Beware of value-killing renovations

Lush green garden

 

 

 

 

Whether it’s a landscaping change, a room renovation, or a new   paint job, many homeowners have the desire to add their own personal flair to their residence. However, before undertaking a new project in your home, you must ask yourself a few questions.

  • Is this my “forever home”?
  • If I move, will this renovation make my home harder to sell?
  • When selling my home, will I have the patience to wait for that specific kind of buyer to come along?
  • How reversible is this home renovation I’m considering?

Some home renovations can be worked around. Say you have your heart set on converting a basement to a lounge area, complete with a full bar. This kind of renovation will be a lot more appealing than, say, converting the garage into another bedroom or office. People can work around the idea of a full bar in the basement, and they’ll absolutely love the idea of having the basement in their potential home already finished. Converting the garage, on the other hand, can have its drawbacks, and may limit the amount of people who will seriously consider buying your home.

As far as landscaping projects, the same rules generally apply. A buyer will tend to appreciate a swimming pool over a koi pond, as the swimming pool doesn’t target such a specific kind of buyer.

As far as gardening and plant life, a buyer may initially think rose bushes, creeping ivy, and vegetable gardens are romantic, charming, and beautiful, but when it comes down to the dotted line, they may start to have reservations about upkeep.

These aren’t exactly renovation no-no’s, as any renovation you make will eventually lure in the right kind of buyer. These are just things to consider before undertaking a new home project.

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