Last week we talked about the top five ideas that can help increase the value of your home. Even if your home isn’t currently on the market, it will likely be one day, and this is important to keep in mind with any home remodel project. As mentioned, even in this market, home repairs can be detrimental to your home’s overall value. There are certain projects that can decrease the value and the price of your home. If you’re contemplating remodeling your home, or upgrading some things in your home, in the second part of this 2 part series we’re going to cover things that can potentially negatively impact your home’s value. This week, we’ll cover the top 5 projects that can increase value:
1. Wall to wall carpet
Lets face it, carpet is considered by many as outdated and out of style. Not only do younger home buyers prefer hardwood and tile floors, but often families with small kids or elderly parents do as well because carpet gets dirty easier and bunches up as a potential tripping hazard. If you’re in the mood to replace flooring in your home, make sure you strongly consider tile or hardwood or the newer luxury vinyl plank flooring and steer clear of wall to wall carpet.
2. Any DIY room remodel
This point can cover a lot of different projects from painting to tile install, floor install or even knocking out a wall. While the appeal may be to save money while trying something new, the results could be less than ideal, enough so that it drags down the value of your home. Many homeowners fall victim to the idea that something looks easy on HGTV or a do-it-yourself Tiktok and then potentially disfigure a room. Unless you’re a certified professional who has vast experience with remodeling projects, it’s best to find a licensed and experienced contractor who can cover the bases if permits are required. Crooked floorboards and peeling paint will not add any value to a home.
3. Converting a bedroom / removing closets
One of the first metrics that a homebuyer looks at is the number of bedrooms. If you were to convert a bedroom into a study, movie theater or otherwise, this could drastically change the value of your home. Not to say if you put a desk in a bedroom for a home office, but rather something like remodeling a room and especially if you remove a closet. Closets make bedrooms legal and more bedrooms typically bring value to a home.
4. Wallpaper
Like the wall to wall carpet idea in point 1, wallpaper can look very outdated. Many home buyers tour a home and want to see neutrality so that they can envision their own style in the home. Wallpaper can throw off that vision and therefore make a home seem less desirable for potential buyers. Plus, wallpaper can be hard to get off which makes the potential buyer assume that they will have to spend money and time to remove it. This said, wallpaper is making a bit of a comeback, with a freshened approach.
5. Pool
This may be a surprising point on the list, and adding a pool doesn’t necessarily detract value from a home but adding a pool can come with significant costs and will likely not drive up value and ROI in the same manner. Sure, some homebuyers would love to have a pool at their home but others see it as expensive upkeep and a potential insurance nightmare. Plus, in Colorado the seasonal weather dictates that the pool will be covered half the year anyway. Tread carefully if you’re thinking of spending thousands of dollars to add a pool.
What remodeling projects are you thinking of doing soon? Are you in the market to buy or sell your home? Call and text me at (720) 323-4176 or email me at [email protected]
