Have you been taking advantage of all of this extra free time to check some things off of the daunting “to-do” list? It’s hard not to contemplate updating the house when you’ve been forced to spend so much time inside. While many updates and renovations (especially the major ones) significantly add value, there are some common projects that could actually decrease the value of your home. If you’re thinking about putting your home on the market in the near future, or you’re always conscious about how your home is appreciating, do your research before you start your next project!
- A fresh coat of paint. For most, this is an inevitable task that will have to get done while living in your house. Whether the paint in a room has chipped or your kids are growing into their own and want to express themselves by painting their bedrooms, a quick coat of paint can change everything. If you’re sticking to the neutrals then you don’t have to think twice: paint away! However, if the colors you’re going for are more extreme just keep potential buyers in mind. Many will walk through a home and immediately add painting to their mental to-do list, jeopardizing a potential offer. This being said, painting is easy and inexpensive. So, as long as you remember to eventually paint the room back to a neutral tone, paint away! As far as wallpaper is concerned: make sure you really think about if it’s worth it. While wallpaper adds quite a bit of charm to your home, many consider it outdated. On top of this, removing it can prove to be quite the chore.
- Finally getting that swimming pool. It makes sense, the hot summers are long (especially with all of the public pools closed) and the kids want a pool. Plus, the memories made spending time together in the backyard pool are priceless. Both of these reasons are good enough to pull the trigger and memories will outweigh the investment. That being said, a swimming pool is likely going to have a negative impact on your home value, regardless of the warm climate. While pools could be an added amenity to some, many buyers won’t even look at a house if there’s a pool due to the insurance and upkeep. The installation alone will likely cost you more than the value it could add.
- Installing carpet. Carpet is not looked at in the same light as hardwood flooring and many buyers are more interested in what could be underneath. If you have hardwood floors, most experts would encourage you to keep them. And if your heart is set on carpet install, remember not to overdo it. After all, it can be a welcome and charming addition if limited to a room or two. If possible, keep at least half of your home without carpet and think about investing in a charming area rug instead.
- A luxury kitchen upgrade. This might be the most popular homeowner wish there is. Who doesn’t want a chef’s kitchen? The good news is that this renovation actually can add a significant amount of value to your home, however, it needs to be done so wisely. In order for it to be a good investment, make sure you’re putting your money in the right places. Upgrades such as the backsplash and cabinetry hardware can be an easy and cost-effective DIY. Then, think about what is the most outdated and focus on these items. Typically, this will be the cabinets, sink, and possibly the appliances. If you have any extra room, adding an island can be a wonderful way to utilize the space. Just remember, the more you put into the upgrade financially, the less you’ll get back when you sell.
- Removing or downsizing a room in order to upgrade the master suite. While you would thoroughly enjoy having a larger master bedroom or turning it into a suite, this is one of the worst returns on investment you’ll find regarding renovations. It’s pretty simple, fewer bedrooms equate to a lesser value. The cost alone on the renovation essentially guarantees that there won’t be a return investment from the project. Also, when listing a home, the single most important feature is how many bedrooms there are. If you go from 3 bedrooms to two, your home automatically loses a significant amount of value. This is also true for closets. If you are serious about enlarging a room, give serious thought to putting on an addition.
- Adding a sunroom or 3 seasons room. This one is pretty simple as well. While the thought of a sunroom is appealing for many reasons, the return on your investment just won’t add up. Putting a sunroom on your home will be quite expensive and isn’t something that you should do yourself. From a value standpoint, it may not be worth the money.
At the end of the day, remember that your home is not only a financial investment but also a personal one. If you’ll enjoy the pool and fancy kitchen then go for it! If you’re longing to enjoy your morning coffee in a new sunroom then maybe the cost will be worth it. Just make sure to do your research before starting a new renovation. And remember, even the simple projects could have an effect on overall value. This is especially true when taking potential buyers’ opinions into consideration. Remember to seek advice from the experts and stay up to date on house values and features that other homes in your neighborhood are selling for. That being said, if you’re planning on staying in your home for the duration of your mortgage, then you have nothing to lose! Consulting a professional, local real estate agent like Masha is always helpful. Her expertise in the market will help you make the most of your home renovation.
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