Renovating Mistakes That May Hurt Home Resale Value
Home renovating mistakes
Many individuals complete home improvement projects before selling a home to boost its value and make it more appealing to prospective buyers. Home renovations and upgrades can give homes a fresh look and correct problems that may have gone unnoticed. But when it comes to selling a home, there are certain types of renovation and improvement project missteps that may actually do more harm than good when it comes to selling a house.
Don’t skimp on the materials
Using the right materials is crucial when it comes to updating a property. Buyers will look for quality when they come to an open house, and using cheap or low-grade materials may turn individuals away from a home. When sellers are upgrading their homes, it can be helpful to find out what type of materials surrounding homes in the neighborhood feature and purchase similar types. For example, consumers who are re-doing their kitchens shouldn’t put in tile countertops when the rest of their neighbors feature granite furnishings.
In addition, many buyers today are seeking out ways to save money and reduce their carbon footprint. For this reason, homeowners should consider investing in green materials to lure more buyers and entice them with greater long-term savings. Many of these materials may also come with discounts, incentives and state tax breaks, so current owners may save money themselves upon purchase.
Avoid “trendy” upgrades
When it comes to upgrades, avoid designing a home to fall in line with a particular “trend.” The problem with trends is that they limit a seller’s buying demographic and often go out of style quickly. Homeowners may also want to limit their upgrades to additional bedrooms, updated kitchens and bathrooms and other moderate, but functional improvements. Adding a home theater, swimming pool and similar features can backfire and turn away home buyers who want to design their home to their tastes.
In addition, sellers should avoid overbuilding for the type of community they live in. For example, homeowners who live in neighborhoods with moderately priced homes should avoid building a $300,000 addition to their property. These types of upgrades can make homes stand out in a negative way.
Small improvement projects, such as updating fixtures, lighting, paint, countertops and floors can be effective ways of adding value to a home. But sellers should do their research and think twice before conducting major projects aimed at boosting home value.
Want to read more about selling your home? Check out our seller resources.