People often discuss which home improvements can be made to increase the value of your property. Rarely do we discuss what “improvements” can actually decrease the value so that you can avoid making these changes, especially if you are trying to sell your home in the near future.
Making certain improvements to your home may suit your current lifestyle now, but you should be cautious about making these changes if you are going to want to sell your home any time soon.
Changes which can decrease your property range from you injecting too much of a personal touch to messing with the fundamentals of the house, like the number of bedrooms. In this guide, we provide insight into some renovations you may want to think twice about and how to save money on home improvements too.
Tearing down walls
In your head, you may have been dreaming about having a large, open plan space. But think about it logistically. This may be beneficial in a living space, perhaps making a kitchen and a living room into one space. However, two bedrooms are more valuable than one in the eyes of a potential buyer.
Furthermore, the number of rooms that your property has can actually be one of the biggest selling points of your home. So, a three-bedroom semi-detached is actually more likely to sell far quicker.
This is much to do with the psychology of buyers. Homebuyers like to view extra rooms as ways of separating the functions of the house. Therefore, avoid converting multiple bedrooms into one large room. If you are hoping for a large bedroom, why not look into getting a loft conversion. Not only will this give you more space, but it will actively add value to your home, rather than taking it away. You could also consider turning one larger bedroom into two smaller ones to add value to your property.
Think commercially
The best way to increase the value of your home is to get into the mind of your potential buyers. Take a look at the wider picture and consider the neighbourhood where your property is located. What type of buyers will this area realistically be attracting? Will it be mainly families? Working professionals? Those of retirement age?
Before making any changes to your property, you should keep your “target audience” in mind and aim to do things which may appeal to them. For example, there is not a lot of point spending thousands of pounds on a beautifully landscaped garden if your ideal buyer is likely to be a young professional. They will normally be looking for a property which is low maintenance.
Making it too personal
It cannot be denied that everyone has different tastes when it comes to interior design. But, you are trying to sell your home, it is best to attract wider audiences by choosing a more neutral colour scheme. Avoid eccentric patterns, unusual textiles and too many bold colours, unless you are happy to redecorate when you come to selling.
Potential buyers would rather see a house which they could imagine moving into right away then a house which was not to their tastes at all. Furthermore, if the house is more neutral and they have eccentric tastes, the simplicity of the décor can show them that there is room to make this house, their home.
