Making renovations is one of the most fun and satisfying experience for home owners. Notwithstanding the steep cost of improvements, home owners enjoy going for renovations as it helps to make their dwelling more interesting and comfortable for their family. However, home owners planning to sell their home in near future should keep in mind that the renovations should also be appreciable for prospective buyers as only then they would be able to get better value for their property. Renovations that suit you but make the property less appealing for the buyers will not help you recover the cost of renovations.
Discussed below are some home renovation mistakes that are better avoided if you intend to raise your property’s worth.
To create more space in your house, you may find it very practical to create an extra floor and get two more rooms. You may also think that it will also help to increase the worth of your property. However, you may be mistaken. If all houses in your neighborhood are two-bed-room bungalows, your house will stand as an odd one out. Besides, buyers looking for that big space, may not come to your area. So create an extra storey only if you really need it.
Having a swimming pool is the ultimate luxury for home owners. However, it does not always go down well with the buyers. Prospective buyers with little kids feel vary of the swimming pool as it can be hazardous for the kids. Some people also find it cumbersome to maintain the pool. And, if you live in colder regions where a swimming pool can hardly be used for a couple of months in a year, a swimming pool can be a liability rather than being a luxury. So go for a swimming pool if you must but don’t expect it to get you a price commensurate with what you invested.
If you have trendy choices for flooring or tiles, are obsessed with having a wall painted in bright purple or neon orange, then go for it after all it’s your property. But be known that it may adversely impact the value of your home. Or you should get it changed to neutral choices before you put the house on sale. Potential buyers find neutral colors more appealing.
If you are a lover of luxuries and are sold to glamorous gadgets and highest quality upgrades you must stop yourself from going overboard especially if your house comes in the mid-segment. Potential buyers will not be able to appreciate the presence of expensive upgrades and will not be keen to pay for the property in proportion to your investments in upgrades.
You may be desperate to make your master bedroom look grand and ostentatious and may be under the impression that it will raise your property’s worth but you may be mistaken. Investing in one room or just one part of the home while ignoring others may have a negative impact on the value of your property. It will make the whole house look shoddy especially if you have not upgraded your house for decades.
Now, this is something you must pay special attention to. Depending on the state you may be living in you may be required to take permits for upgrades. If you do not take necessary permits and your house goes on sale, you may be in a serious trouble. Potential buyers choose to stay away from properties that do not meet regulations. Insurance companies may also find it a good excuse to avoid paying for a claim. Lenders and appraiser also lower the worth of the property that has made renovations without taking necessary permits. So, whenever you are going for major home improvements especially which involves changes in the plumbing and electric supply, make sure to apply for permits with the local authorities. You can read more here – Why You Should Not Overlook Permits When Remodeling your Home
Before you make plans for the home improvement introspect deeply whether it will help to raise the value of your property. If you need to make the changes out of your personal preferences and are not planning to put your home on sale for a long term, you may go ahead. However, while making improvements do ponder how the change will impact your property’s worth and make a decision accordingly.
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