Hi everyone! Thank you for joining me on the blog today to talk about a harsh truth when it comes to remodeling your home.
NOT ALL HOME RENOVATIONS WILL INCREASE YOUR PROPERTY’S VALUE!
Whether you’re looking to make improvements to reflect a new design trend or you just want to change a space to make it more functional for your current lifestyle, you’ll want to make sure the changes aren’t going to hurt your property’s value.
Today I’m going to talk about upgrades homeowners make when trying to increase their home value that can end up backfiring. If any of these are on your home project “to-do” list, you might want to reconsider, whether you’re thinking of selling or just looking to update your home.
OVER-IMPROVING A HOME WILL NOT INCREASE THE VALUE
Believe it or not, there is such thing as “over improving” a home. When determining which updates to invest in, you’ll want to consider what kinds of updates other homes in your neighborhood have and what they are selling for. If you’re considering high end upgrades that no other homes in your neighborhood have, you will be over-improving your home and your value will not increase to match the upgrades you’ve invested in.
INVESTMENTS THAT GET “TOO CREATIVE”
One of the best things about homeownership is that the home is yours and you have the choice to use it the way you want to! However, sometimes homeowners get a little too creative when it comes to investing in home renovations that can really hurt their resale value and even decrease their pool of interested buyers when it comes time to sell.
When I say get “too creative”, I’m referring to projects such as room conversions that eliminate space that the majority of people would consider a priority. Some examples include converting a garage into a Master Suite, or a bedroom into a walk in closet or media room. While this may sound like a fabulous idea to have that dreamy master bedroom you’ve always wanted or expansive walk in closet to store all of your shoes, when it comes time to sell, most buyers are going to see this as lost space. Most people want and need garages and the number of bedrooms is an important consideration for people looking for a home to fit their needs.
Custom features and designs
Here is where you want to avoid or at least reconsider all of the “built in” xyz.
Whether it’s a built in aquarium, media center or electronics, it is likely that your “style” will not carry over to the next homeowners and that the electronics will be outdated by the time you’re ready to sell!
I really hope this blog post helps with your decision making on remodeling your home. Many of these tips may be a huge surprise to you, but that is what real estate professionals are for and if you ever have any questions you can always ask!
If you want to chat more real estate with me please take a look around the blog, message me on instagram and let’s talk about it! Thank you for joining me!