RENOVATIONS THAT CAN LOWER THE REAL ESTATE VALUE OF YOUR HOUSE

Interestingly, not all renovations increase the value of our houses. Thus, we need to be aware of this and deal with our urge for renovations very carefully. Below, there are some home improvement mistakes that are better avoided, if you intend to raise your property’s worth. The more detailed information could be found on-line at http://www.propertycluster.com/blog/home-improvements-that-fail-to-add-value-to-house/.

1. Changes that make your property look odd in the neighborhood

To create more space in your house, you may find it very practical to create an extra floor and get two more rooms. You may also think that it will also help to increase the worth of your property. However, you may be mistaken. If all houses in your neighborhood are two-bed-room bungalows, your house will stand as an odd one out. Besides, buyers looking for that big space, may not come to your area. So create an extra story only if you really need it.

2. Adding a swimming pool in the house

Having a swimming pool is the ultimate luxury for home owners. However, it does not always go down well with the buyers. Prospective buyers with little kids feel vary of the swimming pool as it can be hazardous for the kids. Some people also find it cumbersome to maintain the pool. And, since we live in colder region where a swimming pool can hardly be used for 2-3 months in a year, a swimming pool can be a liability rather than being a luxury. So go for a swimming pool if you must but don’t expect it to get you a price commensurate with what you invested.

3. Changes that suit your personal caprices

If you have trendy choices for flooring or tiles, are obsessed with having a wall painted in bright purple or neon orange, then go for it after all it’s your property. But be known that it may adversely impact the value of your home. Or you should get it changed to neutral choices before you put the house on sale. Potential buyers find neutral colors more appealing.

4. Luxury upgrades

If you are a lover of luxuries and are sold to glamorous gadgets and highest quality upgrades you must stop yourself from going overboard especially if your house comes in the mid-segment. Potential buyers will not be able to appreciate the presence of expensive upgrades and will not be keen to pay for the property in proportion to your investments in upgrades.

5. Upgrades only in one part of the house

You may be desperate to make your master bedroom look grand and ostentatious and may be under the impression that it will raise your property’s worth but you may be mistaken. Investing in one room or just one part of the home while ignoring others may have a negative impact on the value of your property. It will make the whole house look shoddy especially if you have not upgraded your house for decades.

6. Making upgrades without permits

Unfortunately, it happens quite often. So, please pay special attention to this matter. If you do not take necessary permits and your house goes on sale, you may be in a serious trouble. Potential buyers choose to stay away from properties that do not meet regulations. Insurance companies may also find it a good excuse to avoid paying for a claim. Lenders and appraiser also lower the worth of the property that has made renovations without taking necessary permits. So, whenever you are going for major home improvements especially which involves changes in the basement development, garage building, plumbing and electric supply, make sure to apply for permits with the local authorities.

Thus, we need to think carefully before making plans for the home improvement and investigate thorough whether it will help to raise the value of your property. 

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Luda Kozlova

Luda Kozlova

REALTORĀ®
CENTURY 21 Bachman & Associates
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