Home improvement is the process of repairing and updating the interior and exterior of a house. Some homeowners renovate their homes with the intention of increasing resale value, while others simply want to make their homes more functional for their families. However, not all home improvements are worth the investment. In fact, some can actually decrease your home’s resale value. Here are a few renovations to avoid.
A new kitchen, bathroom or backyard pool are great ways to boost your home’s value, but the cost of these projects can add up quickly. Many homeowners take on too much debt to complete a home renovation project and end up overspending. This can be especially true if you choose high-end materials, as they tend to increase your project’s cost. A good rule of thumb is to spend no more than 10 percent of your home’s total square footage on a single project.
In most cases, the best way to determine if a home improvement is right for you is to consult with a real estate agent. They can offer you insights into your local market and help you understand which home improvements are worth it. They can also give you a list of the most popular home improvement projects and their cost.
Whether you’re watching Fixer Upper or This Old House on television, it’s easy to get inspired to do some home improvement yourself. But it’s one thing to watch these shows and another to get out your hammer and tools. It’s important to know which projects will actually add value to your home and which may cost you more than they’ll pay off in the long run.
A common mistake is choosing an over-personalized renovation. “If you go with something too unique, it can make your home stand out in a bad way and reduce its value,” Gordon said. “The same goes for putting in an overly custom tiling job,” he added.
It’s also important to consider the neighborhood when deciding on a home improvement. Adding a pool or a garden in a neighborhood where most homes are smaller could be off-putting to potential buyers. “Adding amenities that are out of line with the rest of the community will not provide a positive return,” Fisher says.
Finally, be sure to check with your local zoning board before beginning any work. A simple permit application can save you from costly mistakes down the road. It’s also a good idea to talk with neighbors about what improvements are permitted in the area before beginning your own. This will ensure that the work you do doesn’t violate any regulations. It may even prevent neighbors from calling the city to report you for a violation.