Owners seeking to upgrade often dream of finding their “forever home”; a real estate nirvana in which concerns about the ebbs and flows of property values become a distant memory.
Any remodeling or even minor scale improvements will be for your benefit alone, and there’s no need to worry about their impact on the property’s value or selling potential.
But is a “forever home” something of an illusion?
Life can throw obstacles at you that cannot be foreseen. Whether these are of a personal nature or you even find yourself with a bad-behaving neighbor, you should never discount the possibility you may sell.
With this in mind, it’s worth asking yourself whether making changes or investing in certain upgrades is worthwhile. It’s possible that some remodels actually devalue a property.
Key numbers
Buyers always consider these statistics before viewing a property: land size, square footage and the number of bedrooms and bathrooms. So, merging two bedrooms into one may not serve you well. Nor will turning a main bed into an entertainment theater or ripping out a bathroom for your dream sauna.
Odd additions
A home must be more than just a collection of rooms. It needs to make sense. But if you sink dollars into random rooms hanging off the side of the main building, you’re likely to diminish its value simply because buyers will think the layout is a mess.
Building walls
The idea that a home needs more internal privacy is pretty sound. Who wants to nestle into a good book with Netflix blaring away on the other side of the room? But if you construct internal walls, the home may become bitty and challenging to live in. Buyers love open-plan living and may shun your privacy strategy.
Removing a bath
Replacing a bath with a shower can damage your home’s appeal to young families, substantially reducing your pool of potential buyers.
Hardcore kitchen
You may want to pour tens of thousands of dollars into state-of-the-art kitchen appliances to explore your culinary genius. Just be aware that few buyers will care. For that investment to get a return, you’ll need to find another buyer with a similar passion and that could be a challenge.
Pools and tubs
You’d be amazed how many folks will look at your gleaming swimming pool and think, “work”. Ornate gardens that require hours of TLC have the same effect. A substantial percentage of buyers want a home with minimal maintenance.