While it is important to improve the quality of your house before selling it on the market, you should know which renovations increase its value and which do not. Some projects are not entirely worth the investment, and may, in fact, reduce your ROI, if anything.
Here are a few such remodelling projects that you need to reconsider before committing to them.
Changing layouts
Even though bigger closets and bathrooms are big bonuses, they are not worth prioritising if it means expanding their space would lose another room�s space. It would be more convenient to have relatively larger bedrooms instead.
A better alternative would be to maximise the space you already have by implementing practical storage solutions, for example, wardrobe organisers or bigger shower cabinets.
Modern or high-end fixtures
Replacing current fixtures with high-end alternatives may seem like a quick fix to elevate the look of your home, but it comes at a pretty high cost. In most cases, the financial value of your home won�t even be increased enough to cover the cost of installing them. No potential tenant or buyer would pay extra just because of new lighting or bathroom fixtures.
For instance, while you may be tempted to build standing shower spaces � a common trend nowadays � consider the practicality of it as well; it may not be to everyone�s taste. You should carefully decide if each renovation design would appeal to all kinds of buyers.
If there is a need to improve the fixtures in your home, focus on durable solutions of high quality (yet budget-friendly) instead of being just sleek or state-of-the-art.
Bold colours or designs
If your home�s paint job needs to be refreshed, stick to minimal or neutral colours/wallpapers instead of incorporating a �statement� wall with bolder colour themes or patterns. The latter may not suit everyone�s preferences � if someone feels like they would have to repaint if they move in, they might think buying the property would not be worth the extra trouble or money after all.
The same goes for design: if you install design features based on what is currently trending, you may lose out if your house is not sold before they go out of style. After that, they would just make your home appear out of date, and you may not be able to afford to update it each time.
Homebuyers value properties that look ready to move into. Creating a blank canvas with light, muted shades and simple, timeless decor would have mass appeal as the buyers would have more room to decorate it, according to their liking, when they shift in. In fact, most real estate agents recommend removing wallpaper altogether before selling your home.
Carpeting
Most home buyers are looking for hardwood or tile floors, so installing carpets in most, if not all, rooms would prove to be rather pointless. Carpet options are also vast in comparison, so it is better to leave that option to the customer when they move in rather than investing in it yourself.
Hi-tech appliances
Smart appliances are a great addition to any home, but they do not increase your property�s resale value as much as you may expect. Some potential buyers may appreciate it, but it is not necessarily what they would count as essential features that they are looking for.
A more viable option would be to spend that budget elsewhere. Anything personalised � like smart home technology � would be a waste of time, effort and money.
Consider the location
If you are undertaking costly renovations for your place, take note of your neighbourhood first. Do the houses sell only at a specific price point? If so, any expensive facelifts would be impractical because potential buyers would only turn away from your home to look for more affordable options in the area.
It is easy to go overboard when it comes to giving your home a makeover, but, as a seller, you need to be more careful because the wrong renovation can cause you higher long-term costs.
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