While the general assumption is that all home renovations increase the value of a home, that is not true. Some renovations are better left undone if a home owner wishes to up the market value of their house.
Despite the belief that the addition of a swimming pool automatically adds value to a home, many potential buyers now see swimming pools as a liability for young children and as too expensive to upkeep.
Converting a garage into a game room or a family room usually causes buyers to shy away, thus decreasing a home’s value. Most would prefer to put their car in a garage without a ping pong table getting in the way.
Updates to a Newer Home
Updates to an older home are regarded as valuable and are often necessary. However, updating any of the equipment in a home that was built in 2013 is unnecessary. The market will not care that a home fridge went from a decent 2013 model to a slightly more decent 2015 model.
Floor Plan Changes
Not only is this type of renovation quite expensive, potential buyers may also think it’s unappealing to have what was formerly the patio now be the living room.
Adding marble floors and Venetian plaster walls will cause the market value of the average suburban home to decrease. Potential buyers will avoid a house that requires meticulous upkeep in order to remain appealing.
Carpeting increasingly is considered to be health hazard because of all the particles and bacteria carpet can contain for years and years. In addition to this, cleaning a wall-to-wall carpeting can get expensive. As with swimming pools, the market is kind to neither liabilities nor costly upkeeps.
Necessary renovations to leaky roofs, broken pipes, and black-cloud-huffing HVAC units only maintain, not increase the value of a home.
Adding a bowling alley or a laser tag room may draw in some buyers, but for most, these additions will be viewed as significant and excessive drawback to a home.
Exterior Renovations that Clash with the Rest of the Neighborhood
Any exterior renovation that causes a house to differentiate itself from the neighborhood in a radical manner is also a renovation that will decrease a home’s value.
Chandeliers can be a beautiful addition to a home. That is, if this “home” is actually a mansion. Suburban home owners should avoid installing ornate lighting because buyers will see the addition as excessive and not worth their money.