There are not only plenty of kitchen remodeling mistakes to avoid when improving your home, but others, as well. As a homeowner, there are literally scores (if not more) of tweaks, customizations, and upgrades you can make to your house. But, before you dive into heavy project-planning mode, you need to be aware of what changes can actually devalue your home. This is important insight, especially if you are going to sell at some point in the future.
Best ROI Home Improvements
Every year, Remodeling Magazine conducts a survey to uncover home improvement trends and to learn which changes return the most (and least) money at resale. If you are imagining the first to top the list is a chef’s kitchen or beautiful bathroom, your guess is off the mark. Nope, believe it or not, attic insulation captures the highest return-on-investment at an incredible 116.9 percent! The second on the list is all about aesthetics — exterior manufactured stone veneer — returning 92.9 percent.
Most homeowners think that all renovations or home improvement project ideas will increase the value of their property. After all, who wouldn’t love a super-deluxe kitchen, or a bathroom fancy enough to be in a five-star spa? Sure, we’d all love that. But the problem is that most people don’t want to pay extra for someone else’s pet project when it comes to buying a home. Homeowners should of course invest in renovations that are going to make them happy and improve quality of life. It is “home” after all! But if you’re going to be putting your home on the market any time soon or are in the business of flipping houses, certain upgrades could end up doing you more harm than good. —US News and World Report
A new garage door earns a respectable 91.5 percent, while a new steel entry door brings back 91.1 percent. Install an upscale garage door for a 90.1 percent return but don’t put money into additions. The problem with practically any room addition is these typically are a mismatch for their neighborhoods. For instance, if the majority of homes in a particular neighborhood are approximately 2,000 square feet, 3-bedroom, 2+ bath, with two car garages, adding another bedroom or bath will probably price it above all its previously comparable properties. That’s problematic when it comes to resale.
Biggest Mistakes that Devalue a House
Pricing a home out of its own neighborhood is a big mistake but it’s certainly not the only one homeowners make. In their enthusiasm to transform their properties into luxury retreats or just add simple function at an affordable cost, they make changes will devalue their homes. It’s important to keep resale in mind for most homeowners because one day, they’ll become home sellers. And buyers have objections to various changes. Here are the biggest mistakes that devalue a house:
- Bedroom conversion. One gigantic, enormous, and costly mistakes that devalue a house is converting a bedroom for another use. Simply put, buyers do not like to see rooms used for another purpose than its original intent. For example, converting a bedroom into a nursery is one thing but going all-out and converting into a home gym is a huge mistake.
- Mediocre renovations. It’s very tempting to save money when updating or improving. But the key some homeowners miss is the end-result. Mediocre renovations will cause buyers to second-guess, to say the least. They’ll definitely notice and will be put off by having to take on the task of tweaking or redoing the work entirely.
- Smoking inside a home. One residential home resale study found that smoking can lower a property’s value by as much as 29 percent. That’s too much in the vast majority of transactions for sellers to lose. It’s perhaps the largest equity drain known to the real estate industry.
- Irregular home maintenance. If you think buyers won’t be bothered by lint in the dryer, cracked electrical wall outlet plates, dirty ceiling fans, or grease on/under the kitchen hood, you’d be wrong by up to 10 percent of the home’s value.
- Installing an above-ground pool. Here in the Sunshine State, pools are ubiquitous. But the type of pool matters a whole lot when it comes to resale. The hideous above-ground pool is one culprit which can reduce a property’s value by as much as 11 percent.
If you are considering buying or selling a home in Orlando’s Hunter’s Creek, or another community, contact us for the latest market information. We will help you find the right property.