Homeowners need to make periodic home improvements to maintain their resale value. Unfortunately, not all projects fit the bill. Some options do not raise the value enough to justify the expense, while others could actually lower the home's value. Homeowners can help to protect their resale value by avoiding these projects in particular.
Consolidating Bedrooms or Bathrooms
The value of the home relates closely to number of bedrooms and bathrooms. Sometimes, people think that they can attract a larger share of buyers by consolidating smaller bedrooms or bathrooms into a larger suite. In homes of a modest size, this could backfire. Shifting from three bedrooms to two, or from two bathrooms to one, may dramatically lower the home's value no matter how large or luxurious the new room appears.
All parts of the home require some maintenance, but some need more than others. When people consider home upgrades they might make for their convenience and enjoyment, they should think about how much a new owner will have to invest to take care of it. This is why swimming pools tend to lower resale value instead of increasing it. Similarly, other niche upgrades that render part of the home unusable for typical activities may make the home less desirable. A wine cellar or a home theatre might seem like the height of whimsy, but for buyers who do not want these, it looks more like extra work.
Eliminating Storage Options
Home buying surveys consistently show that prospective buyers want more storage of all sizes. This means that homes that make storage a priority tend to be the most enticing. On the opposite end of the spectrum, improvements that change the nature of the storage or decrease it may alienate home buyers. Open-concept kitchens are popular, but homeowners should be wary of making this improvement if it means they have to cut out a significant portion of their cabinetry. Converting a separate garage into an art studio or entertaining space could seem like a practical choice, except for buyers who expect additional storage and a place to park their cars.
Not all home improvements are created equal, and homeowners should keep resale value in mind. By avoiding upgrades that deter future Lynx Ridge home buyers, they can maintain their homes without wasting money on a bad investment.