Avoid Decreasing Your Home's Value When Remodelling

Posted on

When you remodel or renovate your home, you may assume that the value of the house will automatically increase. This isn't always the case, as some changes made by a homeowner during a remodel may suit them, but may decrease the home's desirability to potential buyers. In turn, the value of the home actually decreases as well. Note a few of those changes here so you can consider them carefully when you're ready to remodel, and either adjust your plans or be prepared for the financial impact of those changes.

1. Removing closets

If there is one thing that homeowners often want, it's more closets, not fewer. If you're remodelling a bedroom or bathroom and are thinking of removing even a small linen closet, consider this carefully. Can you open up the space in another way or at least expand another closet in the room to compensate? Is there an area where you can build a new closet to make up for the one you take away? This can mean having a space that works for your plans but that doesn't reduce the storage space that homeowners want.

2. Removing garage space

As with the inside of a home, potential homebuyers want storage outside the home, especially in a secure garage versus a simple shed. You may prefer to use the garage space for a home gym or sunroom, but removing this garage space can mean greatly decreasing the value of your home. Consider if your contractor can renovate the space so that you can use it for your intended purpose but still have it function as a garage; a painted concrete floor and more windows, as an example, can make it comfortable for seating while still working as storage for the cars.

3. Putting in bold tile or wallpaper

If you like bold colours in the home, remember that a bright and distinct colour on the walls can be painted over somewhat easily, but bold tile or wallpaper can present a challenge for potential homebuyers. New tile for the floors can be expensive, and wallpaper can be difficult and messy to remove. Rather than expressing your unique taste with tile, wallpaper, benchtops, shower surrounds, and other such features that are difficult and costly to replace, stick to bright paint colours that can be covered and accessories you can take with you when you move. This way, you won't actually reduce the value of your home with your eclectic colour choices.