How To Lower Your Home’s Resale Value
When it comes to selling your home, it makes sense that you want to achieve the highest sales price possible — but did you know that some improvements can make your home lose value, rather than build it?
If you’re thinking about putting your home on the market, and are considering making some changes before listing, read this guide on ways that you can lower your homes resale value — that way you’ll know what to avoid when the time comes to put it on the market.
Of course, when sellers think about quick, budget-friendly ways to get their home ready for the open market, the first thing that often pops into their heads is fresh paint. A fresh paint job can turn your home from tired and musty, to fresh and inviting — but only if you choose your colors wisely.
Repainting your home in neutral colors that lighten and bright spaces is a great way to add value, however, repainting your home in dark or garish hues is a sure-fire way to ensure that its value decreases, or at least makes it less attractive for buyers.
Increasing the master bedroom
Although you may be surprised to see this one on the list, it does come with a caveat — this is will probably only reduce the value of your home if you forfeit another bedroom to make the master suite bigger.
In fact, forfeiting any bedroom to make another room in your house bigger is often one of the quickest ways to reduce the value of your home.
Installing A Pool
It’s well documented that private pools rarely net you a high return on your investment. This is especially true if you live in a state that is seasonal and doesn’t enjoy high average temperatures. Unless you live somewhere like Florida, or you pay the extra expense on making the pool heated, a lot of buyers are unlikely to pay extra for a pool. Some buyers may even overlook your home entirely, especially if they feel that a pool will result in added expense.
Converting Your Garage
Every home needs an extra room, right? Or maybe a home gym? The extra space available in an attached garage often stretches a homeowner’s imagination — but what will potential buyers think about your newly designed man cave?
If you live in any state with extreme weather, such as snow or high heat, a lack of garage can have a severe impact on your quality of life. Without the safety of the garage, you’ll have to consider the effect that the weather will have on your vehicle. From figuring out the logistics of scraping snow from your windscreen to your car sitting out in the hot sun all day, losing your garage space can lower the value of your home and drive away potential buyers.
If you haven’t already heard — carpet is out. Often a make or break for buyers with allergies, carpet has fallen out of fashion for many reasons. From being challenging to keep clean, to harboring allergens, many homeowners are switching out the carpet in their homes for wooden flooring or tiles.