If you’re thinking about renovating your home this year, you should first ask yourself why. If your answer is to increase the purchase price, then you should first understand that not every renovation will add value to your home. That’s why it is wise to talk to a professional first to make sure you’re making the right decision for your goals. But until then, here’s a little information to help you get a better idea of the types of renos which don’t always increase your home’s value.
Many potential buyers see a swimming pool as a danger to their children and also an expensive item to maintain. Inground swimming pools are also very expensive to put in and fill, which is a cost that you may never recoup when you go to sell your house.
Before you decide to do a pricey remodel to make your house the biggest and nicest on the block, you need to consider the average sale price in your neighbourhood first. For instance, if the largest house on your block sold for only $150,000, you probably won’t be getting much more than that when you sell, especially if the others homes in the area are much smaller. If the only reason you’re adding a large second story or new addition is to improve your sale value, you should maybe think again.
Beautiful carpeting can transform the look of your home, but it doesn’t always increase the value. Not everyone likes carpeting. Some people prefer natural hardwood or tiles. It is also a very personal design choice, and the colour and style you choose may not suit other people’s preferences. And considering that carpet is expensive to buy and install, it’s unlikely you’ll be able to recoup the cost by the time you go to sell your home.
Gardens And Landscaping
Another type of reno that doesn’t often increase your home’s value is landscaping. Not everyone will enjoy the same selection of plants and design choices that you do, and they may even end up seeing a garden as an actual drawback or burden to upkeep.
Bold Design Choices
Trying to be trendy isn’t always be easy to pull off. Bright wall colours, abstract patterns, and custom designs can turn off potential buyers that don’t share your tastes. Instead, keep wall colours and patterns as neutral as possible if you plan to sell your home in the near future.
A brand new backyard deck may add to the aesthetics, but it might not be exactly what the buyer had in mind. So don’t go overboard with backyard features. If things need repairing, you should definitely spend the money to fix any cracks or deteriorated items, but don’t spend thousands of dollars on something that may not appeal to the next homeowner.
Don’t make the mistake of spending thousands of dollars on a renovation hoping it will add more value to your home without talking to an expert first. A bit of extra time researching and seeking the advice from the experts can end up saving you a lot of time, money and aggravation. If you want to learn more about the types of renos which don’t always increase your home’s value contact us, or give us a call at (613)727-9427