Sep 1, 2014

3 Homeowner mistakes that Decrease Value

A customized, modernized home may sound wonderful when it's modified to your own needs and taste. But when it comes to selling your house and attracting a buyer, some 'improvements' can actually lower the value of your property.

No seller wants put money into a property that they won't see a return on. Or even worse, that will discourage potential buyers.

Three typical investments that can actual decrease your home's value are:
  1. Too much personalization. When it comes to selling a property, unique is usually not good. You want your house to have a broad appeal and be similar to others in the area. Skip the extravagant tiles, custom carpeting and bold wall colors. Just keep the design neutral. Too taste specific is not only harder to sell, but typically takes longer.
  2. Getting rid of a room or garage. Don't even think about converting a garage space without adding on a new garage. Take my word for it- almost every home buyer wants a garage more than they want whatever you are creating in its place. And typically, the more rooms a home has, the higher the value. Unless your house has a lot more rooms than most of those in your neighborhood, don't tear down walls to combine them.
  3. Changing the function of a space. Specialty rooms are great for lots of folks, but not for everyone. Think twice before converting a generic room or bedroom in to a gym, sewing room, studio, library, ... The typical buyer for your neighborhood may not want it. And most folks can't envision a room dramatically different than what they see in front of them. If you're going to use the room differently than its intended function, stay away from built-ins and elaborate changes. Even putting in a swimming pool at the expense of a grass yard can be a negative. Broad based buyer appeal and consumer demand should be your guide.  
If you're not selling your house, then current value isn't important. Customize any way you want. However, if you're considering selling your property, then please don't make these mistakes. Your individualized wants, needs and taste may not appeal to everyone. They can not only reduce your sales price but increase the time it takes to sell your home.
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