When designing the remodel of any room (or rooms) in your house, it's obvious that you're going to create a room that makes you happy and functions well for you. But if you ever want to sell that home in the future, it's going to be equally important that you consider future buyers as well. Choosing poorly when it comes to a renovation can result in a lower home value and difficulty selling for the price you want.
So, how can you avoid this mistake? Here's a handy guide to 5 of the most common mistakes that can endanger your home's resale potential.
Not Considering the Neighborhood. One quick way to ensure you don't recoup the value of your renovation investment is to spend too much. In a modest neighborhood where homes are average size, slightly older or sell for modest prices, you won't be able to increase your home price enough to cover pricey remodels. Conversely, minimal upgrades in a high-value neighborhood can make your home less appealing amid other available homes. Visit neighbors' homes and tour some houses for sale in your area to get a sense of what sells in your area (and for what price). Design accordingly.
Not Matching the Home. Planting a $75,000 kitchen remodel into an older home without updating the other rooms is likely to make the rest of the house look worse and more dated. Similarly, creating an ultra-modern bath or kitchen in a traditional Victorian home can drag the home value down due to confusing the theme and style of the house. Think about the home as a whole before settling on designs, appliances, and accessories.
High Maintenance Additions. Most upgrades are designed to make the home easier to use and more functional, but some can do the opposite. Large kitchens, for example, are something buyers tend to love. But oversize, high-tech or industrial appliances in a modest home can simply mean more expensive maintenance and repairs for the buyer. Remember the old adage to "keep it simple."
Very Specific Room Conversions. Turning an old basement into usable family space is a great idea. But making it a music room that's shaped like a guitar may make it impossible for the new owner to envision using the room for anything else. Garage conversions can be a deal-killer in an area that has a strong link to multiple-vehicle families. When planning the design of any room, try to keep it generic enough to be used for more than one purpose. Or create a converted space that can be easily returned to its original design.
Focusing on the Wrong Things. When budgeting for renovations, don't get caught up in details like fancy lighting fixtures, expensive flooring or specialty shower systems if your home has structural problems. Potential buyers will be most attracted to a home that doesn't need basic maintenance or replacements as soon as they purchase. Spend money where it will do the most good over the longest period of time and make a solid home. Then you can budget the leftovers for a few upgrades that will really pop.
By thinking like future buyers when designing your remodel, you can create a home that will not only be something you can enjoy for years but also be something you can easily sell to the next owner to enjoy as well.
For home remodeling, contact a company such as Alleva Construction.