Do you want your home to increase in value? Give it some serious thought before you do any of these 10 things. Not only will they not help increase the value of your home, they could actually cause you to lose money.
Scott McGillivray is a real estate expert and host of HGTV Canada’s Income Property and Moving the McGillivrays.
Brightly-Coloured Cabinets
I’ve said it a hundred times: when it comes to increasing the value of your home, brightly-coloured cabinets are the enemy. Not only will they not add value, they might actually decrease your home’s financial worth. If you want them because you love them, then go for it; but just know that you won’t get any return on your investment. Check out these 20 timeless kitchen cabinet ideas for your next remodel.
Combining Bedrooms
People often think that combining bedrooms to make a large master suite will add value, but nothing could be further from the truth. Unless you have five or more bedrooms, eliminating one will decrease the value of your home. Just because you might not be using them all doesn’t mean that the people who come next won’t. When it comes to the best number of bedrooms for resale value, the sweet spot is three to four.
Lack of Curb Appeal
How are you going to sell your house if you can’t even get people to come inside? While having the garbage cans out front or having a loose spindle on a railing may not seem like a big deal, these could actually cost you the most when it comes to the value of your home. As many as 75% of potential buyers drive by a house after looking at the listing online, so make sure your exterior looks as good as it can at all times.
Mismatched Hardware
This may sound like a small thing, but mismatched hardware can cost you. It confuses the eye and makes the whole room look cluttered. Hardware is like the jewellery that pulls the whole outfit together: when you’re wearing a bunch of pieces that don’t match, it just looks confusing.
Dirty Appliances
People always look at appliances when touring a house. Many of them even open them up and look inside. If they’re dirty, they’ll look old and people will question how well they work. Then they’ll question how well everything else works. You should never, ever give people a reason to doubt the value of what’s in your home. Here’s how to clean every appliance in your home.
Stained Carpet
This is a big no-no. If you have carpet, it has to be absolutely spotless. A dirty or stained carpet will signal that the entire house hasn’t been well taken care of. And not just that. When people see dirty carpet, they see dollar signs because they know they’ll need to replace it before moving in.
DIY Repairs
It may have seemed like a good idea at the time, but the money you saved doing your own repairs may cost you when it comes to the value of your home, as DIY often looks shoddy and unprofessional. If there’s any doubt when it comes to your repair skills, hire a professional. Spend money now to avoid losing money later.
Quirky Tile
People like to showcase their personality through design; and tiled surfaces like backsplashes can seem like great opportunities to do something a little different. But a quirky tile installation can sometimes do more harm than good. When it comes to increasing value, go with the odds and pick something clean and classic.
Textured Walls and Ceilings
Unless it’s a modern, high-end application, textured walls and ceilings look dated – especially popcorn ceilings and faux stucco walls. These are indicators that there haven’t been many updates, and when people see it, they’ll question what other work has to be done. I highly recommend getting rid of these applications sooner rather than later.
No Tub
Getting rid of a home’s only tub in favour of a luxury shower can definitely have a negative impact on your home’s value. Before you rip out your tub, give some serious thought to the types of buyers who might be interested in buying your property down the line. If it’s empty nesters or the elderly, you might be okay, but if it’s more likely to be a family, you need to have a tub. My advice is that you should always have at least one tub in the house. Looking for inspiration? Here are some of the most extraordinary bathtubs in the world.
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