Many people are under the impression that as long as they continue to invest in their home it’s value will increase. Sadly this is not the case and home owners need to be smart about what they spend their money on if their sole goal is to increase the value of their property.
With that in mind, we’ve put together a list of 7 home renovations that could actually lower your homes value or not add any value to it at all!
Home renovations are carried our for different reasons. Sometimes people do them just to improve the quality of their lives. Other renovations are done with the sole purpose of adding value to the property so it can be sold for a greater amount.
Let’s look at the 7 home renovations mentioned above in a little more detail.
1) Excessive Use of Wallpaper
Having wallpaper in your house has a number of benefits, some of which include:
- Adding aesthetic appeal and style to your home.
- Hiding wall imperfections.
- Wallpaper is more durable so generally lasts longer than paint.
Even a house in poor condition can be made to look good with quality wallpaper. That said, you would be wise not to wallpaper everything if you’re looking to sell your house at some point in the future. The truth of the matter is that wallpaper is tough to remove and for the most part people do not enjoy removing it. Secondly, some wallpapers can come across as very unappealing for the average home buyer which could put them off your property if they are looking to move straight into a home ‘as is’.
If you’re going to add wallpaper use it on something like a feature wall and paint the rest. This way you’re happy because you’ve added some style to your home and potential home buyers will be happy because if they don’t like they only have to remove it from a single wall and not a whole room!
2) Fancy Paint Colors
Most people are of the opinion once they buy a house they can do whatever they want to it because it’s theirs and rightly so!
However, if you cannot envision staying in your house for the rest of your life you want to think twice about adding certain things to it and one of them is extra bright or bold paint colors.
The fact is, a standard home buyer would more than likely be against buying a property that has a lavish color scheme and opt for one with neutral colors. People generally like to add their own ‘touch’ to a property they have just bought so buying a ‘blank canvas‘ property will be a priority for them than one with random colors they don’t particularly like.
This could result in you having to lower your properties value so you can sell it or invest more into the property to rectify the problem.
3) Joining Smaller Rooms into One Large Room
Joining together two smaller rooms into one large room can be a very practical solution for you and your family. It can help create space as well as keeping family members happy.
However, from a financial point of view this will probably not increase the value of your property. There’s actually a very high chance that it will reduce what your property is worth.
Generally speaking, the more rooms a home has, the more it is worth. Even if joining two rooms together helps your family, it’s likely that another family would benefit more from the added room.
4) Built-in Over Personalized Features
When people are day dreaming about their perfect homes there’s no doubt things like on-suites, walk in wardrobes, built in TV’s and more cross their minds.
Having these things in your dream home is absolutely fine but if you add them to homes that you intend on selling at some point, there’s a good chance you won’t make back the same amount of money it cost to get these features added.
Simply put, people are picky and like their own thing. One thing could look perfect to you but terrible to someone else – it all comes down to personal preference.
For example, a walk in wardrobe could be ideal for you but someone else might think that space would be better used as storage or an on-suite. To stay on the safe side and get the most out of your home try to avoid adding such features. Let the new owners do it themselves!
5) A Swimming Pool
A swimming pool would easily top most peoples ‘dream home’ feature.
Saying that, it’s not always the best investment and here are some reasons why:
- Swimming pools require a big initial investment so you don’t always make your money back.
- Swimming pools mean you need good weather. Do you want to invest thousands into a pool only to use it for a few months a year?
- You need a family of a specific age group for the pool to used regularly to justify the investment.
- There are many added costs of maintaining a swimming pool which added up could actually cost more than the value it has added.
Although a swimming pool will add a little value to your home the amount added is simply not worth it for the average home buyer and in most cases is a big turn off!
6) Too Much Carpets
As with excessive wallpaper and fancy colors, carpeting is the same in the sense that much of it comes down to personal preference.
If you want to keep the value of your home static, opt for neutral carpet colors or no carpet at all. This way if a someone wants to buy your house they can either choose to put in their own carpet or keep the current one without having to worry about any over extravagant colors every time they walk into their new home.
7) A Home Office Conversion
Due to the advancement of technology, more and more people are able to get a job and work from home thus resulting in the new trend of home office conversions.
A home office conversion is no doubt very useful for someone who works from home as it gives them a dedicated space to work from with little interruption.
That said, for a typical home buyer who is just looking for more bed space, it won’t come across as very appealing which means the money you’ve spent in creating the room hasn’t really added any value. Instead it has left you a couple of thousand out of pocket!
The Bottom Line
Home renovations are a great way to add value to your home but we advise caution when picking certain renovations. The important thing here is to know your long term goal. If you plan to stay in your home forever then it doesn’t really matter what you do, however, if you’re planning to sell up in the future think twice before doing anything too radical.
We hope the 7 points we’ve provided in our article help you understand the difference between personal renovations and home renovations that can actually increase the value of your property!
Are you someone who’s looking to add value to your home and then go for a quick house sale? Housebuyers4u might be perfect for you! We are genuine cash buyers with decades of experience who have the cash funds in place to secure a sale within 7-14 days!
Give us a call and see what we can do for you. Get your free no obligation offer today!