Every do-it-yourself project should have two measures of success. First, ask yourself if the renovation will make the home more enjoyable or attractive to you. This is where most homeowners stop in their analysis of whether to continue with a home project. The second, and perhaps more important, is determine what effect this project will have on your home’s value. Your home is an investment and it’s paramount that you only grow that investment.
Before you spend your hard-earned dollars on a home renovation project, let’s examine the top five most common renovations that often lower a home’s value.
#1: Wall & Ceiling Texture
Texturing your walls and ceiling can be a very attractive feature in a single wall of a room, but it does have limitations. First, it makes for a difficult canvas to paint. It also reduces the options that potential homebuyers have in utilizing that wall for decorations, pictures, or art.
Wall texturing and especially ceiling texture is expensive and challenging to remove. It’s easier and less expensive to use wall décor to texture your walls rather than a trendy painting technique.
One of the first things that most new homebuyers do is remove wallpaper and repaint. Wallpaper is very subjective to individual tastes. It also is quite a headache to remove once in place and it can be a turn-off to homeowners that are looking for a home ready-to-go rather than requiring a lot of effort to remove someone else’s style.
It’s best to stick with neutral colors in staging your home for the next potential owner.
#3: Lighting Fixtures
Exotic or designer lighting fixtures can require a substantial investment and they rarely earn their money back on a sale. Fixtures for lighting are one of the areas of the home that change the most often from trendy to date. In ten years, your lavish lighting fixtures may make your home look out of style or old.
Keep in mind the style of your home, as well. A conservative and simple approach to lighting is often best. Let your furniture or your décor speak to your style more so than investing in expensive light fixtures that might be more subjective to other’s tastes.
#4: High-End Kitchens
Number four on our list seems contrary to every piece of advice aspiring home renovators ever get. Everyone says that the two places that you can raise the value of your home is in kitchens and bathrooms. We agree! But make sure that you don’t overdo it. High-end kitchens can quickly spiral out of control in costs that will go unnoticed or un-appreciated by a potential buyer.
The average kitchen renovation cost $56,768, but only returned a value of $38,485 onto the value of the home. To help offset this loss, make sure to focus on the major elements of a kitchen and those areas that are most in need of focus.
#5: Home Office
Working from a home office is growing in popularity as technology makes easier to work from anywhere. Avoid the temptation to outfit your spare bedroom into a permanent office. The goal is to keep your property as flexible as possible for the next owners when its time to sell. If you’ve taken away the option of an extra bedroom in favor of a home office, then you’re losing a group of potential bidders that might give you a better offer.
Pacific Union Financial
Pacific Union Financial, LLC is a full-service mortgage lender providing mortgages, refinancing, and loan servicing across the country and around the corner. With expertise in home loans for credit levels from best to bruised, we’d love to help you enjoy all the benefits of homeownership. Get in touch today and let us show you how we work hard to make mortgage easy.