When doing home renovations we generally assume that they will increase the value of our home. Whether it be a new kitchen or a lightly touched-up guest bedroom, for the most part, it works in our favour.
However, there are a few renovations that don’t always pay off the way we had hoped, here are the first 5 of 10:
Regardless of how trendy the pattern is, the majority of buyers see this as a project.
Most buyers will do a quick calculation of how much it will cost them to have the wallpaper removed and the walls repainted.
Remember, just because it’s trending doesn’t mean it appeals to everyone!
A “smart home” can feel very modern while offering real benefits in terms of efficiency and control over your environment.
The problem is that potential buyers may not have the same needs as you, and built-in electronics might be wasted on them or might become outdated over time, becoming not just an eyesore, but an eyesore that doesn’t work well.
Potential buyers may see these as future bills because they immediately estimate how much it will cost them to remove and/or upgrade them.
Converting your garage to an extra bedroom, additional storage, or even a home gym or theatre room can give you plenty of extra living space and square footage.
When you convert your garage you’re not just gaining more square footage—you’re also losing a valuable aspect of the home that buyers want.
Worse, the buyers may not care as much about the extra room, since they’re coming in fresh. The impact is brutal—it’s estimated a garage conversion can reduce your home’s value by as much as 25%.
Yes, carpeting is comfy, cozy, and warm and many people do love it!
However, unless carpeting is brand new, it tends to scare off some buyers as it is also known to collect bacteria and dust and can be difficult to clean.
Buyers want to see flooring that is easy to clean, fresh, and preferably stain resistant, especially if you or they have children and pets.
Overly Personal Design Choices
Of course, you have the best taste in home design!
However, your style may not be the same as your potential buyers and this can negatively impact the value of your home.
Bright colours, textured wallpaper, and funky fixtures make your home unique and show your personality, and it’s natural to want to showcase that in your home.
But if you go to far, it can send buyers running in the other direction as they see these designs as projects that need to be fixed and updated…in other words, costing them extra money.