The Eight Home Improvements You Shouldn't Make When Selling your Home
Many home sellers believe home improvement projects can add value to
their home while possibly even reducing the amount of time the house is
on the market in the event they decide to sell it. In reality, just the
opposite can sometimes be true. Obviously, it is important to correct
any cosmetic flaws that might cause buyers reluctance if you decide to
sell your home but going above and beyond that could actually cause more
problems than you might think.
Avoid Pools
One of the most common home improvement projects that can turn off
buyers is one of the most surprising: a pool. While you might think
buyers would be attracted to homes with a pool the truth of the matter
is that many home buyers prefer homes without pools. The reasons for
this are numerous. Families with very young children may be concerned
about the safety risk posed by homes with pools. Other buyers are
concerned about the maintenance issue. So, if you're considering the
addition of a pool, think again.
Avoid Alter the Architecture
Keep in mind it is also always a mistake to alter the architecture of
the home. Any renovations made to your home should always match the
existing architecture. Buyers are frequently disinterested in homes with
architectural elements that appear to be inconsistent with one another.
If your home started out as a Victorian, keep any renovations along
those same lines.
Avoid changing the Basic Layout of the House
It can also be risky to change the basic layout of the home. Homeowners
often find out the hard way that it wasn't such a good idea to convert
an extra bedroom into a home office. The same is true for changing the
location of the kitchen and other basic functional rooms such as
bathrooms. Keep in mind as well that it usually is not a good idea to
detract from the number of bedrooms a home originally started out with.
While it may seem like a good idea to you to turn that second bedroom
into a den or office, few home buyers are looking for one bedroom homes.
Avoid Over-Expanding
Another common home improvement mistake made by home owners with an eye
toward selling is over-expanding their homes. You should never put
yourself in a position where your home is more expensive and larger than
the remainder of the homes in the neighborhood. In reality, an addition
to a home does not really add much to the value of your home. In many
cases homeowners are only able to recover a portion of the money spent
on adding square footage to their homes when it comes time to sell.
Avoid DIY
Always remember the importance of hiring a professional when you do
tackle home improvement projects. Despite the rising popularity of
do-it-yourself projects, taking on such home improvement jobs yourself
can result in a reduction of your home's value. Look at it this way: if
you needed a dentist, you wouldn't try to handle it yourself, would you?
Maintain the same level of respect and concern for the value of your
home as you hold for your own body's well-being. Only take on home
improvement projects if you are truly experienced enough to successfully
handle them and produce quality results.
Avoid Low Return Rate Type of Home Improvement
Be sure to consider only those renovations that will actually put
additional money in your pocket when remodeling specifically for the
purpose of selling your home. Key home improvement projects that have
steadily proven to have the highest rate of return include kitchens,
bathrooms and home siding. Avoid the temptation to glam up the bath, add
an extra room or install a home office. Focus instead on updating the
kitchen appliances, installing updated bath components and installing or
updating the home's siding.
Avoid Underestimate Cost and Time
When planning home improvement projects take the time to research how
much the project will realistically cost. Underestimating home
improvement projects is a common mistake. Homeowners frequently budget
as much as 30% less than they should. As a result, home improvement
projects often remain incomplete or reflect the fact that corners were
cut due to budget constraints. When you decide to sell your home both of
these factors can delay the sale of your home as well as reduce the
sales price of your home.
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Avoid Holding off Routine Maintenance
Finally, remember that at times the most important home improvement
project you can make to increase or maintain the value of your home is
simply keeping up with routine maintenance. Make a point to clean out
your gutters every year. This not only improves the appearance of your
home but reduces the effects of water damage. Keep an eye on your home's
landscaping. Keep the grass and shrubs trimmed. Check out your roof to
stop small problems before they become big issues.
The general rule of thumb to keep in mind when it comes to home
improvement projects is to avoid anything that is too extensive. Buyers
frequently want to handle these types of projects themselves. If you
feel you absolutely must add more space, focus on functional space. This
means an additional bathroom, etc. In addition, avoid adding
architectural details or design elements that stray too far from the
norm. While you may have fallen in love with that bright and bold paint
color, it very well might cause buyers to think again.
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By understanding which home improvement projects will add value to your
home and which ones you should avoid, you will be more likely to not
only recoup the funds spent on such projects when you sell your home but
will also increase your chances of making a profit.
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