Home Renovation Tips to Avoid That Will Hurt Your Home’s Value
Renovating a house can increase its value, but not always. Some renovations can actually do more harm than good, especially when it comes to selling your home. As a real estate industry professional, it is crucial that you advise your clients on which renovations to avoid so that they don’t end up hurting their home’s value. In this post, we’ll share some home renovation tips to avoid that will hurt your home’s value.
Neglecting Basic Repairs
Some homeowners focus on making aesthetic changes while neglecting necessary repairs. Structural issues such as a leaky roof or a faulty HVAC system can turn off potential buyers, and will ultimately hurt your home’s value. Any necessary repairs should always be addressed before considering any renovations.
While it may be tempting to invest in all the latest and greatest features when renovating a house, going overboard can lead to reduced return on investment. Adding too many upgrades to a home that is already the most luxurious in the area is less likely to increase its value than when the home is modest.
Bedrooms contribute significantly to a home’s value. Opting to remove a bedroom in the name of a “better living space,” may save square footage but it may hurt your home’s value. If you’re considering combining two small bedrooms into a master suite, consider adding a clever partition or keeping the door to allow the new owner to have people that visit stay over without discomfort.
We agree DIY renovations are ideal. However, there are some renovations that are best left to professionals. For instance, electrical and plumbing work is best handled by professionals who have the knowledge of the codes and standards befitting installations. Therefore, property owners who insist on doing it themselves often cause more damage than good which eventually decreases the home’s value.
Home renovations are indeed tricky at times. While they may enhance a property’s value, homeowners need to be cautious not to make costly mistakes that will harm their home’s value. By avoiding the renovation mistakes discussed above, homeowners can increase the likelihood of realizing a decent return on their investment when selling their home. As a real estate industry professional, it is vital to educate and offer advice to clients on the do’s and don’ts of home renovations to ensure they don’t make costly expenses that affect the end value of their home.