Renovations that are done tastefully, and stick to a neutral color pallet, will add the most value to your home. Most designers and realtors will tell you to focus on resale when it comes to home renovations. Heed their advice! Although most homeowners won’t recoup the value of most renovations, updated kitchens and bathrooms can often help to facilitate a sale, for a better price, and get you to the closing table quicker.
Here are a few renovations/improvements to avoid:
Color (other than neutral) – Think about resale before making a big purchase for your home. Don’t purchase appliances, tiles or vanities in the trendiest, must-have colors. Keep the big pieces neutral, and add your favorite colors only in small doses. Remember, you can easily paint over brightly colored walls and wallpaper with a neutral color. Many buyers will object to many colors, but few will object to tasteful neutrals.
Eliminating rooms – Yes, an open floor plan and a large master suite are important, but don’t sacrifice the number of bathrooms and bedrooms to achieve this goal. Instead, consider an addition, but be sure to get the necessary permits required in your town. Trying to sell a home with unpermitted renovations can be very challenging!
Adding a pool – Unless you live in an area where pools traditionally stay open year round, most buyers will consider this improvement a nuisance and an unnecessary expense. If your yard is big enough for a pool, and you decide to go forward anyhow, make sure the space is well thought out, useable and well landscaped.
Over personalizing – We all want to make a home our own, but be careful not to deter future homebuyers in the process. Put your stamp on your home in ways that you can take with you, or easily reverse, rather than on immovable objects.
Spend your money wisely and you will have the best of both worlds – enjoying the improvements while you’re living there and benefiting as well once you come to market!