“Projects that take a home significantly beyond community norms are often not worth the cost when the owner sells the home,” says Scott Robinson, president of the Appraisal Institute. “If the improvements don’t match what’s standard in a community, they’ll be considered excessive.” Lifestyle website CheatSheet.com highlights a few renovation mistakes that could inadvertently lower a home’s resale value.
- Letting minor damage go unfixed. To better protect your investment, touch up chipped paint, repair leaky faucets, and remove carpet stains. “Your home has to look better on the day of the open house than it’s ever looked before,” says Steve Clark, a real estate professional in Los Angeles. “If the back door is covered in scratch marks from the dog, you have to fix that.”
- Failing to remove trees that pose safety hazards. Though trees can be a selling point, they need to be well-maintained and planted in the right spot in order to boost the value of a home. Trees planted too close to a house could pose a fire hazard, or the tree’s root systems could damage the home’s foundation. A tree planted in the right spot could not only be aesthetically pleasing but also potentially lower energy bills.
- Garage conversions. A quarter of Americans say their garage is too cluttered to fit their car inside, according to a survey by Gladiator GarageWorks. So some homeowners may decide to convert the garage into a bedroom or den—but that could be a big mistake at resale. While it may earn extra square footage, these spaces tend to be poorly insulated. Also, buyers may prefer the covered parking space instead.
Source: “5 Ways You Can Accidentally Lower Your Home’s Resale Value,” CheatSheet.com (Aug. 24, 2017)