The easiest way to increase the value of your home is to complete some home improvements, however, not all improvements will increase the value. If you’re thinking of selling your home, be aware that there are a few improvements that may actually decrease the value of your home. You want to be very careful when choosing which updates to make and which to avoid.
Below, I have put together a few home improvements that should be avoided:
1. Chef Quality/Gourmet Kitchen
High-quality kitchen upgrades may be great for you...however, they aren’t for everyone. Spending tens of thousands of dollars on marble countertops, custom cabinetry, and top quality appliances may not make its way back in your pocket. Simple upgrades are best for resale value, fresh paint or a new backsplash in neutral colours will increase the value much more than expected. Upgraded appliances are a great idea but they don’t need to be the most expensive appliances on the market, Granite countertops look just as nice without the added cost and cabinets can often be upgraded with a coat of paint and some new hardware.
2. DIY Painting
Yes, a fresh coat of paint will clean up any room, however, a job done poorly will decrease the value of the room quickly. Chipped and streaky paint jobs or bright colours will often trigger buyers to think of repainting and with that thought comes the thought of extra dollars spent. Always hire a professional to take of painting for you and be sure to choose neutral colours which will appeal to the majority of potential buyers.
3. The Extravagant Master Suite
Of course, we all want an extravagant master suite, although the costs associated with this luxury will hardly pay off. Fancy seating areas, the additional square footage that’s been ‘stolen’ from another bedroom or closet, and added plumbing costs in the bathroom can all add up quickly. A home that’s gone from 5 bedrooms to 4 bedrooms or a bedroom without a closet will immediately decrease the value of the home, regardless of how fancy that new bedroom is.
4. Wall to Wall Carpeting
Carpeting a room or a home wall-to-wall is a thing of the past. People want to see rooms that are easy to clean and can be quickly cared for. Adding a flooring that can be easily swept and mopped, in a neutral colour is what people are looking for. There are plenty of options for flooring that will give the look of real hardwood flooring and will increase the value of your home immediately.
5. Swimming Pool or Hot Tub
Who doesn't want a swimming pool or hot tub? Most buyers do not want either of these! With these amenities comes a lot of additional costs, responsibility and upkeep. Keep in mind that if your property has space for these amenities, it can be easily marketed as such, which gives buyers the option of adding a pool or hot tub at a later date.
These suggestions are not for every home and do not apply to every potential buyer, they are simply suggestions for you to keep in mind when planning to sell your home. If you'd like to discuss these improvements or any others that may increase or decrease the value of your home, please contact me directly as I would be happy to assist you.
As always, JP Real Estate would like to remind you that we are more than a real estate company, we are a community and we are in this together. We look forward to speaking with you and connecting greatness!