There's no doubt home improvements are meant to bring about enjoyment for a homeowner and increase the value of the home. Often improvements are made to help sell a home for top dollar. However, some projects around the house can have a negative affect on the home's value.
Here are some common mistakes to avoid.
Inconsistency: Doing a $50,000 kitchen remodel is certainly a way to add value to your home. But if the rest of the house boasts shag carpets, wood paneling, and 90's brass hardware, buyers will only focus on the flaws and that shiny new kitchen won't be as appealing as you think. Instead of spending all of your renovation dollars on one room, you'll get a better return by spreading your spending throughout the entire house to improve outdated items.
Getting too personal: Some homeowners may not cook, have use for an additional full bathroom, or have a use for a garage. Downsizing a kitchen because you don't cook or converting the garage into a living space will hurt the value of your home. If other homes in your neighborhood have garages, more than one full bathroom, and large kitchens; buyers shopping in your area will bypass your home if it doesn't offer the same amenities as your neighbors.
Dysfunctional Floor Plan: Creating an additional bedroom or living space is great. Unless your have to walk through a bathroom or laundry area to get there. You need to keep in mind the functional integrity of the home's floor plan. If it doesn't make sense, it's likely not a good investment. When in doubt, hire an architect who is trained to think about the design and flow of spaces.
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Skipping the permits: Planning on adding some square footage but want to avoid the cost and hassle of getting the appropriate permits? You risk having an appraiser or lender not including the value of an addition that was not permitted. It could potentially reduce the valuation of the home and you also run the risk of having to demolish the addition.
And as always, never over-improve for your area: It certainly is possible to improve a home too much for the neighborhood. Before going overboard, talk to a trusted real-estate agent or an appraiser, and ask for an appraisal without improvements and another with them. If it doesn't pay off, it's not a good value.
Like my tips? You'd love having me as your Realtor.
Find out what's happening in Mediawith free, real-time updates from Patch.
Kristy O'Connor
Realtor®
Weichert, Realtors - Media
606 E. Baltimore Pike, Media, PA 19063
c: 267.243.6434
KristyLOConnor@gmail.com
