6 Home Renovation Projects That Don’t Pay When it’s Time to Sell
If you're thinking about renovating your home, you should know that sometimes it's totally necessary - like if your fridge dies or you've got a leaky roof. But other times, you might just want to spruce things up a bit with a fresh coat of paint, new flooring, or some new lighting. Just keep in mind that some renovations can actually add value to your home if you're thinking about selling it someday, while others might not be worth the investment. So before you start swinging that sledgehammer, make sure you know which renovations to avoid.
Think twice about eliminating rooms.
It's totally understandable if you want to turn that extra bedroom into your dream master suite. But just keep in mind that when it comes time to sell, less bedrooms can be a major issue. If you convert a 3-bedroom house into a 2-bedroom, you'll lose out on buyers who need 3 or more bedrooms.
Also, be careful about making any other big renovations that change the layout of the house. For example, if you eliminate a small bathroom to make more living space, you're also eliminating a bathroom. And if you close off or open up your kitchen, you might lose out on pantry space. These changes might make sense for you, but they might not be as appealing to buyers who have different priorities. So while it's totally fine to remodel your home to fit your needs, just be aware that these changes might not pay off when it's time to sell.
About your bathroom…
So you might think that having a super fancy walk-in shower would be a big selling point, but it's not always the case. If the people looking to buy your house have young kids, they might really want a tub. And if the buyers are older or have any kind of accessibility issues, a big ol' clawfoot tub might not work for them. Basically, these features can be just as much of a drawback as they are a selling point. So if you're thinking about swapping out the tub for a shower in the hopes of getting a higher price, it might not be the best idea.
…and that hobby room…
It's totally cool to use an extra bedroom as a hobby room or office. But if your hobby requires a really specific space, it might not be as appealing to potential buyers. For example, a dance studio in the basement with mirrors and bars on the wall might not be for everyone. And if you're a film buff, a dark room might not be a selling point for most people. Just keep in mind that if you've made any super customized spaces in your house, you might have to make some changes when it's time to sell. Most buyers will probably want something more versatile.
Skip absurdly high-end finishes.
Just because you love that fancy marble in your bathroom and think it's worth a ton of money, doesn't mean buyers will feel the same way. They might appreciate the high-end finish, but if that's the only thing setting your property apart from other similar options, they might not choose yours. It's all about finding a balance between upgrading the space and going overboard. Just something to keep in mind!
Don’t renovate yourself out of the market.
If you make so many renovations that your house is now valued way beyond the rest of the area, you’re going to have a hard time selling it. Because even if the property is beautifully crafted and remodeled, the location remains the same.
Remember: not everyone shares your taste.
Hey, so when it's time to sell your house, don't get offended if your agent suggests painting over that bold accent wallpaper or switching to a more neutral color scheme. It's not about your personal style or anything, it's just that different people have different tastes and it's easier for potential buyers to visualize themselves in the space if it's more neutral. Have fun making the house feel like home while you're living there, but be open to making some changes when it's time to sell. Trust your agent, they know what they're talking about!
*Bonus: Don’t fall into a DIY money pit.
Yes, DIYs are a great way to save money and update your space. BUT you need to DIY with caution. If you saved some money by installing your own dishwasher and there are issues with it, that “upgrade” has now become a liability for the new owner. Redoing tiles floors is great…but if you DIY it and the tiles are poorly installed, broken, or uneven, that’s something the new owners will have to redo yet again.
In other words, really be honest with your DIY skillset and call in the professionals to make sure that your renovation increases your value rather than tanking it.
Ready to sell?
Ready to find out if your renovations are going to pay off? Our sales team knows the DC market inside and out and will work tirelessly to get you the most money in the least amount of time, so give us a call today.