Value of Home Renovation
A home is supposed to be an asset that goes up in value over time. Renovating your home is one to add value. However, not all renovations are made equally.
Typically, the makeover modifications that do not recoup your investment are major changes that center around personalized customizations. These kinds of renovations appeal to the current homeowner but aren’t widely sought after. In addition, changes that make the home less attractive to families should be carefully thought out.
Significantly altering the home’s layout is one example. Modifications like creating a large master bedroom by eliminating another bedroom or bathroom would turn many buyers off. Some buyers are looking for a certain number of bedrooms either for young families or a guest room for older kids.
Another frequent change is eliminating a bathtub for a larger and more luxurious shower. However, removing these tubs is a quick way to lose any family with small children who probably need bathtubs.
Customized hobby rooms are certainly not encouraged. Rooms rebuilt for woodworking or showing off trophies may mean something to you, but the chances that future homebuyers will have a similar passion are probably not likely.
Smaller choices may also prevent you from recouping your investment. Many overspend on renovations potential buyers don’t even notice. Touches such as custom shelving, built-ins, or an all-marble bathroom (versus a combination of marble/tile), usually don’t recoup their cost,
So, if maximizing the future value of your home is important to you, consider renovations that would be appealing to people other than you.