Is it possible that your home upgrades are lowering the value of your house?
We all like a good piece of do-it-yourself or taking on a home improvement project, particularly now that so many of us are staying in and working from home. However, there are situations when such home renovations do not truly boost the value of your property…
When the time comes to sell your house, certain upgrades may cause a decrease in value, while others will have no effect on the worth of your home.
This is a vital consideration to take into account before deciding whether or not to proceed with your next project. Not taking it into account may wind up costing you twice: once to pay for the work and then again when you sell your home.
Let us walk you through the worst home renovations you can undertake if you’re planning on selling your house in the not-too distant future.
Getting rid of a bedroom
At first look, it may seem that doing away with a bedroom is a bad idea, and you would be correct! Losing a bedroom might turn out to be one of the most expensive blunders a homeowner can make when it comes to home improvement projects and renovations.
The price of a living space, the number of bedrooms, and the number of bathrooms are three of the most important figures to consider while searching for a home. Negatively affecting this important selling aspect is tantamount to asking for problems, and it could lead to a loss of as much as 15% in value when you place your house onto the market.
Two common reasons for eliminating a bedroom are merging two smaller bedrooms together into one larger room or doing a complete change and adding a second bathroom to the mix. Regardless of your decision, it is quite probable that your plans will have a harmful impact on the value of your home. Don’t even think about it!
Including solar panels in your design
In comparison to the removal of a bedroom, this one is a bit more complicated and requires a great deal more thought. Installing solar panels is a pricey endeavour, and data indicates that when homeowners put their homes on the market, they get a return of a whopping 0% on their investment.
That is not to suggest, however, that solar panels are completely useless. No, not at all. However, before you proceed with the installation, you should give careful consideration as to the reasons why you are installing them in the first place.
If, for example, you have no plans to relocate in the near future, investing in solar panels may well prove to be a financially sound decision. This is because you will get your money back and then some more in the form of lower energy costs.
If you’re installing them because you’ve heard that purchasers are increasingly seeking for environmentally friendly properties in today’s real estate market, you may want to think again. While this line of reasoning seems to be reasonable, the truth is not as straightforward. By the majority of buyers, solar panels are often viewed as a selling factor; however, some purchasers are repulsed by their appearance and will intentionally avoid purchasing a property that has solar panels installed on it.
Getting a new kitchen installed
Kitchens, kitchens, kitchens. It is a very hot topic! Installing a brand new kitchen with cutting-edge fixtures and fittings should be a no-brainer if you want to increase the value of your home, shouldn’t it?
No.
While it is undeniably true that everyone appreciates a well-designed kitchen, not everyone agrees on what makes a well-designed kitchen. There is also a very good chance that your buyer may not want the same appliances that you do, even if you believe they are the best on the market.
Consequently, although it may be tempting to completely renovate your kitchen before placing your house on the market, we strongly advise against it…even if yours is in severe need of a makeover. We’ve lost count of the number of brand-new kitchens we’ve discovered in skips just a few weeks after the new owners had taken possession of their new residence. Don’t let your money go to waste.
Renovating the bathroom.
Spending a lot of money on remodelling your bathroom just before you put your house on the market isn’t the greatest idea in the world, just as putting in a brand-new kitchen isn’t the finest idea in the world.
Bathrooms, like kitchens, may be adored and despised in equal measure, just as we’ve seen with other rooms in the house. Some will choose blinding white, some will prefer blue, and yet others will prefer deep, dark tones…all of it is a guess as to what your potential buyers would prefer, so why get engaged in the process?
Another typical bathroom mishap is the removal of the bathtub. Shower-only bathrooms seem to make sense on the surface, but when it comes to selling your house, not having a bath in place might alienate a surprising proportion of potential buyers from your property.
Although it is unlikely to affect the price, the fact that we Brits like bubble baths so much means that if your property does not have a bath, it may deter potential buyers from purchasing it.
Putting up expensive wallpaper
In terms of expense, wallpaper may reach incredible heights, but it can be a tempting remedy for individuals who are seeking for a fast way to brighten up their house before putting it up for sale. We are all aware, though, of the dangers that temptation may provide.
Once again, a great deal will come down to personal preference. Others will despise what you find appealing. It’s as easy as that. If you consider sticking around, this is a good idea, but it’s not the ideal option if you decide to move out. Painting the walls in a neutral colour is always a safe option!
Another reason not to put pricey wallpaper up before selling a home is that purchasers have become well-versed in the process of inspecting a house; and the great majority will enter your home with one eye on redecorating…regardless of whether they can still smell the wallpaper paste!
Not only is it likely that they will disagree with your pattern choice, but it’s also likely that some will be deterred off by the prospect of having to strip every wall in the home in order to get things the way they want them. Making your buyers do extra effort that they don’t have to is not a wise decision.
Madness in the media room
It may seem like a fantasy for some people to dedicate a whole room to watching television, playing video games, or listening to music; yet, in practise, media rooms come second to other more useful and sensible uses for a room, particularly when space and storage are limited at home.
“What difference does it make if someone puts a massive TV in a room with a couch and nothing else?” you may wonder. The issue occurs as a result of the fact that most media rooms actively integrate the hardware into the design of the space. Built-in systems are exactly what they sound like: they’re built in.
The renovation work required would be extensive, and it will cost up to £30k if done well. If you live in a semi-detached property with just two or three bedrooms, that’s a ludicrous amount of money, and it’ll likely only add a meagre £2k to £3k to your home’s value when you sell it. This is not a favourable investment return.
Are you interested in increasing the value of your property, or are you wondering whether your DIY project will be a wise investment in the future? Contact us and one of our home specialists would be happy to assist you.
