Oftentimes, renovations are done with the intention of raising the value of their property. However, they might also be done to better suit homeowner's personal taste. Whether you are renovating to sell or to fulfill individual preferences, it's important to always keep resale value in mind and research into any home upgrades.
Homeowners that are looking to sell sometime soon should consider that certain renovations can influence a home, and it may not always be in a good manner. If you want to improve your home without damaging its resale value, read on.
1 - ELABORATE FIXTURES
Simple is best. Unfortunately, a common mistake many homeowners fall prey to when investing in renovations is falling head over heels for unique and extravagant looking fixtures. Whether it be hanging pendants over your dining table or that antique bathtub, when the time to renovate comes along, odds are you'll feel the impulse of picking something exciting instead of picking what's best for your home in the long run.
Try to avoid anything trendy as fads pass with seasons. What might be considered as a must have today might look outdated tomorrow.
2 - TILING
Over-personalized renovations like tiling can end hindering the value of a home, specially when it comes to quirky tile designs. While they may seem like a brilliant way of showcasing your individualism, it also requires effort and money to replace.
Unless you get someone who's after that black-and-white tile 1950's diner look, most homebuyers will see this as an inconvenience and something they will need to replace later on. You are better off installing classic white tiles or hardwood floors as it will add value to your home.
3 - CARPET INSTEAD OF WOOD
Many find taking care of carpets as an impossible task. Stains soak in and can settle permanently and even penetrate the floor under it, bacteria and dust also tend to attach to its fibres making it a health hazard. If hardwood flooring is properly taken care of it could last decades or even generations in the case of high-end wood.
Hardwood flooring isn't just the better option when it comes to maintenance but also a smart investment. According to research, over 50 percent of homebuyers are willing to pay more for a home with hardwood flooring rather than carpeting. Hardwood flooring also adds a handsome extra 15 percent to your asking price when reselling.
4 - BOLD COLOURS
Just like flashy fixtures, bright and bold paint colours can end up as a turn off to potential homebuyers that might lack the same taste as you might have. On the bright side, repainting a room is one of the easiest and cheapest home renovations yet an important one. You can always go the DIY route with your walls. However, it's best to leave it to the pros for better looking results! A whole-house interior painting can cost up to $CAD 3,000.
5 - COMBINING ROOMS
While combining two smaller rooms to create a bigger one might seem like a brilliant solutions to create a bigger living space in your home, it might end up hurting your home's value. This type of home reno sounds perfect for a young couple just starting out without any children or to one who's children have left the nest. However, without proper planing it could end as a bad move if you aren't planing to make your current home your last one.
Real state experts advice against this type of renos if you're aiming to resale as even small bedrooms add value to a home. Most couples want to start a family, and like most they want their children to have their own room and don't mind if it runs on the small side.
6 - POOLS
They can be fun during those hot summer months and unless you live in a warm-weather area, a pool might not be the best way to raise property value. They're also very costly when it comes to home additions. The average in-ground pool installation can cost over $CAD 50,000. Not to mention the costs of regularly maintaining it clean. Many potential homebuyers rather pass on a home with a pool as they might not want to deal with the headaches of maintaining one. Not the best investment as it only increases a home's value by 7 percent – on certain circumstances at that.
7 - WRONG LANDSCAPING
Everybody wants to have that award winning and magazine worthy landscape in their own backyard, but homeowners are prone to making mistakes that can end up in devaluing their homes. Trees are a staple of any home, but it's important for you to make your research before getting any work done for your home's yard. Some trees, as breathtaking as they might appear, can be extremely messy with leaves or flowers that might create a mess for your and your neighbours.
Your garden should be beautiful but kept simple enough to be able to maintain without any hassle. Make sure that if you add any decorative additions they can be easily removed.
Bottom line, it's better to set aside over-personalized customization as it can decrease your home's resale value when are renovating your home. While loving the home you live in is important, it's wise to think twice before investing into any sort of renovation.