Not all home improvement efforts result in improvement… While homeowners always aim to increase value, there are several common mistakes that can have a detrimental effect. If you’re not careful, you can cause your home’s value to decline rapidly. Are you sure about that DIY garage-turned-playroom? Keep reading for 7 ways people reduce their home’s value.
If given enough time, small problems always become big problems. When it comes to property maintenance, failing to address necessary repairs is one of the top ways people reduce their home’s value. Ignoring things like leaks, damaged roofing, plumbing and electrical issues, they often lead to more significant and costly problems over time. Instead, tackle the tasks as soon as possible to save yourself time and money.
DIY gone wrong
Just because they make it look easy on HGTV doesn’t mean you can pull it off in real life. Tackling projects on your own can be a great way to save money – unless the results appear amateur. Poorly executed renovations are one of the main ways people reduce their home’s value. Subpar workmanship or cutting corners can lead to issues that require expensive repairs down the line. So if there’s an update you’d like to make, consider getting it done professionally before you break out the tool box yourself!
When a buyer tours a home, they take note of the projects they’ll need to do to make it their own. This can mean painting over unusual colors, removing random wallpaper and replacing unconventional fixtures. Since we should always be considering our homes as assets that may one day be sold, keeping renovations somewhat neutral is something to consider. If you’re going for something more niche, make sure it can be easily removed or reversed for optimal market appeal. While you may love your hot pink bathroom tiles and lime green countertops, the average buyer likely won’t.
A good agent will quickly spot illegal additions, which often wave red flags of the legal, financial and safety variety to the buyers they represent. Not only do most home additions require permits, but they make selling more of a challenge. For example, converting your garage to a gym, playroom, office or anything else besides a place to park cars is one of the ways people reduce their home’s value. This is because the majority of buyers want a space for their cars and yard equipment. If you wish to use your garage for another purpose, do so in a way that makes it easy to convert back to a conventional garage.
If your kitchen looks like it came straight out of the 70’s (complete with its original avocado green cabinets) your buyers probably won’t find it very appetizing. The same goes for bathrooms with dated colors and fixtures… memorable isn’t always a good thing. You’ll see that a lot in houses, owners remodel everything but that one lingering bathroom. And while the rest of the home is attractive, when buyers flip through 30 photographs, all they’ll remember is that one bathroom. And when buyers aren’t in love with your retro look, they will be calculating how much it will cost to do the necessary remodels, thus devaluing your home. Side note – carpet is a thing of the past. It shows damage easily, retains odors and is a major turn off among buyers. Opt for the hardwood floors.
Ignoring curb appeal
Like it or not, the image that buyers see when they pull up to your home will frame their opinion of the entire rest of the house. After all, if you let your landscaping deteriorate so hideously, what’s rotting on the inside of the home? That being said, it’s important to maintain your lawn and exterior features (curb appeal) whether you’re selling right now or not. A poor first impression is never a good thing – especially when it comes to your home.
Lacking energy efficiency
Nearly all modern buyers put energy-saving and environmentally friendly features on their list of must-haves. In effort to reduce utility bills and do right by the planet, homeowners opt for features like solar panels and energy efficient insulation, windows, heating and cooling systems.
From neglecting basic maintenance to going too hard on the DIY, it doesn’t take much for homeowners to sabotage their properties’ values. To maintain or increase your home’s value, it’s crucial to prioritize regular maintenance, consider the preferences of potential buyers, and make informed decisions about renovations and improvements. Let us know if you have any questions or comments when it comes to enhancing your home’s value!