There comes a time, when we first buy an older house, or after we have lived in a new house for several years, that we will need to do some kind of renovation on our home.
Whether you are updating the kitchen, putting in new floors, new plumbing or just adding more rooms to support a growing family, renovations can generally add a lot of value to your home in terms of equity or better pricing should you decide to sell.
Most renovations that cost some money will usually pay for themselves in equity additions that are equal or better than the money invested. However, if you are not careful, you may do something that could actually hurt your home’s value. What we’ll go over here are three renovation ideas that you really should not do if you plan to sell your house – these are more likely to be projects for if you plan to stay in the home and they improve your quality of life. If you are considering a renovation to your home, there are several home loans available based on your current equity that can help increase your home’s overall value.
Take a look at these profits-be-darned renovations, and be careful if the bottom line matters!
Paint Selection
{Paint color is “Sherwin Williams 7621 Silvermist”.}
You can paint the exterior of your house for one main purpose – to sell. But on the inside, if you are looking to paint, you do it either to sell or to live – they rarely overlap. If you may be moving in the future, going with bright or bold paint colors in various rooms can be too much and distract from the staging of the home. And don’t paint the kids’ room the colors of his or her favorite football team, even if he or she wants it.
If you may move 10 or more years down the line, then it’s OK to paint according to a theme in each room, but otherwise keep it bright and neutral for the most part. Darker colors tend to make a room look smaller, and when it comes time to stage the home, painting over dark colors with neutral colors uses much more paint than covering a brighter shade of blue or red, for example. Take a look at these Benjamin Moore paint colors to get some inspiration!
Way-Too-Luxury Kitchen and Bath
I’m sure you have heard many times about how upgrading kitchens and bathrooms can give back more money in your home than the cost of the renovation. And in general, that is true – but you have to be careful about going too far in the upgrades.
If you are in a formica-counter neighborhood, you probably do not want to go with the marble countertops and fancy tile backsplash. There is such a thing as pricing your home out of the market by going more top-of-the-line than your neighborhood can support. Make sure you are aware what price point your neighborhood falls in, and work with a professional to help you figure out how much money you could or should put into your kitchen and/or bathrooms to upgrade and still get the money back at sale. If your price ceiling is $300,000, you won’t get your money back if you spend $100,000 on renovations.
“Creative” Flooring
You may love parquet oak hardwood flooring in your kitchen, or you may like carpeting everywhere but what you may like won’t always translate well on the market. This can be especially dangerous because flooring can be very expensive, and it can be costly and time-consuming to remove and replace. If you are staying in the home, go with what will express your personality; but if you might sell at some point, keep things basic and simple, and don’t overdo it. Too much hardwood floor, for example, may price your home outside of the present market, which means you may not get the money back that you put into that floor.
You may love your home, and you may want to renovate it so it keeps with your family dynamic and lifestyle. But if there is a possibility of moving in the next seven to 10 years, be very careful in what you do to upgrade, paying special attention to your current market to make sure you don’t make pricey mistakes. Rather than ruining your home’s value with unnecessary changes, try to find cheaper, more cost-effective ways to increase value. These new fall interior designs are on trend with the season, and they won’t break the bank.
Sources: 1 & 2: Brandon Architects, Inc. (Jeri Koegel Photography). 3: Luxe Kitchens & Interiors (David Lauer Photography). 4: Brandon Architects, Inc. (Jeri Koegel Photography).
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