10 Home Renovations That Will Hurt Your Home’s Value
by Paul Richart, Owner of Metropolitan High Performance Windows
Homeowners often consider renovations that they hope will boost their home’s resale value. Unfortunately, many home improvements do not offer a substantial return on investment (ROI). While some home renovations make financial sense (like replacement windows and patio doors), it is best to avoid types of remodeling projects that will negatively impact your home’s resale value.
Having been a home contractor in California for over 20 years, I’ve witnessed first-hand the mistakes homeowners most often make trying to increase their home’s value. Here is my top 10 list.
Many homeowners dream of an elaborate kitchen remodel. And, while it is tempting to splurge on a flashy kitchen renovation, the resale value is less than the amount of money you’ll invest. By focusing on the most outdated and worn aspects of your kitchen, you can avoid spending too much on a home improvement project that won’t offer a good return on investment.
Upgrading your bathroom can add value to a home, but don’t get carried away. A luxurious, personalized bathroom might fulfill your fantasies, but it could scare off potential homebuyers who don’t share your vision. Keep it simple and consider upgrades that will appeal to a broader audience.
Swimming Pools or Hot Tubs
Many homeowners believe a swimming pool or hot tub will add value to their homes, but a pool or hot tub can decrease a home’s resale value. In addition to being a deterrent to many homebuyers, the cost of building and maintaining a pool or hot tub is not worthwhile for many homeowners.
Room Conversions or Expansions
Each bedroom adds value to your home. Converting a bedroom to a home office or combining two small bedrooms could be a costly mistake. If you need a home office, be sure to avoid bulky, built-in furniture. If your bedroom is small, don’t knock down walls – instead, opt for lighter colors and slim furniture.
Built-in or customized electronics that take up space could turn off potential homebuyers. As with all home renovations, over-personalization usually leads to a decrease in home value. This is especially true with technology, which can quickly become outdated.
Lavish Light Fixtures
Falling in love with lavish light fixtures is one common home improvement mistake. While it’s tempting to pick a new and exciting style, simple is best. The big rage today will look dated when it’s time to sell your home.
Too Much Carpeting
While carpeting your entire home has its perks, the negatives far outweigh the positives. Carpets wear down quickly and show damage, especially when compared to hardwood and laminate floors. Furthermore, your color and texture preferences might not match those of potential buyers. Most homebuyers are willing to pay more for a home with hardwood floors.
The wrong landscaping investment can be a costly mistake. Homeowners who undergo a project in the name of “curb appeal” often regret their decision when the landscaping discourages potential homebuyers. Instead of adding value to your home, an extravagant landscaping project will increase maintenance needs. Keep your yard simple and easy to maintain.
With its patterns and textures, wallpaper is one design choice that might deter potential homebuyers. Wallpaper is very taste-specific and notoriously hard to remove. Fresh paint and neutral colors are your best bet to create a universally appealing look.
Bright and Bold Paint
Bright paint colors are another deeply personal style choice. While you may love the artistic look and feel bold paints bring to your home, they can turn off any potential buyers. Fortunately, repainting your home is a relatively easy project. If you plan to resell at any point in the future, choose neutral colors to present homebuyers with a blank canvas.