If you’ve lived in your home for awhile you may have gotten the DIY bug. Maybe you’re thinking about some changes or upgrades. Generally, renewing areas of your home can give you a brand new feel and can also enhance the value of your home. But some ideas could hurt your ability to sell it if you decide to move. This article from MoneyTalksNews has some examples.
Are you considering converting your home’s garage into a man cave? Before you permanently ditch parking and storage space in exchange for a testosterone-friendly getaway, you may want to consider this: your garage man cave project could hurt your home’s value and make it harder to sell. Turning your garage into a living space is one of four home improvement projects that could end up sucking the value out of your home. Homeowners need to think carefully before they get rid of their garage and turn it into a man cave, family room or extra bedroom, because it could make their home less attractive to many people, according to New York real estate agent Brendon DeSimone, author of the book “Next Generation Real Estate”. A recent survey by real estate investment and operating firm Crescent Communities found that 74 percent of homebuyers said having a garage is extremely or very important. If you still want to proceed with your garage project, consider leaving the garage doors on the outside so if you do sell your house, a buyer has the option to easily turn the space back into a garage, according to Michele Silverman Bedell, of New York-based Silversons Realty. Here are three other home renovation projects that could dent the value of your home:
Removing one bedroom to make another bedroom (or room) bigger: Reducing the number of bedrooms in your house is a big no-no from a real estate standpoint. “When you start eliminating bedroom space, you’ve completely changed the comparable value of your home in the neighborhood,” David Pekel, president of Pekel Construction and Remodeling, in Wauwatosa, Wisconsin, says. By reducing the number of bedrooms in your house, you’ve also reduced the number of potential homebuyers who would be interested in your home, despite how big another bedroom or living space is.
Removing closets: People want, and typically need, closets. Bedell said she had a client who removed the closet from their master bedroom and built a big master bath in the space. The result? The home was much harder to sell.
Wallpaper: Sure, wallpaper can really spruce up a room, but many people don’t like it. Plus removing it can be difficult. I can attest to that. Every single room in my house had wallpaper circa 1979 – think orange and avocado green flowers, silver trees and flocked brown and gold geometric patterns. My husband and I made the mistake of thinking it would be easy to remove. Every room we worked on was awful and time-consuming, and I will never purchase another house with wallpaper. Bedell said overdoing wallpaper or any other finish can deter potential homebuyers and hurt your home’s resale value.
Of course, you shouldn’t shy away from a home renovation project you really want just because it may hurt your home’s value if you sell it. It’s just something to be aware of. If you do decide to move forward with a potentially home-devaluing home improvement project, DeSimone recommends that you “do it in a way that you can put it back when you go to sell.”
These are all good points, especially the last one. You buy your home to live in. You should make it your castle but if you can, do it in a way that is reversible. That way you can enjoy it now and sell it later.
To see the original article from MoneyTalksNews by Krystal Steinmetz, go here.
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