Some home improvement projects can actually decrease a property's value, rather than adding to it. From shoddy workmanship, misguided upgrades, and more, homeowners should be aware of what could make a property less appealing to future buyers. Home renovating needs to have a purpose, and not just for the sake of wanting something new and flashy; you have to be smart about it.
CheatSheet.com notes that a valued resource for homeowners and remodelers alike is Remodeling’s annual Cost vs. Value report. For example, adding fiberglass attic insulation was the only upgrade in the 2016 report that actually added more value to a home than it cost to put in.
Clients can take note of five home improvement mistakes that could lower the cost of a home. Take note of these mistakes as you help guide your clients in their home improvement project process:
- Avoid getting too fancy
- Don’t expand the home unless you have to, “Home expansions that eat into your yard can hurt your home’s value more than they help.”
- Avoid too much customization in the home. When homebuyers are looking at homes, they want to know that they can make it their own.
- A pool might be a fun home addition, but it won’t add much value to a home.
- More is better when it comes to bedrooms, so don’t eliminate one.
To read more about what mistakes homeowners can avoid when taking on a home renovation project, click below.