Avoid these common home renovation pitfalls
Thursday Aug 03rd, 2017Share
While customizing a home is a great way to make it your own, certain renovation projects may actually work against you, decreasing your home's resale value when it comes time to put it on the market.
“Though personal touches and an attention to detail may at times make all the difference in the world, certain home improvement projects should be avoided in order to maximize your home's resale potential,” explains Norm Jensen from Royal LePage Network Realty Corp. “It's recommended that homeowners consider their needs while keeping future buyers in mind before leaping head-first into a new renovation project.”
According to Jensen, homeowners should avoid these common missteps in order to maintain their property's value:
Don't over-renovate. While pouring additional funds into renovations may seem like a great idea, it may not actually help your cause. If your home has to be priced well above the average resale value of other homes in your community, it could ultimately make it harder to sell and prolong its time spent on the market.
Beware of changing a room's function. Reducing the number of bedrooms in a home will often lower its resale value. Prior to converting an empty space into a theatre room or home office, consider how difficult it may be to change back.
Avoid extravagant personal touches. Before choosing to install built-in aquariums, bold wallpaper patterns or green marble countertops, remember that over-the-top individual markers can potentially decrease the value of your home.
Keep that bathtub. Many homeowners often renovate their bathrooms in order to bolster resale value. However, replacing a tub with a large shower in order to add space may not always benefit your bottom line. Potential buyers often look at the bathtub as making the bathroom complete and is highly desired by parents with small children.