Upgrades That Might Lower Your Home's Value
Although you want your home to reflect your family's personality and have character, you also want to consider the value of your property. When you're planning a home improvement project, be sure that it will increase your home's resale value.
Here are some common upgrade mistakes:
1. Colors: Bright and bold paint colors are okay for an accent wall, but use them sparingly. Having too much color can turn off a potential buyer who won't be able to envision themselves adding their personal touches to the space. Light, neutral colors are best.
2. Wallpaper: Although you might want to go with wallpaper for the patterns and textures, it can actually be a poor design choice for your home, and is also extremely difficult to remove. Buyers often want "move-in ready" and the thought of having to remove wallpaper is discouraging. Fresh paint and neutral colors are always a safe bet. If you are set on wallpaper, try an accent wall instead of the entire room.
3. Carpets: Colors and textures are personal preference. Having carpet installed can decrease your home's value. Go with hardwood floors and area rugs instead of wall-to-wall carpeting. Hardwood floors can increase your home's value by up to 2.5 percent.
4. Light Fixtures: If you're considering installing a lavish, over-the-top light fixture, you may want to take a step back and consider the big picture. Choosing something flashy and trendy may appear outdated in 5-10 years from now. Going the simple and classic route, however, will potentially avoid having to replace it if you list your home for sale.
5. Luxury Bathroom Renovations: An upgraded bathroom will certainly add value to your home, however, don't get carried away. Over-personalized fixtures and over-the-top tubs may scare people off. Consider a walk-in shower to appeal to a wider audience.
6. High-End Kitchen: When upgrading your kitchen, keep it simple. You don't want to spend more on the project than it will add in value to your home. To get a return on your investment, focus on which areas in your kitchen are most outdated. Go for mid-range appliances instead of expensive high-end options.
7. Home Office: Many people work from home and want a dedicated space to do so. If turning an unused bedroom into a home office, be sure to change it back to a bedroom before listing your home. Losing a bedroom could devalue your property by at least 10%. Avoid any built-in desks or shelving units that are not easy to remove.
8. Landscaping: To some, "curb appeal" means tons of plants, flowers, stones, etc. However, to others, having too much "landscaping" is a turn off. To a homebuyer, costly landscaping adds dollar signs. The maintenance and upkeep might be too much. Keep it simple and easy to maintain. To spice it up, add a few lawn or garden decorations that can easily be removed.