Mistakes that Could be Lowering the Value of Your Home
You might think that every update is going to improve the value of your home. But not all home improvements are created (or valued) equally. Some projects like bathroom and kitchen updates or adding more living space are almost always a smart choice. But other common projects aren’t always as valuable as you might think. If you’re planning to sell your home, now or in the future, avoid these mistakes that could be lowering the value of your home.
Reducing the Number of Bedrooms
While the dream of a large primary suite is tempting, it’s not wise to sacrifice another bedroom to get it. There are many factors that go into determining a home’s value, but the number of bedrooms and bathrooms is one of the main considerations. And if your home is in a neighbourhood with primarily four-bedroom homes, it will be harder to sell with only three bedrooms.
Too Many DIY Projects Could Lower the Value of Your Home
Painting the walls, hanging wallpaper, or putting up shelves are all acceptable DIY home improvement projects. But unless you’re a professional, the work you do on your home should probably stop there. Many homeowners try to save money by doing their own renovations, but it’s easy to tell when work isn’t done properly. Potential buyers will see the DIY work as a red flag and may avoid your home or offer a lower price.
Mismatched Updates
Home improvements can be expensive, and many homeowners will save up for a long time for big projects like a kitchen or bathroom remodel. It can be tempting to make small updates as you go to rather than waiting for the full renovation. Especially when the problem areas really bother you. But multiple little updates can lead to home that looks mismatched and disjointed which can lower the value of your home. When making updates, always have plan for the entire home to ensure your materials and palettes are consistent.
Removing the Bathtub
If the home you’re selling has more than one bedroom, it should also have a bathtub. Even if you’ve never taken a bath the entire time you lived there, future buyers will expect there to be a tub in the home. A home without a bathtub alienates buyers with young children and anyone who likes to soak in the bath. No matter how nice the bathroom is, potential buyers may consider it a priority to have a bathtub put back in and will expect a lower price as a result.
Unique Built-Ins
Built-Ins can be great if they add function or provide extra storage where space is tight. But if your built-ins are overly bulky or too specific, they can be a turn-off for potential buyers. Items that serve a specific function such as a built-in desk or bar may not be of interest to the future homeowners. And very unique built-ins like an aquarium or sunken seating area appeal to a limited market. Built-in electronic systems can also be a risk since technology can become dated so quickly. Avoid adding permanent features that could be lowering the value of your home
Over the Top Updates
Extremely bright colours, bold tile, too many trends, or overly personalized spaces rarely appeal to potential buyers. Most homeowners will look at these bespoke updates as a project they will have to undertake. If you love dramatic updates, make sure they can be removed or returned to their original state without great expense.
The outside of your home is definitely not the place to be bold or overly trendy. While it’s OK to make your home stand out with new lighting or great landscaping, exterior updates should always be tasteful and in line with other homes in your neighbourhood. Being the only brightly coloured house on the block, could lower the value of your home.
Neglecting the Exterior
Curb appeal is critical when it comes to attracting potential buyers to your home. If you neglect exterior repairs, things can get out of hand quickly. To keep your home looking its best, stay on top of exterior maintenance. Take care of problems such as cracked sidewalks, broken lights, damaged siding and overgrown landscaping as they occur to ensure problems don’t become unmanageable. These types of issues often become more expensive to fix the longer they are left untreated so it’s always wise to perform regular maintenance.
Even if you’re not planning to sell anytime soon, it’s never too early to consider potential resale value. When planning your next project, avoid these seven mistakes that could be lowering the value of your home.