4 Renovations That Will Decrease the Value of Your Home
Tags: Real Estate, renting, buying, selling, real estate tips, residential, rent, Ontario, tenant, renovations, home improvements, carpet, wallpaper, special rooms, home value
2 minute read.
Hey, it’s Joshua Campbell, Your Knowledge Broker. We still have a few weeks left of Summer and you might be thinking now is the time to start renovating your home. Even if you aren’t selling anytime soon, it’s a great idea to understand what makeovers might discourage a future prospective home buyer. These are my four home renovations that will decrease the value of your home when you go to sell.
Unless you are a professional, this should be a no brainer. You might save a buck now but you will lose in the future. Anyone who walks in your house will be able to tell right away if a paint job was done by yourself or a pro. Save hiring someone down the road to fix your attempts and start with a professional painter to do any tricky paint jobs you might have. This might include your kitchen cabinets or even your bedroom walls.
2. Specific rooms
Picture this: you’re a bowling enthusiast and decide to change your basement into a bowling alley. Now picture trying to sell your home to someone who isn’t a bowling enthusiast. If you live in a mansion with 30 plus rooms, go ahead and make a special room that is just for you. If that’s not the case, ensure that when you go to sell you can revert your ‘special’ room back into what it used to be. If not you could be limiting your reach of potential buyers.
Carpet is great in moderation but an entire house decked out in carpet is not what buyers are looking for. Before adding carpet to your house, think about what it might cost to remove it and if an area rug makes more sense. If you do eventually decide on broadloom, make sure when you go to sell that you convert some areas to hardwood or laminate flooring.
A bold printed pattern might work for you but not for the general public. Wallpaper takes time to put up and takes even more time to take down. If you must have it, consider removing it and repainting before you put your house on the market. When repainting, think about using white or off-white to create the illusion of a blank canvas for prospective buyers.
It’s important to think about what will service your needs right now and what could potentially decrease the value of your home in the future. While it’s always ideal to do what is best for you now don’t be surprised if a future buyer will not pay what you want as they consider it a renovation that they need to fix. If you need any other suggestions, don’t hesitate to send us an email and we will connect you with the right people to help!
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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8