When it comes to selling a property, carrying out renovations ahead of the move can add considerable value. There are times when a renovation could, however, hinder a sale or cause a reduction in the property value.
Before you commit to making changes to your home ahead of putting it on the market, consider whether you are actually adding value to your property. If something will require costly or time-consuming maintenance or is not a style that will be appealing to the tastes of a general audience, then you might want to think twice.
Here are some examples of changes you may want to consider leaving undone when selling your home.
Creating A High-Maintenance Exterior
If you add elements to your property that require the homeowner to put in considerable effort to maintain them, this could be off-putting to potential buyers. For example, a swimming pool may seem like a luxury addition to your yard that would add value to your property, but the reality may be quite different when a new buyer considers the cost of upkeep and the time it would take to maintain. Similarly, other complex features such as water features or complex landscaping arrangements may strike potential buyers as labor-intensive drawbacks instead of attractive additions.
Installing A New Bathroom
Bathrooms are quite expensive to renovate, and an updated bathroom may not actually add much value to a buyer. Experts say that you often only recoup half of the amount that you spend on a bathroom room remodel in the sale price of your house. So if the only reason you are having it replaced is to add value, it might not be worth it.
Plumbing And HVAC
Buyers will often be drawn to the things that they can see. New plumbing systems and air conditioning units are less likely to provide any kind of incentive for buyers to pay more, even if they do actually add substantial value to the home. You may have more luck focusing on more visible features while informing buyers of any internal weaknesses that they can choose to replace or update themselves.
While we all need to live more environmentally conscious lives, solar panels can be expensive to put up. While they can be a very good long-term investment, due to the fact that they take a long time to provide any real savings, solar panels are one feature best left for the long-term inhabitants of the home to install themselves.
Adding Eccentric Styles
Before you start adding quirky design elements such as patterned tiles, wallpaper, fancy light fixtures, or textured walls and ceilings, consider that if you plan to sell, these features may not be to every buyer’s taste, so they may limit the number of interested buyers. It is far better to sell the property as a blank canvas that the new owner can decorate as they like.
Reducing Bedroom Space
Open floor plans are very popular right now, so combining living spaces such as dining rooms and living rooms is a favorite choice among remodelers. However, think twice before knocking down any bedroom walls that would combine a bedroom with another room, even if it doesn open up more space.
Homes with a higher bedroom count are, as a rule, valued as being worth more than ones with fewer rooms, even if they have the same amount of space. Families considering a four-bedroom house may not be as interested in a three-bedroom where kids have to share a room.
Of course, if you’re planning on living in your home for years to come, any change you make to make the home more to your taste is an investment. And, of course, any property manager or realtor could tell you that the most-valued aspects of a property also rely on the location of the home. But if you’re planning on selling in the near future or are considering remodels that will specifically raise your house’s value, these tips give you a good rule of thumb to follow.