15 Remodeling Mistakes That Can Cost You Money When You Sell
Not all updates to your home will add value when it comes time to sell. If you are planning to sell your home in the near future, you want the improvements you make to add value and be worth the investment. Here are 15 common remodeling mistakes that add little value to your home, costing you more when you sell.
- Hi-tech home management. Keep in mind that technology changes extremely quickly and spending money on advanced home technology can become outdated very quickly. Plus, not all home buyers are tech-savvy and want an automated home.
- DIY fixes. There are some DIY projects like landscaping or a fresh coat of paint in the bedrooms that can be low cost improvements before selling. However, tackling a job that is outside your skillset could actually reduce the value of your home. If you try to rewire or install new plumbing and it is done incorrectly, it could hurt more than help when it comes time to sell.
- Too much pizazz. You have your own personal style, but if a home sale is in your future, you may want to limit how much pizazz you put into your home. Bright colored walls or other striking features tend to detract from the value of a home.
- No storage. You may not care about a big closet, but there is a good chance buyers will. If you reduced your closets for more room space, it could be a remodeling choice that will diminish your home’s desirability factor to buyers.
- High-end appliances. Opting to add high-end appliances will not necessarily improve your selling price. The cost to value ratio is low – not everyone cares about having a commercial-grade stove or walk-in fridge, especially if they don’t even like to cook.
- Behemoth bathtubs. You may love the idea of lounging in a large bathtub, but if you are planning to move, this is a poor use of remodeling funds. An expensive or large bathtub is not worth the cost in improved home value.
- The infamous kitchen remodel. At some point, a myth was perpetuated that a kitchen remodel can help sell homes. While an outdated kitchen can be a deal breaker, an expensive kitchen remodel will cost much more than it will gain when it comes time to sell.
- Top-end hardwood floors. If you are wavering between options in hardwood floors, choosing the high-end, rare flooring over a more common variety will not increase your sale price.
- Master bedroom suite addition. Unless you are planning to live in your home for many years, investing in adding a high-end master bedroom suite is a costly mistake. In the Remodeling cost versus value report for 2019, this project only offers about a 50% recoup of costs when it comes time to sell.
- Crazy carpeting. Adding carpeting is a dangerous move on its own – many people prefer hard flooring. Adding crazy carpeting with wild colors or patterns is a definite mistake if you intend on selling your home.
- Swimming pool or spa. Don’t add a swimming pool or spa thinking it will improve the value of your home. Not everyone wants these high-maintenance amenities.
- Posh patios. Outdoor living spaces may be important to buyers, but the cost of adding a posh patio is more than it is worth. You will not be able to recoup the cost, making it a poor investment.
- Bidets and bathroom upgrades. Specialized bathroom upgrades like bidets and high-tech toilets are a very personal choice. Beware of spending too much on these items if a move is around the corner.
- Intricate island. The kitchen island is a wonderful asset, but the high-tech, intricate island can be a costly mistake. Keep in mind that many home buyers are not interested in an elaborate kitchen.
- Personalized additions. Your forever home should be full of personalized features that you love. But if you are planning to sell, keep your personal style in check to avoid overpowering the home with too much you.
The key with remodeling a home that will eventually be sold is to weigh the cost versus value, making wise choices in upgrades. Avoiding these mistakes can help you gain the most from what you put into your home.