When renovating or upgrading your home, one of the main goals that you probably have in mind is increasing your home’s value. After all, why would you invest thousands of dollars in a home upgrade if it’s not going to reap rewards for you in the future? However, not all home upgrade directly translate to an increase in your property’s value and marketability. In fact, there are certain upgrades and renovation mistakes that do the opposite.
If you want to increase your home’s value through renovation, here are the mistakes that you should avoid at all costs.
Most major renovations are expensive. You can try to cut costs by using materials that are below standard, but this will eventually cost you in the long run. For example, when installing a retractable patio shade, buyers are going to notice if it’s not of standard quality. Sure, it can make buyers perceive value, but that value is not really there, and it will raise questions about the quality of the rest of the house.
Don’t cut costs on major home renovation projects. If your budget is not enough to cover the initial plan, try to downsize the scope instead of using substandard materials.
You may enjoy having the most uniquely colored house on the block, but future buyers may not. The exterior appearance of a home plays a huge part in its marketability. Buyers can formulate an initial judgment of your house just from looking at it from the curb. If your house is painted a color that is too bold or highly contrasts with the rest of the homes on the street, you may have trouble selling it.
The same goes for interior colors. Potential buyers should be able to imagine themselves living in the house. So if they see too much burgundy red or wild shades of violet, they may not be able to do so. Moreover, if your home is on the small side, bold or contrasting colors can make it look even smaller.
Play it safe and choose neutral shades when painting inside and outside of your home.
Materials that are hard to clean
There are certain surface materials that are difficult to clean. When doing research for your renovation plan, be sure to check out the convenience of the materials you’re choosing when it comes to cleaning. Better yet, consult your contractor, architect, or engineer. If you do a major renovation with materials that are hard to clean, buyers will see that as a decrease in convenience, and you know how much buyers nowadays prioritize convenience when choosing houses.
If you want to build a gym, a man cave, or a workshop in your home, the garage is a solid option. However, future home buyers may not appreciate your converted garage just as much as you do. Most homebuyers just want the garage as it is: a place to park the car and store stuff.
Unless you don’t plan to sell the home in the future, scratch off the garage as an option for your conversion upgrade. Instead, consider building a separate addition on your property or refinish the basement. These options may be more expensive and tedious than converting the garage, but it will save you the extra hassle and cost of reverting the garage to its original state when it’s time to sell the home.
Inconvenient room access
When a large bedroom is split into two rooms, ensure that both rooms have separate doors. Similarly, when an attic is converted into a bedroom, people should have easy (and safe) access to it. Make sure that every room has its own door; one that can be easily accessed from a common area, such as a hallway or a living room.
Sometimes, homeowners fail to consider this factor when doing a major renovation in their home. Don’t make the same mistake. If your attic-bedroom conversion yields a room that you need to duck to get into, your future home buyers may be keener to look for something else.
It’s not only building materials that you can’t skimp on, you also have to be sure that your contractor’s workmanship meets your standards. That said, avoid construction companies that offer ‘too good to be true’ prices. The savings you may receive from hiring one such company may be offset by repair costs in the future, not to mention the value you lose because of the poor results.
When planning a home renovation, don’t assume that every upgrade or remodel will increase your home’s value. Always consult your real estate agent, contractor, engineer, and design team to ensure that you’re not inadvertently decreasing your home’s value and marketability.