Renovation Mistakes That Decrease Home Value

It is officially spring! Some of you may be thinking of finally going for that home renovation you’ve been planning, but wait until you’ve read this blog. Are you aware that some home renovations can actually decrease your home value and turn away future buyers? Your home is a piece of investment and tweaking it should increase its market value, not do the opposite!

Renovating One Bedroom into Another Space

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Pondering about having your very own crafting room or knocking down the walls between two bedrooms to make a bigger one? Stop! Think about the future when it will be time to sell your home. Having 2 bedrooms instead of 3 can cost you a few tens of thousands of dollars.

As a general rule, houses with more bedrooms command higher prices because listings are typically grouped together based on the number of rooms (and toilets and baths). Fewer bedrooms can also mean that fewer people will be interested to even look at your future listing. 3 bedroom homes sell the most, more so for families. Unless you have more than 3 bedrooms, then it would be wise to really think long and hard before deciding to renovate your home into one with fewer bedrooms.

Eliminating Closets

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Remember this, people will always need closets. You may be tempted to use up a closet’s space to make space for a bigger bath, or a vanity area but don’t do it. If you really need more space, then simply change a room’s layout, but never, ever, remove the closets (unless there’s more than two in a room).

Converting a Garage into Living Space

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How many living rooms do you need? If you need some extra living space, then make some in your attic or basement. Why? Most people would prefer having a roof over their cars, especially in areas where the weather can get a bit wild come winter.

These days, people use their garages for storage or even use a part of it as an office. That is perfectly fine and acceptable. Simply remember that you will still want to leave room for a car or two or if you truly must convert your garage, do it in such a way that it can still be used as a garage when needed.

Overdoing the Wallpaper

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You might be in love with a certain pattern or colour but not everyone will share your sentiments. Some wallpapers can be notoriously difficult to remove so it goes without saying that a prospective buyer may not be very happy when the whole house is smothered in wallpaper. Removing them and prepping the walls for paint can easily cost a few thousand dollars, and that’s something that might put off potential buyers

What you do with your home is, of course, your business. However, helping you sell it when you want to upgrade is ours. By going for home renovations that add value and function, you will still be able to have the features you want without compromising your home’s market value.

Have a home to sell in Oakville? Our real state team can help you the ball rolling. We take pride in helping you make an attractive listing so you can find great buyers who will love your home as much as you did. Contact us today.

Goodale Miller Team

Goodale Miller Team

CENTURY 21 Miller Real Estate Ltd., Brokerage*
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