Renovations That May Adversely Affect The Value of Your Home
Renovations That May Adversely Affect The Value of Your Home
Our home is the most important asset that we purchase but sometimes we might do too much renovation on the condo. The kids are grown and gone, you’re finally retired and the careful management of your money will allow you to live comfortably. The cold Northern winters are agony to your arthritis. It’s time to move to Arizona! Before you consult a realtor and put your home on the market, you undertake a variety of costly renovations to increase the value of your home. Then you learn that your renovations actually decrease your home’s value!
The first renovation that could decrease the value of your home is putting in a swimming pool. Sure, if you live in Arizona, Nevada or Florida where the weather is hot, a pool is great. In other parts of the country, it’s a liability. The upkeep and daily maintenance that comes with having a pool could eliminate potential buyers.
If you want to install a pool to increase home value, you need to understand that pool upkeep goes hand in hand with having one on your property. Many people have come to realize that maintenance of pools takes time and energy, and prospective buyers realize that reality and may not want to invest what’s needed for pool upkeep. But in some areas or to certain buyers, a pool can be an appealing attraction.
The second renovation from hell is putting in a new addition to your home. A sloppy renovation to any part of your home will decrease its value. Unfortunately, so can well-done renovations. Home buyers look for specific things they want in a home. Too much space is just as bad as too little space, especially when you think about heating and cooling additional, seldom-used rooms.
Third are the “trendy” renovations. It may be “hot” now, but in ten years styles will have changed dramatically; when it’s time to sell your home that hip paint motif of your favorite NFL team could be a costly mistake! Nobody finds the “perfect” home. Every potential buyer takes a mental inventory of “this I love, but this has to go.” A nice new paint job and new bathroom fixtures won’t send buyers away in horror, but they probably won’t be a major selling point, either. Buyers who look for an “exact fit” will be looking for a long time! Part of the appeal of a new home is moving in and customizing it for yourself.
A “sink or swim” renovation could be installing an indoor or outdoor jetted hot tub. It could make a difference to the right buyer who has both a need and knowledge of how to care for a hot tub. But for buyers who are elderly or handicapped, a hot tub could be a definite detraction from the value of your home. Before you undertake such a radical renovation, consult a real estate agent about whether or not it will benefit the value of your home. It could backfire on you!
When considering a basement makeover, there are many aspects to take into account. A basement makeover that has long term value to the owner is one that takes all of these aspects on board and deals with them appropriately. Sound issues can be especially important depending on the intended use of the basement and sound proofing is a good option for many needs. The layout is an important part of the process if the need is for storage and spaciousness. For basements that will be intended for regular use, it is essential to avoid damp, mold, and mildew and cold. If natural light is not available then a larger number of artificial lighting fixtures will be needed.
If the room will be used as a den or playroom, it may be necessary to make the room safe enough for children and pets as well as using materials that are easily cleaned and protected from the activities of children and animals. If a bathroom is a planned part of the makeover, it is essential that water pipes are easily accessed and available to be adjusted and worked on. The flooring is also important as it must be stable, even and insulated. Insulation can be more important in this room than any other, particularly if it is to be used as a bedroom.
Basement makeovers are often considered by home owners for very different reasons. The space may be needed for an extra room, storage issues require the extra space, problems in the current basement have extended to the rest of the home, and the owners may want to add more value to their home or a small windfall may provide the opportunity to treat the whole family with an additional living area. One of the biggest reasons that people embark on basement makeovers is probably issues of damp, mold and mildew. These problems can be repetitive and frequent and if they spread to the rest of the building can be costly and time-consuming to fix.
Basement makeovers are often needed in the case of an emergency that requires accommodating visiting family members or friends. This can lead to a hurried and temporary repair rather than a complete overhaul. Storage problems are often an issue in homes especially those with families as they are constantly accumulating items and requiring more space. A basement makeover can be the perfect solution for all of the reasons that require an extra room.