Renovation Don'ts: Things That Won't "Up" The Value of Your Home
November 20, 2014
While often times it seems that every renovation you do will help your home sell in the future, that is just not the case. Sometimes there are renovations that will make it more difficult to sell your home down the line, or they just won't add up to the raise in value you thought they would. Some of these renovations you may do anyway, just because they are things YOU want, but remember the next owner may not feel the same way. DON'T! Put in a Pool - Pools may seem luxurious to you. It's fine, if you are going to get a lot of use out of it, to add one for your benefit. But do not make that addition thinking it will add $20,000+ to the cost of your home. Many people do not have the dream to maintain a hole in the ground that costs time and money for them to care for. This means they won't pay a premium for a home with a pool either. Maybe it's different in Florida or Hawaii - maybe in those two locations you'll get a bang for your pool buck. Otherwise steer clear. Convert a Bedroom - It may seem like you personally have too many rooms for your needs so the idea of taking away a bedroom to make it a large bathroom, a wardrobe, or absorb it into another room may seem sound. Resist the urge. A bedroom is a bedroom. If you do anything to it, make it temporary so that future buyers can use it...as a bedroom. Or any other function they see fit. Lay Down Carpet - Natural hardwood is the most coveted floor covering out there in today's home purchase world. If you are going to re-do floors make sure you don't cover over hardwood with carpets, and when the budget allows, convert flooring to hardwood. Unless it's a bathroom then tile is always a good choice. But try to stay away from cheaper laminate or vinyl. And definitely resist the urge to carpet wall to wall. Convert your Garage - You may have a small house and feel that converting the garage into more usable living space is the way to go. Stop the construction plan! Garages are very valuable and by adding more living space and taking away the garage you may be removing money from your resale value. Finish a Garage - Some people look at bare cement floors and unpainted walls with drywall tape showing and think that spending a couple of thousand on finishing the garage will be worth it in the long run. It will. To you. Finish it because you want it done, but don't expect someone comparing two homes side-by-side to pay more money for yours because the garage walls are painted and the floor is sealed. Go Too Trendy - The thing about trendy...it's only in for a short time. Going with classic finishes and materials is likely to pay off in the long run more so than going too far out there into trending designs. Especially on things that cost a lot to replace such as flooring, cabinetry, and tiles. When considering renovation plans for your home consider what will make you happy if you plan to live in the house long term. But if you are making the renovations with an eye toward future resale, make sure the renovations you plan to do are helping your bottom line not hurting it.