Your home isn’t just a source of pride or a place where you can relax after a long day it’s also an investment in your family’s future. And while it’s natural to want to make improvements to increase your home’s resale value, some renovations will actually cost you money in the long run. Just because you see something as an improvement doesn’t mean a potential buyer will feel the same way.
Further, the passage of trends works against homeowners. Whatever is in vogue today will look dated 10 years down the road when you are ready to sell. Simple is best. Fortunately, lighting can easily be switched out at a low cost.
With its patterns and texture, wallpaper can be an overwhelming design choice for your home. Plus, it’s notoriously difficult to remove. Homebuyers might view wallpaper removal as a potential headache, and it could be the tipping point for someone who wants a more move-in ready home.
Fresh paint and neutral colors are always a good idea to help stage your home when it’s on the market. If you do have wallpaper, think about whether it’s beneficial to remove it and repaint the walls before any showings or open houses, so your potential buyers never have to think about your wallpaper mistakes.
Texture on the Walls and Ceilings
Just like wallpaper, texture on walls and ceilings is difficult to remove. Simply knowing that a time-consuming project lies ahead might cause homebuyers to decrease their offer. Think twice before deciding on a fancy textured painting technique and play around with textured wall décor instead.
A Luxury Bathroom
An upgraded bathroom can certainly add value to a home, but it’s easy to get carried away and take the idea of luxury a little too far. Potential buyers could be scared off by bathroom remodel mistakes like over-personalized finishes and over-the-top whirlpool tubs that are hard to clean and hard for some people to climb into. Instead, consider a walk-in shower, which typically uses less floor space.
A Sunroom Addition
A sunroom can be a great space to enjoy the outdoors away from the elements a sunroom addition is one of the worst home renovations when it comes to return on investment, with a cost of an addition approximately $75,000 while only adding just over $35,000 to the value of the house. Think carefully about how often you’ll use a sunroom before committing to this costly renovation, especially if your home might be on the market soon. Plan ahead to avoid the sneaky expenses that come with renovating your home.
A Hot Tub
Like swimming pools, hot tubs are a gamble — they take up space and require constant maintenance. Plus, homebuyers with children might consider a hot tub a safety hazard. If a hot tub is on your list of must-haves for your home, consider a portable hot tub versus a built-in hot tub. You could potentially take it with you when you move, or your home’s new owners can easily remove it if they prefer.
A Garage Conversion
For a fitness lover, a garage-to-gym conversion might seem like a wonderful idea. To parents of a millennial who just moved back home, a garage-to-apartment conversion probably seems like a money saver. But future homebuyers might not agree. Many people search for houses with a garage, and what they’re looking for isn’t a gym or an extra living space they’re looking for a garage to serve its primary purpose of housing cars and storage items. If you must use your garage space as a gym or as extra living space, be sure future homeowners can easily and inexpensively remove the renovations.
Always think twice before getting into the do-it-yourself home improvement game. Gordon said he’s seen several examples of DIY jobs that have decreased a home’s value. There are plenty of houses where you can tell the owner did the work the owner probably feels they made all the right improvements, but buyers quickly see the shoddy workmanship and unusual finished product.
The bottom line is that any over-personalization of your home can lead to a decrease in value. Yes, you want to live in a space you love, but think twice before investing in any major or costly renovations. And always make sure your home improvements are completed with the proper permits by licensed professionals.