When you decide to do improvements in your home, one thing you may think of is raising your property value. However, just because you are renovating your home does not mean your property value will automatically go up; there are some renovations that can actually cause your property value to go down. Here are some renovation choices to avoid to help keep your property value high.
Unique Light Fixtures
When you go into a lighting store, you are likely to find something unique or currently trendy and get that, instead of something a little more basic that will stay in style for a longer period. While the fixtures may seem fun now, when you sell your home in 20 years, those trendy light fixtures are going to look dated, and can cause your property value to go down a little. The solution is simple enough here, if you do decide to buy those fun fixtures now, you can always get more basic ones before selling; thankfully, these are not an expensive renovation to redo when you are ready to sell.
While having a renovated bathroom can increase your property value, sometimes people can go a little overboard in those renovations. Whirlpool tubs used to be popular, but now they are not so great for prospective buyers. Fireplaces, waterfall showers, tile imported to fit your specific tastes and decor are all things that not every buyer is going to want.
Unlike paint jobs, which can be fairly generic, wallpaper has always been considered a personal choice. Having wallpaper to make your home more “you” is great while you are living there, but before you sell, take down the wallpaper and replace it with a neutral tone paint instead.
Leaving your home too personal when you put it on the market is going to make it harder for you to sell it. You may have spent hundreds of dollars on your wallpaper, but the buyer is only going to see wallpaper that may make it hard for them to see themselves living there.
You spent thousands having your kitchen remodeled to reflect your love of cooking. You may think that your kitchen needs to have marble countertops or top of the line appliances, but the amount of money you put into it does not get factored fully into your property value when you go to sell; spending $50,000 on your kitchen does not mean your property value suddenly goes up $50,000.
Smaller kitchen upgrades can give you a better return before selling, like getting energy-efficient appliances, a new sink, and new cupboard handles.
This falls under the same category as wallpaper, it can be too personal. Adding your own personal stamp to your tiles may be fun when you do it, but it is recommended that you redo them for something less personal and more neutral when you decide to sell.
If you do not live somewhere like Arizona, where it is always warm and sunny, a swimming pool is an investment that is not going to pay off when you decide to sell. They are expensive to install and maintain, and they tend to turn away buyers with pets or children. A below-ground pool is only going to increase your property value a little, and an above-ground pool can actually decrease your property value.
Todd Wilkinson is the Founder and Owner of FonHome Realty. FonHome is a customer-centric brokerage where our clients are in control and our experienced agents are respected for providing the positive and exciting experience the real estate transaction should be. Todd is an accomplished real estate investor with an undergraduate degree in Financial Economics and a Masters’s degree in Business Administration. Todd has held senior management and executive-level positions with the world’s two largest retailers and a successful startup venture. Todd has served terms on the University of Arkansas Advisory Board and is actively involved with the St. Theresa School in Kenilworth. Todd opened his own brokerage after feeling underserved in his personal experiences with real estate transactions and wanted a firm whose mission was on serving the fiduciary responsibilities guaranteed to the Buyer and Seller. Contact Todd today for a free Comparable Market Analysis for your home or for advice on beginning your search for a new home at www.fonhomerealty.com.