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With increasing interest rates and mortgage prices, getting the most value for your home is imperative. Homeowners and real estate agents speak about the renovations that decrease the value of your home’s and why. Here are the restorations to look out for.
1. Swimming Pool
Although a dip in the pool during a hot, humid day sounds like a luxurious addition, pools only add value to homes when you live in a hot, humid environment for most of the year. Since pools cost a fortune to build and typically interest families with kids, the “pool” of interested buyers depreciates and can decrease the value of your home.
2. A Hot Tub
Like built-in pools, hot tubs only apply to a slim margin of interested buyers. If you have kids, hot tubs pose an imminent danger to young kids, requiring constant money and maintenance to upkeep the tub. Plus, if you live in a humid environment, hot tubs may be a downside to the property.
3. An Aquarium
Many people today adore tending to a built-in glass aquarium full of several species of marine life. However, what some may need to learn is the constant work required to maintain a built-in aquarium. My best friend had a fish tank and donated the contraption due to the tank’s continuous water filtering and cleaning. Also, if an interested buyer doesn’t like marine life, you’ve lost some income.
4. Fewer Closets
Homeowners love closets. They need extra space for storage, especially when moving from an apartment into a house. By removing closets and installing additional rooms, homeowners need to spend more money on furniture to hold extra clothes and goods. In turn, the homeowner wastes money on furniture, and the home value dwindles.
5. Fewer Bedrooms
Sometimes families with young kids merge smaller bedrooms together to conserve space. When these kids age, they crave their own space, and when they move out, guests must dwell in the merged bedrooms, remiss of privacy. Instead, place less furniture and paint the walls a warm color to increase the value of your home.
6. High-End Additions
Everyone values their own taste. Many people adore black and white tile, while others despise the retro look. Suppose you impose too much high-end personal preference in your house. In that case, the potential pursuer may get overwhelmed and take their money elsewhere.
7. Excess Wallpaper
As mentioned above, personal taste is excellent when living in a house. Still, when marketing a home, you need to make it appeal to your largest audience. That means limiting wallpaper and wacky designs while maintaining neutral decorations. Wallpaper can cost up to $1,000 per room, which isn’t a deposit you’ll likely get in return.
8. Electronics
The digital world appeals to younger generations, who most likely aren’t buying homes yet. So, avoid installing smart fridges and complicated televisions so you can market your house toward a population likely to purchase the house. Only some people want Alexa to control their lights.
9. Carpet
Carpets do nothing for the value of a home. The worst thing you can do before selling a house is wrapping hardwood floors with carpet. The shine of a solid wood floor attracts buyers and adds numbers to the projected price of your home.
10. Sunrooms
Despite sunrooms attracting potential homeowners, appraisers don’t always include the sunroom’s square footage in the house’s description. This means that despite the money you put into the sunny room, the value won’t show up on the price tag.
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