few years.
If you’re planning to sell in the not-too-distant future, We advise homeowners play it safe with classic styles and incorporate their favourite trends du jour with budget-friendly (and easily interchangeable) décor items rather than high-end finishes.
Drastically different and uncoordinated finishes throughout a home is a design no-no equivalent to “throwing your money away.”
For example, you wouldn’t want to put an Arts & Crafts-style kitchen in a modern home. It could be beautiful but if it doesn’t match the overall theme of the house, it can look odd.
Instead, it’s recommended to choose lower-end finishes that match and flow well throughout the home rather than opting for high-end finishes that are drastically different from room to room.
Adding a sunroom to your home can be wildly expensive and generally a pretty poor investment. Most homeowners will likely recoup less than 50% of their investment into a sunroom, especially with Canada’s long, cold winters.
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