Ways You’re Unknowingly Decreasing The Value Of Your House They say that a house is one of the biggest investments that a person makes during the course of his life. That’s why a lot of people go to great lengths to increase the value of their house.
The funny (or tragic) thing is that sometimes home owners are unaware that they’re single handedly weakening the potential value of their homes. If you don’t want to make the same mistakes, read the following article to discover ways you’re unintentionally decreasing the value of your house:
Think twice about these renovations
Converting your bedrooms
It’s very tempting to turn empty rooms into a something useful when you’re an empty nester. I experienced the same thing when my daughter left for University, but turns out my decision to turn her bedroom into an office isn’t the best plan of action against loneliness.
The truth is that the number of bedrooms in your house greatly affects its value; think about this whenever you feel like converting your son’s old room into a swanky new home-gym. Even when your renovation meets building code standards, your house’s value will still suffer when the “new” room you’re creating is way out of the ordinary.
Thus, if you’re planning to sell your house for a profit, keep your thoughts away from converting your bedrooms.
Renovations are a great way to add some value into your home. This is true if the quality of your renovation projects is top notch. But if you don’t have the right skill to do complete a DIY project, it’s better to think twice about picking up the hammer and start whacking on a kitchen counter or bathroom walls.
Get rid of unnecessary add-ons to your home
There’s a saying that less is more. This rule isn’t just applicable with fashion or interior design, but also in increasing the value of your home. So if you’re looking to preserve the value of your property for future sale, turn down any future offers on these following items:
1. Above-ground pools
Pools can increase a property’s value by 11 per cent. Above ground pools, however, can’t give you the same returns. They’ve become unappealing to homeowners in the past few years, because they’re hazardous to children and have high maintenance costs.
2. Unnecessary items that don’t blend in the neighbourhood
Remember that individual house prices are also dependent on the average property prices of your entire neighbourhood. Thus, you have to be mindful about installing extra amenities into your house that don’t quite belong in your neighbourhood.
For example, installing a new pool area in your backyard when your neighbours are struggling to pay for their basic utilities is a big risk. There’s a big chance that you won’t recover the money that you spent in that luxurious amenity, because your prospective buyers won’t be able to afford your house.
3. Expensive fixtures
I’ve explained time and time again that buying small, expensive items won’t have any impact on the value of your house as a whole. In fact, it’s better to choose simple yet heavy-duty fixtures that can last for years.
Moreover, not everyone’s tastes are the same. Even if your fixtures are expensive, if they don’t appeal to prospective buyers in your neighbourhood, don’t expect them to shed more money for them. In fact, they’ll end up negotiating for you to go lower.
At the end of the day, “spending more” on your house doesn’t always mean “adding more” to the value of your home. What’s important is that you spend wisely on home improvement. Sometimes the simple fix is what makes the biggest gains!