How to avoid costly renovations that won’t pay back
The sights and sounds of hammering and demolition fill your home and this can be an exciting thing, or in some cases lead to renovations gone wrong! So many times home projects that you thought would be a smart investment end poorly with little opportunity to recover the costs when the time comes to sell your home. It may leave you wondering, “What was I thinking?!”
Many homeowners put countless hours each year into home improvements. There are some obvious eyesores that need to be upgraded like used-to-be-trendy faux paint treatments, but then there are those home renovations that sounded like a good idea at the time that may actually end up devaluing your home when it comes time to sell. So before lifting any tools, do your research and find out how the project will affect the value and choose upgrades that will boost your sale price.
Looking back some people ask themselves, “where did we go wrong?” One of the most common mistakes is with redecorating. Any extremely trendy or personality-specific decorating choices can work against you in the future when selling your house. Paint colours that are too bold such as red, orange, purple and black, as well as too many walls covered in wallpaper are usually not the most appealing choices to potential buyers.
You don’t want to do anything that’s too trendy, even if at the time it’s the latest and coolest thing, as it will probably only last short term. Instead, make choices that will last for years.
Another big mistake when renovating is purchasing cheap materials to work with. This is just setting up for disaster, as you get what you pay for. Cutting corners in the wrong places will show. Never go for the cheapest!
There are several upgrades that people believe will add value to their home, when in fact it does the exact opposite. Swimming pools and hot tubs are a good example. It seems like a luxury item to add to your home, but many potential homebuyers view them as dangerous and expensive to maintain. Wall-to-wall carpeting is another thing that may be a turn-off for some, as it has been shown that carpeting harbors allergens and dirt.
So as a homeowner sometimes you have to choose between an improvement that you want and one that would prove to be a better investment. Think twice about costly upgrades and renovations that will not add value to your home.