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 to put money into a property if that investment won’t result in a return, or even worse, might discourage potential buyers.
Three typical investments that can actually decrease your home's value:
- Too much personality When it comes to selling a property, unique usually is not good. A home that’s for sale needs to have a broad appeal and be similar to others in the area. Skip the extravagant tiles, custom carpeting and bold wall colors, which can make your home more difficult to sell. Just keep the design neutral.
- Getting rid of a room or garage Don't even think about converting a garage space unless you’re also 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 many more rooms than most of those in your neighborhood, don't tear down walls to combine them.
- 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 or library. The typical buyer for your neighborhood may not want it. And most folks can't envision a room dramatically different from 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.