Many homeowners make renovations when selling their homes to help increase its value. However, some renovations can actually lessen the value of a home. Don’t let this happen to you by reading the four home renovation mistakes to avoid below.
Renovating a home is fun and exciting, as it modernizes the dwelling and gives it a feeling of newness. If you’re looking to renovate your home in the hopes of upping its value for a future sale, though, it’s important you consider renovations that can be appreciated by everyone. Making changes that make you happy, but fail to appeal to prospective buyers will make it difficult to recoup the cost of said renovations. Here are four home renovation mistakes you should avoid.
Using Trendy Colors And/Or Patterns
It’s your property, so you can do with it what you want. However, if you’re planning to put it up for sale in the near future, you might want to reconsider using trendy colors and patterns. You may think that bright purple wall and matching tile floor is beautiful, but there’s a good chance most potential buyers will not. In fact, choosing anything but neutral-colored décor could lessen the value of your home. Go ahead and paint any color you want, but when it comes time to put your house on the market, make sure you take some time to tone down any outrageous colors and patterns the buyers may find less-than-appealing.
Upgrading Only Part Of The House
You may want to turn your master bedroom into a luxury suite, but ignoring the rest of the house in that vein could give potential buyers pause. Renovating and upgrading just one room or just one part of your house, but not doing anything in the rest of the house can actually have a negative effect on the value of your home. This is especially true if you’ve not touched the home in decades. You may think the one-room upgrade is enough to raise the value, but in reality, it just makes the rest of your home look shoddy and worthless.
Making Luxury Upgrades
If you are a lover of all things luxurious and high-end, but your home is located in a mid-level neighborhood, you’ll want to avoid going overboard with luxury upgrades. The problem with making expensive luxury upgrades is the fact that they do add value to the home. Unfortunately, this may turn potential buyers away because they may not be able to appreciate the upgrades as you do, and they will not want to pay extra for the property because of these expensive upgrades.
Not Obtaining The Proper Permits For Renovations
In most places, it’s required that you obtain the proper permits for certain renovations. Electrical and plumbing changes, for example, usually require a permit. When you make renovations without obtaining the proper permits, you put yourself in quite a bind if you ever want to sell. Insurance companies can use the fact that you failed to obtain a permit as an excuse not to pay a claim. Appraisers and lenders will lower the value of a property that doesn’t have the proper permits for upgrades. Lastly, potential buyers often steer clear of properties that don’t meet regulations. If you are unsure whether your renovation needs a permit, check with the local authorities.
Renovating a home is a great way to increase its value. If you’re planning to sell the property, however, it’s important any renovations you make appeal to everyone. Take note of the four renovation mistakes you should avoid above, to be sure your home’s value increases with every renovation.