7 Home Upgrades That Could Decrease Your Home's Value
If you are thinking of selling your home, one of the first few things that will come to mind is how to increase your home's value. Home improvements and upgrades are known to help increase your home's value but be aware that not all home improvements are created equal. Some renovations can either make it or break your bank for it could cost you money in the long run therefore it's important to be wary of the changes you do to your property.
In this blog, let's take a look at these 7 home upgrades that could decrease the value of your home.
1. Bold Paint Colors
Painting your home is one of the home improvement projects known to increase your home’s value though you have to remember that not all paint colors are liked by home buyers. If you're eyeing adding a pop of color in your home, you may prefer using reds, purples, or blue, but don't assume that every buyer will like it. With today's current interior design trends, buyers expect neutral paint colors so they can envision the home in their own style. Going over the top with bold colors such as yellow, greens, pinks can end up putting off a buyer.
2. Too Much Carpet
Home remodeling expert Alex Biyevetsky said that hardwood floors can increase the sale price of a home by up to 2.5%. Carpets can quickly show signs of damage while neutral hardwood flooring is known to last for years with proper maintenance. Carpeting is also high maintenance compared to neutral hardwood flooring plus cleaning up stains can make it difficult.
3. Built-In Aquarium
A built-in aquarium almost instantly gives a luxury feel as you walk into a room but be mindful that some home buyers prefer to have homes with low maintenance. Built-in aquariums require constant maintenance and could cost money to remove. If you plan to add a fish tank at home, go for a standard fish tank to avoid future issues!
4. Garage Conversion
Garage conversion sounds like a great idea to add a new feature to your home and it could look like a money saver for many as you can convert a garage to a gym space or living space but remember that most home buyers may not like this idea. In the case where you want to turn your garage into a living space, avoid any permanent customizations for most potential buyers who would want the garage to serve its actual purpose.
5. DIY Repairs
DIY repairs seem so fun to do and save you money, however, some DIY projects are meant to be done by professionals instead of doing by yourself. Bad workmanship and bad paint jobs can cost so much money that can cause the value of your home to decrease rather than being able to increase it. If you have doubts about accomplishing a renovation by yourself, always consult a professional to avoid costly mistakes in the future.
6. Bedroom to Closet Conversion
Large, walk-in closets are such a dream for many but you have to be mindful that most home buyers place more value on bedrooms rather than walk-in closets. You'd want to avoid converting bedrooms since they provide better home value. If you really want to have a walk-in closet, avoid any permanent customizations that could take a toll on your overall home's value.
7. Removing the Bath
Removing the bath can open up a small bathroom and give more space. Some buyers would prefer having a bathtub instead of a standalone shower. Bathtubs provide convenience, especially for those who are thinking of starting a family or those with young children and pets. It can also be a deal-breaker for home buyers that enjoy relaxing in the tub.
When it comes to home improvements, remember to think twice before conducting any home renovation and upgrades. It's important to always do your research and when in doubt, seek the advice of a professional to ensure that you'll meet your goals in increasing your home's value.
If you are thinking of selling your home in the Nashville - Middle Tennessee area, get a FREE comparative market analysis and know what your home is worth here! I love helping buyers and sellers reach their real estate goals. You may give me a call at (615) 930-0313 or send me a message with any real estate questions you have!