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U.S. homeowners spent $420 billion in 2020 on remodeling their homes, according to the National Association of Realtors 2022 Remodeling Impact Report, but not every home renovation project will increase the resale value of a home. Before you invest in a swimming pool or new addition, you should consider whether the project will pay itself off and get prospective buyers in the door when it’s time to sell. Here are some common home improvement projects to avoid because they could decrease the value of your home:
Wallpaper is making a comeback, but a pattern and color scheme that you love may not appeal to a majority of buyers. Plus, its removal is a notoriously time-consuming and messy job. Experts say the quality deteriorates over time and most future owners of your home will want to remove it, which can be a cumbersome process
While built-in electronics may be perfect for your home theater, it could turn away prospective buyers. Not only do gadgets eventually become outdated or even obsolete, but this type of personalization can lead to a decrease in home value.
Most new homeowners prefer to remove carpets if they are of poor quality. Carpeting adds no value to a property, according to remodeling experts. According to NAR's Remodeling Impact Report, the highest percentage cost recovered for interior home projects was from refinishing hardwood floors at 147%, and new wood flooring at 118%.
Unless you live somewhere that’s hot for a majority of the year, a swimming pool won’t add much, if any, value to your home. At the very most, a pool could increase your home’s value by 7%, according to home improvement advice site House logic.
As a homeowner, it's tempting to convert your garage into a studio and rent it out or turn it into a home gym. If you alter the garage layout too much, it can lose its value in the eyes of homebuyers searching for a property with a garage to park their cars.
DIY renovation projects can be a great budget-friendly option to add value, but if a buyer notices, it may not always be a good thing. Even simple DIY home improvement projects can go horribly wrong. Spending the extra money to have the job done well could get you a better return on your investment.
Painting is one of the most common DIY projects for homeowners. A fresh coat of paint is a good way to increase your home’s final sale price, but some buyers tend to stay away from bright, dark or bold colors. If you’re looking for a cost-effective option to spruce up your home, choose neutral colors to transform the space and give each room a clean, fresh look.
Removing texture on walls and ceilings is a difficult project, which can potentially lead to lower offers when it’s time to sell.
Beautiful landscaping can help boost curb appeal and get more prospective buyers in the front door, but costly and overdone landscaping could be a concern. Not only is the attractiveness of decorative additions subjective, but buyers could see it as too difficult to maintain.
Source : Joycelyn Marigold, Africa Home Building News
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