• Friday, June 14, 2024
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BusinessDay

Can your home renovations devalue your selling price?

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It is normal for homeowners who want to sell soon or later in the future to want to enhance the price of the home by investing in renovations. We have also written here that it is recommended, as potential buyers often value the little difference you make in the home. However, when is a renovation too much for the value of the home? Can your efforts and investments hurt the price?

The answer depends on whether you renovated the home with your personal preferences as an overriding factor. Before carrying out a renovation, consider doing a research. A common home improvement mistake according to an expert is falling in love with unique and lavish fixtures for instance a luxury bathroom or light fixtures. Potential buyers could be scared off by over-personalized finishes. When you want to renovate, bear in mind that what you love may not be what your buyer will prefer. So be modest. Consider a walk-in shower to appeal to a wider audience.
Second, leave the trendy things alone. This is very important in view of the fact that what may be in vogue today could be outdated in ten years time. Some homebuyers are aware of this. Simple is the best.
Using overtly bright colours as house paints for some buyers is a turn off or you chose too much wallpapers. Bright and bold colours can turn off any potential buyer who might lack a bit of vision, according to an expert. For wallpapers, they are notoriously difficult to remove; hence most buyers tend to avoid them because they represent potential headaches. A good idea will be to use fresh paint and neutral colours. If you had used wallpapers, consider removing them yourself and painting the walls. Leave the choice of wallpapers for the buyer to make.
Experts say that homebuyers are likely to pay more for a home with hardwood floors than carpets. Compared to hardwood and tiled floors, carpets have the disadvantage of showing early signs of damage.  
Renovations in the kitchen area should also be modest. Experts recommend that to avoid spending too much on a project that will give little returns, focus instead on which aspects of the kitchen are most outdated or worn.
Many homeowners get a thrill with the idea of a home office. Despite the appeal, it may prove a costly mistake to convert a bedroom into a dedicated office. This has a potential of devaluing your property.
Similarly, combining two small bedrooms to create a bigger room may seem like a good idea, but it is a bad move if you do not plan on staying in that house forever. Most families desiring a new home may find a small room very appealing because their children get to have a room to themselves.
Another mistake is to remove the closets maybe in a bid to create more space. Some buyers will price low on a home without closets. In fact, some people walk in and count the closets.
Other renovations may include putting a hot tub, a swimming pool, built-in high-end electronics or making the wrong landscaping investments. Costly landscaping decoration will not increase the value of your home, but it will increase the cost of maintenance required for it.
Think about your potential buyer. Keep it simple and modest.
FRANK ELEANYA