When we purchase a home, we want to make it a comfortable and unique space for our family to live – but it’s important to remember that a home is also an investment. When making improvements to your property, take a moment to consider whether each project will help add value to your home in the long run. If you’re planning to sell your home one day, the following types of renovations might do more harm than good.
- DIY home improvement projects: After streaming hours of HGTV during the pandemic, it can be easy to assume anyone with a hammer and an idea can renovate their home. While some projects can be tackled by a first-timer, some bigger renovations may need the help of a professional. You may feel satisfied with your handiwork, but potential buyers and home inspectors can usually spot shoddy or unskilled workmanship. Before embarking on a DIY project, It’s important to do a little research first.
- Converting the garage into living space: Especially for growing families in older or smaller homes, it can be tempting to maximize your space to lounge and play – and one of the most obvious places to start is the garage. While converting an existing garage space might initially seem like the best idea, many homebuyers may have opposite preferences and would choose a home with a garage to a larger living area. Again, this is something you should research and then evaluate the pros and cons before making your final decision.
- Unusual wallpaper, lavish light fixtures, or other highly personal touches: Sure, you might love jungle-themed or brightly colored floral wallpaper, but think twice before using it to cover your whole bedroom. Even with wallpaper becoming more popular again, wild and quirky patterns are only likely to appeal to a select few, and can potentially make your home harder to sell. The same goes for trendy light fixtures that quickly go out of style, as well as other fixtures and materials that seem exciting in the moment. It’s important to make your house uniquely “you” but for more permanent fixtures, also consider what would appeal more universally to buyers in the future.
- A high-end kitchen: While a newly remodeled, up-to-date kitchen is a boon for the value of any home, it is possible to overdo it when doing a major kitchen remodel and selecting only the most high-end options. On average, a complete high-end kitchen remodel costs more than $60,000 but has a resale value of about $20,000 less, meaning you won’t come close to recouping your costs. Instead, turn your focus only toward replacing the items that really need it, and go for mid-range appliances and fixtures instead of the top-of-the-line stuff.
Many of these considerations can depend on your current home value, the local market, and other factors. As you work to protect and improve what is likely your most significant investment, don’t forget that it’s most important for you and your family to love where you live. If you really can’t live without that crazy wallpaper, then that may be worth the risk (and maybe it comes in the removable or “peel-and-stick” format)!
If you do eventually decide to sell, or if you’re currently looking to buy, we hope you’ll choose Attorney’s Title Group for your closing. Click here to contact us online, or give us a call at (501) 734-2233 if you have any questions.