9 Home Improvements That Decrease Your Property's Value | Century 21

If you’re investing in renovations or home improvements, it makes sense to think about the impact these could have on your property value, for better or worse, even if you are not planning to sell anytime soon. If you are planning on selling in the near future, then it’s even more vital that any home repairs or renovations add value rather than detract from it. 

For most Australians, their home is their largest investment, and any money poured into the home should be carefully considered in order to get the highest possible return when it comes time to sell. 

Here are some typical mistakes to avoid that could decrease your property’s value: 

1. Spending too much on renovations

It’s all too easy to over-spend on home improvements – it’s called overcapitalising. Depending on your neighbourhood, and the value of surrounding homes, spending big on major renovations could be money down the drain when it comes time to sell. To avoid overcapitalising, look at how much your planned renovations would cost, then look at what houses in your local area that have had similar improvements are selling for. Do the costs outweigh any added property value? You may find you are better off selling your home as is and moving to an already renovated property.

2. Unsympathetic additions

Any additions to the original house need to be in sympathy with the design and materials of the original house to avoid a disjointed appearance. Modern additions to older homes can work beautifully, however, if handled by a skilled architect or building designer.

3. Illegal building work

Going ahead with any building work without getting council approval is a big no-no. Prospective buyers will find out the work is illegal during pre-purchase inspections and almost certainly be put off entirely or make a much lower offer on your home. 

4. Cutting out light

Any additions or renovations that create dark rooms or cut out natural light from existing living spaces will devalue a home. Maximising the flow of natural light is vital to a successful renovation, especially in the living areas. 

5. DIY work

If you are not a DIY expert, call in the real experts when making any home improvements. Doing it yourself might save money in the short-term but shoddy tiling, carpentry or paintwork will not appeal to buyers when it comes time to sell. Never undertake any electrical or plumbing work yourself as it’s illegal and may be picked up during a pre-purchase building inspection. 

6. Ignoring structural problems

Always check that subfloor structures are sound before undertaking bathroom or kitchen renovations in particular. A new kitchen could last less than four or five years if there is floor subsidence. 

7. Lack of emphasis on outdoor living

A good flow between indoor and outdoor living is a big plus for home buyers these days. A rear addition with no views out to the garden or easy access to outdoor living areas will add little or no value to your property.

8. Poor choice of flooring

Flooring is expensive to replace so needs careful consideration. Tiled floors throughout, for example, can be appealing in a warm, beachside location but turn off buyers in cooler climates. Covering polished hardwood floors with carpet could also be a mistake. Before spending money on flooring make sure you find out what the most popular option is with buyers in your local area. 

9. Eccentric touches

It’s your home and it should suit your tastes and lifestyle but consider carefully before painting the interiors electric blue and royal purple and doing out the kitchen in wild geometric tiling and floral laminates. If you can readily tone things down before you sell, however, then go right ahead!

If you are buying a home that will require renovations, or planning home improvements before you sell, it’s a great idea to consult with your local Century 21 real estate team before going ahead. They’ll be in the know about which improvements will most appeal to local buyers and add that all-important value to your home, and which improvements could be a waste of your money, or worse still, detract from your property’s value.

Posted by Administrator on 21/06/2017 at 3:15 PM | Categories:

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