Home Improvements That Can Hurt Property Sale
Improvements that decrease value? Doesn’t it sound ridiculous? Yes, It’s a common mistake among property owners looking to add that extra touch of “value” in a bid to sell their property faster. Allow me to give you an advice – less is more. It really is.
When you’re putting a property on the market and you’re trying to make a quick sale, making improvements seem like the obvious answer, right? The thing is, too often,
We have seen home-owners get excited and carried away, making all sorts of changes to the house without making sure that these changes and renovations actually add value. The thing is, improvements are great, but only if you make the right kind. Yes, there are “wrong” improvements and I’ll address them here.
How can an improvement hurt the value of your property? We’ll give you an example to make my point. Imagine you decided to increase the size of a master bedroom, but you have to sacrifice another bedroom to make that happen.
The larger master bedroom may look great, but people generally prefer extra bedrooms to a super large master bedroom, so cutting down from a three-bedroom apartment to a two-bedroom apartment this way may not be a wise decision.
Here are a few more examples:
You’re looking at other people’s homes and thinking “Everyone’s got wallpapers now, it makes sense to make some for my property. It’s bound to increase value”. More often than not, you would be wrong.
The problem here is, wallpapers are a very personal choice, and the more personalized your house is, the harder it is going to be to sell.
People may love wallpapers, but there are no guarantees that they will love YOUR wallpapers. If they want wallpapers, they’d rather pick them out and choose exactly the ones they want by themselves.
Now, it may be a small point in the grand scheme of things, but imagine a buyer was trying to decide between your wallpaper-customized apartment and another apartment that is less personal. Small matters like this one could be the decider – they’d rather go for the one where they don’t really need to make any adjustments.
Now, if you only have wallpapers set up in a room or two, you might not have any issues. However, if it’s a common theme in your apartment, it can make sales that little bit harder.
2 Using non-neutral paint colors.
The reasoning behind this is similar to that of the wallpapers. You need to recognize the fact that your buyers may not share your taste in color selection, and the safest bet is to go with neutral colors.
You don’t want a buyer checking out your property and thinking “I’ll have to repaint”. It will make them want to offer you less in a bid to cover the costs that they expect to spend in repainting the house. Keep things neutral. If you use the proper colors, painting is actually one of the most high-return improvements that you can make when selling a house.
3 Unusual Tiling
Again, keep things neutral – are you seeing the recurring theme here? When you’re selling a home, it’s not about you and your taste. It’s about presenting the classiest and most customizable option for your buyers.
You want your buyer to step into the home and immediately start thinking about how they can set up everything to be in their taste. You don’t want them to begin to see restrictions and start to worry about all the things that they have to change.
Unusual tiling such as a checkered kitchen floor or quirky living room flooring can put a buyer off. Go with something more mainstream – its safer.
4 Luxury Kitchen Renovations
This one is a bit tricky. Buyers actually like nice kitchens, but there’s such a thing as going too far. When you overspend on making luxury renovations to the kitchen, you’re obviously going to want to increase the asking price to the point where you get a fair profit on the renovations that you made.
The problem is, the buyer may not understand how expensive these renovations were, so they might consider your property to be overpriced. Even in a situation where the buyer recognizes how expensive the set up is, if it’s not something they would personally spend that much on, then it doesn’t matter how great the kitchen looks – they won’t pay the asking price.
If you’re selling a moderately priced home – have a moderate kitchen. If you’re selling a luxury home, then you can have a luxury kitchen. Basically, don’t shell out more money than is necessary on renovating a single space. This applies to bathrooms and other parts of the house too.
5 Garage Conversions
You’re looking to create space for another room in the house, and the garage is the only real “spare” space that you have left, so you convert it. BIG mistake. Buyers like homes with garages because even if they don’t plan to use it to store their cars, they can use it as storage for a host of other things.
In any case, if they wish to convert the space to something else – a gym maybe, they have the luxury of making that decision, not the forced one that you will be creating if you convert the space by yourself beforehand.
All the points discussed here have a recurring theme – allow for as much customization as possible. Don’t rely on your opinion alone to make changes or conversions that will cost a buyer significant money to
revert to their taste.
When the buyer is checking your place out, you can make suggestions about how they can use the space – but afford them the opportunity to make those decisions by themselves. Improvements are great but make the right ones.