You usually have two main goals in mind when you decide to undertake a home improvement project. You want to improve the quality of your life. You want to improve the resale price of your home. Some renovations will help you get a larger check when closing. However, some renovations may actually reduce the value of your home.
Before you make a major renovation, consider carefully the impact these four changes will have on your home in the future.
Combining Bedrooms
It can be tempting to knock down a wall if you have more rooms than people in your house. Imagine turning a modest master suite into a large one! This might seem to be the perfect upgrade. There’s a major problem.
This can be especially damaging in today’s real estate market, as more and more buyers are looking for large homes that can accommodate multi-generational families. In today’s market, this can be particularly damaging because buyers want large homes that can house multi-generational households. What can you do in order to maximize the space available?
Consider making non-permanent modifications to your home instead of knocking walls down and merging rooms. This will allow you to utilize the space in ways that are fulfilling for you without changing its floor plan. If you want more storage space, for example, use a spare bedroom as a large closet or dressing area.
Eliminating Storage Space
As removing a bedroom can hurt the value of your home, changing any storage or closet into something else could also be detrimental. When you list your home for sale, you may not advertise the number or closets. However, buyers will still be looking at the storage space.
You risk losing a lot of potential buyers if you remove a closet from your master bedroom in order to make it larger. If you remove the coat closet on the ground floor, it will be the only storage area visible on the main level.
Instead of removing closets to create more space, optimize your furniture to make every room multi-functional.
Add Too Much Personalization
If you’re not planning to stay in your home forever, it is best to take some time before undertaking any large-scale projects.
You may see your wallpaper as perfect, but buyers of different tastes might see it as a huge project. Does that mean you cannot personalize your house?
No, of course not! Just that it’s a good idea to go with a more temporary approach. Choose neutral colors, and wall decals instead of permanent wallpaper. You can also go bold if you want to. Be prepared to paint or remove wallpaper prior to listing your home.
Garage Conversion
It may seem like an easy way to make extra money, since you can either rent out the space or list it with AirBnB. This can lower the value of your house when you decide to sell it. Most buyers prefer to have an extra living space that is detached than a garage.
Check local laws to see if an addition can be built in your backyard. This will allow you to create a separate space for income that you can rent without having to sacrifice your garage.
Consider reversible changes that can improve your living conditions without affecting the resale of your home.
For ideas, read our article affordable renovations. It is also a good idea to get the opinion of an experienced real estate agent familiar with your locality.
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