Home improvement projects can be stressful for any homeowner. With so many options, its important to find the best project that improves your home better, while also meeting your budget. So, its even worse when you find out youve spent your hard earned cash on something that actually hurts the value of your house.
To reduce your chances of devaluing your home after a renovation project, heres a list to consider before making any big decisions.
Making changes to already existing spaces
One of the biggest mistakes homeowners make is eliminating or making drastic changes to already existing spaces. This usually happens when space is limited.
Examples of these changes include tearing down a wall from one room in order to make another larger, removing closets or built-in storage spaces, and turning an underused garage into a living area. Sure, these all might sound like great solutions to what you perceive as a much larger problem, but they all actually lead to reduced value on your home.
The problem with these drastic changes is that they tend to reflect the needs of the specific homeowner, rather than what a potential buyer might desire. While taking out a bedroom closet to give the impression of more space might appeal to you, when it comes time to selling your house, it can actually deter a potential buyer. This is also true of the garage remodel. Yes, your newly discovered living space might be of benefit to you, but the next owner may have appreciated storing their car more.
Swimming pools and hot tubs
Swimming pools and hot tubs are also something to be wary of. This is especially true of the former because of the potential risk that comes with owning one. While they are great for cooling off on warmer days, they come with a great deal of responsibility. Many homeowners dont realize that they are liable for any accidents and/or injuries that may result from someone using their pool. This even applies when the homeowner hasnt granted permission for its use. For this reason, many potential homeowners stay clear of swimming pools and hot tubs.
Over-the-top and inconsistent upgrades
Another potentially disastrous home improvement project is over-the-top renovations. Typically, these take place in the kitchen or bathroom, but can be found in other areas, as well.
By installing renovations that may seem inconsistent with the rest of the house, or that cater to a specific interest (the kitchen, for example), it may appear unappealing, and therefore devalue your home. It makes sense to have your home to reflect your interests and passions, but this actually narrows the market of prospective buyers.
Installing invisible improvements is another potential area of devaluation. These include things such as plumbing systems or HVAC. While the benefits to you and any other occupant of your home might be felt eventually, it does not lead to any improvement to your sales valueunless, of course, the buyer finds them equally important.
The final home improvement that could devalue your home takes place outside. Landscaping can have a negative impact on the overall value of your house. This can happen whether youve poorly maintained your lawn or if youve gone all out. Finding a look that fits your own style, while also matching the neighborhood and your home, itself, is the best way to avoid devaluing your home from the outside.
The bottom line is, when considering home improvement projects, ask yourself what the main benefit will be and for whom, while also considering all possible options.