Avoid These Regretful Renovations That Decrease Home Value
Home improvements can build home equity, but only if you're doing them wisely. Homeowners pour money into renovations that end up backfiring on them, painfully watching their home value drop and their house sit on the market because of it. See which 'unique touches' you should never consider adding to your home and the regretful renovations that will hit your home value the hardest.
Fancy Light Fixtures Become Outdated Fast
Some homeowners might see light fixtures as an easy way to add some personality to a room. It's true that updated lighting can enhance the appearance of a living or dining space, but oftentimes, homeowners make the wrong selection.
It's best to select a light fixture that matches the overall home design and doesn't stand out on its own. This means avoiding glamorous light fixtures that typically become outdated within 10 years and look awkward in a modern home.
Bold And Flashy Paint Colors Do Not Belong In Your Home
While a bright and exciting wall color might sound like a fun idea, it's much better for your home value if you purchase a few bright throw pillows instead. Paint isn't as permanent as the layout of a home, but it's still expensive to replace.
Even an accent wall, which has become an increasingly popular home design choice, is another item potential buyers will have to add to their fix-it list before moving in.
Investing In The Wrong Landscape
A beautiful front yard might seem like a no-brainer to boost curb appeal and home value-- but not so fast. Going overboard and planting too many variations of plants can increase costs quickly and require a lot of maintenance.
A yard with intricate landscaping needs the proper watering and consistent upkeep that a lot of homebuyers aren't prepared for. Having the fanciest front yard on the block also means the most expensive!
Unusual Tile Is A No-No
It can be entertaining to browse the endless tile options that are available at your local home improvement store. Next to an eye-catching pattern, a simple grey or white tile just seems dull.
However, homeowners should keep in mind that it looks fun on a small scale, but once your entire kitchen floor or bathroom wall is covered with the tile, you might think twice. If you're trying to sell your home down the line, expect the majority of potential buyers to have a different taste.
Hot Tubs Are Expensive To Maintain
If you're going to add a hot tub to your backyard, at least make sure that it's portable, and don't plan on it adding value to your home. Any money that you put into getting a hot tub, you won't get back.
Hot tubs quickly become outdated and are expensive to maintain. While some potential buyers might not enjoy having a hot tub, others with young children might see it as a hazard. It's better to remove the hot tub before putting your home on the market.
A Converted Office Space
In 2020, 71% of Americans surveyed reported that they were working from home. And even when given the option of working from an office space, 54% said they would prefer to continue working from home. For many employed adults, that means setting up a workspace. Some go as far as converting a bedroom or garage into their home office-- but should you?
Costs of an office renovation could include installing electrical outlets and hardware, which won't increase your home value. It's also better to keep square footage neutral so that the next buyer has the freedom to choose how to use it.
Lots Of Carpeting
Carpeting or hardwood, which do you prefer? When it comes to your home's value, hardwood is the better choice. Carpeting becomes matted and frayed within the first 3-5 years and it's recommended that homeowners replace carpeting every 6-7. At most, well-maintained carpets are expected to last 10.
Because carpets have such a short lifecycle and aren't always cared for as well as they should be, viewing a home on the market that's filled with carpet can be daunting! Even if the carpet is of good quality, the color choice might not be the buyer's preference.
Turning Two Small Bedrooms Into One
Many older homes were designed with small bedrooms that don't seem practical for today's day and age, unless they're designated as a child's bedroom or a nursery. Some homeowners opt to take down a wall and combine two smaller rooms to make one large one, but experts say this isn't such a good idea.
If it isn't your forever home, it's best to keep the number of bedrooms as is. Taking away a bedroom could decrease your home's value by 15%, which would be a big mistake.
Wild Wallpaper... Or Too Much Of It
Just like art, wallpaper isn't one-size-fits-all. Chances are, not everyone agrees with your taste in wallpaper, which is why you shouldn't plaster it all over your home. If you do, you'll be kicking yourself when it comes time to put your house on the market.
Wallpaper is difficult to remove, and is a job that's best left to the professionals. When potential buyers see that your home has wallpaper, that will go straight to the 'con' side of their list.
Don't Remove Any Closets
Needing more space is a common reason that people shop for new homes. Once the number of people in a household increases, or children get older, families often look for a bigger house.
Of course, each member of the household needs somewhere to hold their clothing and belongings-- the bigger the closet, the better! That's why it's a huge mistake to eliminate closets when doing a home renovation. Potential buyers are sure to note the lack of storage space, which can decrease the value of your home.
High-End Kitchens Cost Twice As Much As They're Worth
With kitchens often being considered the 'heart of the home,' you can expect that buyers want a nice one! However, when it comes to kitchen renovations, homeowners should make sure that they don't spend too much.
According to Fixr, a high-end kitchen remodel can cost up to $75,000, but raises the home's value by less than half of that amount. While high-end appliances and a glamourous marble countertop might sound picture-perfect, it's not a good investment.
Textured Walls And Ceilings Are A Turn Off
Home trends come and go, and textured walls and ceilings are a renovation that you should always skip. Textured walls and ceilings are very difficult to remove, and the look isn't for everyone.
If a potential buyer sees rooms with this feature, they're also seeing dollar signs, amounting to timely and costly fixes that they would prefer to complete before moving in. It's best to find another way to add dimension to the walls, such as shelving or art.
Adding A Swimming Pool Only Adds 7% To Home Value, Tops
Even if you live in a state like Florida, where kids can swim year-round, adding a pool isn't worth the cost in terms of home value. According to HouseLogic, adding a swimming pool to your backyard only increases the home's value by 7% at best.
Also keep in mind that not everyone is looking for a home with a pool, and potential buyers could be turned off by the high maintenance costs that go along with it.
Luxurious Bathrooms Are Overpriced
When renovating your bathroom, it could be tempting to select higher-end features to make it more luxurious. You might even think that it will increase the value of your home in the long run-- but it could actually be a mistake.
Most buyers prefer practical designs for sinks, showers, and bathtubs. Overly stylish and lavish options can be seen as inconvenient and overpriced for the next potential buyer. A big soaking tub might sound good for you but would pose a problem to a family with young kids.
A Home Gym Conversion Doesn't Add Value
Converting garages into home gyms has become increasingly popular in recent years. According to new research, three in five Americans believe that traditional membership gyms will become a thing of the past.
Home gyms are on the rise, as 64% of those polled said they preferred to exercise at home. However, homeowners should avoid installing anything that requires money to remove, or completely converting a space into a home gym.
DIY Home Repairs Decrease The Value Of Your Home
Some buyers might elect to do home improvement projects themselves to save money. However, in the long run, there's a chance you'll be losing money instead. Structural updates, plumbing, and electrical improvements should all be left to the professionals.
Attempting to fix any of these on your own could lead to costly mistakes. You better believe that the home inspector that visits your property before the buyer signs the dotted line will take note of every DIY repair they find.
Messy Trees Require Too Much Clean-up
Some trees become burdensome for the same reason that makes them so beautiful. Depending on the type of tree, leaves and flowers can end up becoming a constant problem for homeowners.
Some of the messiest trees include Oak, female Ginkgo biloba, locust, Eastern white pine and sweet gum trees. Not only are these trees a pain to clean up after, but having a mess all over the front lawn can decrease curb appeal and hurt the value of your home.
Installation Aquariums Aren't For Everyone
Television shows featuring incredible and unique homes will include an estate with a grand aquarium every once in a while. The attention-grabbing feature can catch your eye as you walk into a home, and can be a tempting addition.
Yet, there are many problems with installing a large aquarium. On this scale, a fish tank is very costly and requires constant maintenance. For some homes, a fish tank might even become dangerous due to children, pets, or natural disasters.
Home Theater Additions Aren't For Everyone
Every homeowner and family has different needs when it comes to their living space. While you might be tempted to turn the extra bedroom into a home theater with a full-scale screen, the house's future occupants might desperately need that third bedroom.
The home entertainment space is best kept on a level that can be dismantled if it doesn't fit the needs of the majority of families. No one wants to sleep in a movie theater
Adding A Sunroom Costs More Than Its Value
Sunrooms have been around since 6000 BC when people in China built their homes facing south to capture the heat of the sun. Today, you can find them in countries around the world, including sunroom home additions.
According to Home Advisor, sunroom home additions can cost up to $80,000 to complete. The average sunroom addition will cost buyers $30,000. In return, the addition will add value to your home by a small margin, but not nearly as much as a buyer will spend on it.