A home is most American’s biggest asset and sometimes we can make silly improvements that inadvertently reduce the value. Some updates and renovations can backfire when it comes time to sell the home. Here are some common silly mistakes that homeowners make that could be dragging down a home’s resale potential.
Using the wrong paint color
You might think neutral colors are boring but many buyers when they come to tour a home are turned off by bright colored walls. It kind of seems silly because it is very easy to repaint the room, but some people don’t want to mess with the hassle and this can cause them to move on to the next house.
Using a bold and busy design
Bright and big large busy patterns such as on wallpaper, tiles, or flooring can be a huge turn off. These items are much harder to change than just paint and can take quite a bit of effort especially when it comes to very bold tile patterns that are not to the liking of a buyer’s taste. If you don’t believe you will be moving anytime soon or ever plan to resell your home, go ahead and do the loud design, but these choices should always be thought about if you plan to ever resell your home.
Removing a closet from a room
This is an especially costly mistake in urban areas. A space with very little closet storage may not impact the overall home value, but it could be a huge turn off to a buyer to not have a closet in a room. In some cases, it could affect the appraisal value as it could change the ability to classify the room as an actual bedroom.
Ripping out a bathroom or a laundry room
Some homeowners with very small square footage may be tempted to rip out a rarely used bathroom to turn it into a closet or a living space. This is never a good idea as a bathroom is always prime real estate space and worth a lot in the world of home value.
Not getting a building permit
Many homeowners try to save money by conducting home renovations on their own or hiring a contractor that is not licensed. Oftentimes people that go these routes do not have their renovations permitted through the proper channels. This can come back to bite you when you sell a home as during the inspection if the code is not up to current building standards, and it is learned that there is no permit for any renovation work that has been conducted, there could be serious consequences like being required to rip out all of the work that was done or pay a large fine to get a permit.
Updates that are overly trendy
Using the latest from renovation trends can backfire as these looks become very quickly dated just one or two years after they are complete. This makes portions of the home look tired and worn down and sort of communicating that the home is not well cared for. If you plan to resell your home go with tried-and-true classic additional finishes that will stand the test of time.
If you are unsure of how the planned home renovation project will impact your home it is best to consult a real estate professional.
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