Home improvements are occasionally unavoidable. For instance, you have to replace your refrigerator when it dies, or your leaking roof has to be repaired to mitigate more damage to your home. But many home improvements are simply done to please the homeowners and increase their enjoyment of homeownership, and there’s nothing wrong with that! Putting on fresh paint, installing new flooring, or updating light fixtures will do a lot to make a house feel like a home.
Home improvements can also have an impact on the home’s market value and curb appeal. If you're thinking about selling your property in the relatively near future you need to be certain that you only tackle home improvements that will increase property value or salability (curb appeal). Most home improvements will accomplish one of those criteria, however, there are a number of home improvements that will do the opposite and devalue your property. So before you start making home improvements all willy nilly, step away from that sledgehammer and wrecking bar for a moment and think about these 5 home improvement projects that won’t pay off when you sell your house.
5 home improvement projects that won’t pay off
1 - Doing away with rooms
Creating the perfect master bedroom by removing a wall to add the small adjoining bedroom may look like a great idea. But when it’s time to sell one less bedroom can be an issue. When your three-bedroom house becomes a two-bedroom house you have lost all the potential buyers that are looking for three or more bedrooms.
You want to be very cautious about any home improvement that changes the building’s floor plan such as expanding the living room by repurposing the small attached bathroom. Opening or closing up the kitchen by remodeling the pantry makes sense to you but homebuyers could have different preferences. When you change your home’s floor plan to satisfy you, you can’t expect to get a high return when it’s time to sell since not all buyers will have the same ideals as you.
But obviously, improve your home in any way you want so that it works for your family and your situation. Just be aware that removing rooms and changing the floor plan will almost always bring down your property’s value.
2 - Bathrooms
Of course, a luxurious walk-in shower would seem like a great selling point. But what if the buyers need a bathtub to accommodate small children, or they have accessibility needs? Having a walk-in shower or a wonderful claw foot bathtub isn’t going to work for them. Features like these can be just as much of a selling point as they are an objection. So don’t swap your bathtub for a shower and expect it to increase your home’s value.
3 - Hobby rooms
Making an extra room into a hobby room or office makes sense. But if your hobby needs a specialized space you can expect it to adversely affect the property value. Most people aren’t going to appreciate a basement dance studio with a wall covered by mirrors and rails.
So if your hobby requires a highly customized room, make it so, and enjoy it. But when you’re ready to sell your home you will want to revert back to the way it was in order to make your home appealing to the widest audience.
4 - Avoid luxury finishes
You may think expensive slabs of marble in the bathroom is worth thousands of dollars, but that doesn’t mean your potential buyers will. They’re sure to appreciate the luxury finish. However, if the bathroom is the only thing increasing the cost of your home compared to other similar homes, it’s unlikely to be the chosen property. There is a fine line between a reasonable upgrade and going too far. Bring us to….
5 - Avoid improving your home out of the market
No matter how wonderfully improved your home is, it’s still in the same location. There is such a thing as a point of diminishing returns when we’re talking about home improvements. Avoid making so many home improvements that you grossly overvalue your property compared to the rest of your neighborhood.
So remember, not everyone has your tastes. When it’s time to sell your property don’t get upset when your Realtor® suggests strongly that you repaint your home’s interior with neutral colors. It’s nothing personal, the idea is to appeal to the broadest segment of homebuyers as you can. Homebuyers like to visualize what a property will look like when decorated in their style and the more neutral the presentation the easier it is for your potential buyers to do that.
While you're living in your home, go ahead and make it yours with all the home improvements you want. But trust your Realtor® when they say those customizations should go before you put your place up for sale.
Are you ready to sell?
Do you want to know if your home improvements are going to pay off? Our agents know the Orlando area market and will work relentlessly to sell your home for the most money possible in the shortest time, call us today!
Are you ready to begin the search for your next investment property? Call us at EP Realtors® and ask to speak with one of our Realtors® who specializes in investment properties, (407) 704-8030.
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