Excited about the idea of renovating your home? Renovations can add a lot of value and function to a space, but only if you choose the right home improvement projects that are worth the investment. When deciding which home renovations are right for you, it’s important to know which ones will and will not increase the value of your property.
Before you dive into a home renovation, research where you will get the best bang for your buck. To get you started, here are 7 common home renovations that may not garner the added value you’re hoping for.
1. Swimming Pools
Swimming pools can be a fun investment, but they also have many downsides. They are an expensive investment, costing as much as $60,000 to install, and more often than not, you will not see a return on that expense.
From the standpoint of owning a home, pools create a potential safety risk, which means an increase in insurance costs. There is also the added expense and time of maintenance. And all three of these points can be a potential turn-off for future homebuyers. Try to focus your upgrades on items that will make a buyer’s life easier, not create additional maintenance.
2. Extravagant Upgrades
Upgrades can include items such as appliances, light fixtures, fireplaces, specialty tile, fountains or water features, door handles, faucets, and more. While fancy upgrades are nice and can really tie the look of a room together, they are not always the best investment.
Purchasing new appliances to put in an outdated, un-renovated kitchen or laundry space will only decrease their value. Some lenders or loan types even require a stove for approval, and therefore, homeowners may see these items as a necessity rather than an improvement. The same goes for changing out light fixtures, faucets, handles and more. They can seem like a simple upgrade, but that does not mean they are always a worthwhile investment. Swapping outdated fixtures for more modern ones can help drastically change the look of a home, but going too high-end with improvements can be a big mistake.
If you feel the need to upgrade these items in your home, stick with universal, affordable options. Every homeowner has a different style and would make different selections, so leave the expensive choices to the next buyer.
3. Putting All Your Money in One Place
Have you heard that kitchens and bathrooms sell homes? This saying leads many homeowners to put all their money into one of these rooms, which can be a big mistake.
Overextending your budget in a certain room while not updating the rest of your home creates an imbalance in the flow of your space, which actually decreases the value of the renovation you just performed.
Multi-room renovations help create a cohesive design flow to your home, and you won’t lose the value of your beautifully designed kitchen due to an outdated living space. Get advice from a professional design-build contractor for ideas on creating a cohesive design for your home remodel, or take a look at actual home remodels for examples.
4. Unseen Investments
More often than not, buyers purchase with their eyes. If they like what they see, they are willing to make a purchase, often at a higher offer. If they don’t, they move on. So don’t make the mistake of putting too great of an investment where it cannot be seen. This could include water heaters, HVAC, insulation, air ducts, pipes, and more.
However, don’t overlook these items entirely. Prospective buyers expect these items to be in good condition. Ensure they are properly running and keep them well maintained so you can spend your renovation money where it will make a larger impact.
5. Excessive Carpeting
When you’re ready to upgrade your flooring, you have the potential to greatly increase the value of your home. By adding cohesive new flooring throughout your space, you can heighten the look of your home and create a good flow. Carpet is a popular choice for flooring because it is comfortable and affordable. However, too much carpet can be a bad thing.
Carpet can trap dirt and allergens more easily than other forms of flooring. And it easily stains, making it look dirty and old. Ultimately, too much carpet can make a space look dated.
Do your best to limit the carpet use in your home, keeping it to rooms where you and your guests value comfort such as the bedrooms. In the other spaces, opt for something more universal, such as hardwood.
6. DIY Renovations
Simply changing the look and flow of your home will not increase its value. The real test is in the workmanship. Too often, homeowners attempt a DIY remodel and end up with a renovation that has no payoff. You can purchase the most luxurious flooring, but without proper installation, that slanted tile or unaligned hardwood will have potential buyers questioning your space.
Professional craftsmanship is the tried-and-true method for getting the best bang for your buck. It may cost a little more for the renovation, but you are more likely to get a good return on your investment.
7. Too Much Landscaping
Curb appeal helps sell homes. Having a well-kept yard makes a positive first impression with potential buyers, but you will not gain a profit by investing in extensive landscaping. Most homeowners will see excessive maintenance rather than a beautiful yard.
Keep your landscaping simple. Make sure you have weeded your garden beds, mowed your lawn, and trimmed bushes. Allow future buyers to put their own landscaping stamp on the home.
Choose a Value-Enhancing Home Renovation
Not every home renovation will be a flop. In fact, a majority of well-designed and constructed renovations add immense value to a property. The Cost vs Value report for 2020 can give you an idea of renovations that will garner a great return on investment. And check out our list of 5 remodels that add great value to a home.
With the right knowledge and a certified design-build contractor on your side, you can go into your home renovation with confidence. See our home renovation services and check out our gallery to get great renovation ideas for your home.