Renovating your home is often a good investment, at least that is what we are told. Renovations are meant to improve your home and add value- value that you hope to recoup when you eventually sell. Sadly, not every remodel follows this trend. Believe it or not there are improvements where you’re only likely to recoup a portion of the money you’ve spent in additional home value, as well as several that could hinder the sale of your home. Check out our 8 worst offenders below.
1) Swimming pools
This is often one of the most controversial improvements. While some realtors believe a swimming pool is a selling feature, it is still not likely to recoup the entire initial cost of investment. Further, swimming pools often reduce the number of potential buyers interested in your home.
2) Ornate lighting, paint treatments, and wallpaper
Taste/ornate design is extremely individualistic. Keep designs simple, paints neutral, and wallpaper to a minimum. Although this makes our list, it is not without caveats. These items are often what make your home personal and comfortable to you. There is always something to be said for renovations/improvements that increase our happiness and enjoyment of our home. Just try not to go overboard, or consider swapping fixtures or painting before listing your home.
3) Whirlpools, saunas, and indoor hot tubs
Not surprisingly, another water related item has made our list. This time it involves indoor renovations. Simply put, these items are dated, expensive, energy guzzling extras.
4) Combining bedrooms to make larger spaces
Have you ever considered creating a large master suite from two adjoining bedrooms? If so, don’t do it. This is one of the worst offenders when it comes to resale. Bedroom count is always one of the most important factors in the mind of potential buyers.
5) Removing the bathtub
Now you may be thinking- but I really want that large walk-in glass shower. If you have a bathtub in another bathroom in the house, then by all means go ahead and replace the tub. The goal however is to never leave a house without a bathtub. Future buyers, particularly those with younger families will view the lack of a tub as a deal breaker.
6) Wall-to-wall carpeting
New carpet looks great…for all of about 2 weeks. If you have kids or pets, you know what I am talking about. Buyers are often looking for easy to care for flooring, including luxury vinyl tile/plank, high end laminate, or dense hardwoods. I can tell you first hand how even new carpet did not aid the sellers of the project house we just purchased. They installed over 1500 square feet of carpet- all of which was ripped out within the first few days of renovating.
7) Built-in electronics
Floor to ceiling media or entertainment rooms may seem like a great investment to you, however, prospective buyers may view it as a large waste of space. Regardless, you will never recoup your initial investment as electronics become dated very quickly.
8) Built-in home offices
Don’t convert your extra bedroom into an elaborate office space with built-in cabinets and desk. Remodels like this are often viewed by prospective buyers as ‘permanent’ in nature, reducing the overall appeal of your home. Instead consider adding a standalone desk and bookshelves. This gives you complete functionality as an office, reduced remodelling costs, and a better presentation to potential buyers.
If you are considering any of these renovations in the future, think twice or be prepared for potential financial loss that often accompanies them.
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