When you make renovations on your home, it’s in the hopes that one day you’ll see a return on your investment. A lot of renovations will increase your home’s value, but there are some things you can do that will actually decrease the value of your home. Here are some of the worst home renovations that will decrease the value of your home.
- Luxury bathroom. Fancy bathroom renovations only recoup a fraction of the investment. Avoid expensive tiles or jacuzzi tubs and consider putting in a large walk in shower instead.
- Above Ground Swimming pool. While a swimming pool in nice in the summer, it can be high maintenance to keep up with all year round. Families with small children may be turned off when looking to buy a home with a pool due to safety concerns. Above ground pools really decrease the value, and many buyers will try to negotiate removal of the pool at closing.
- Carpeting. More homebuyers are looking for hardwood or tile floors. Carpeting can be hard to keep looking like new. You will end up spending lots of money only to have the buyers rip it up. Instead, consider providing a flooring allowance in the negotiations.
- Sunroom. Unheated sunrooms do not count towards your square footage. Sunrooms have the lowest ROI out of any renovation.
- Built in aquarium. These may look cool, but the upkeep can be very expensive, and a lot of work. Most homebuyers will not be interested in the upkeep, and the removal of the aquarium is expensive.
- Built in electronics. Advances in technology and electronics changes on a regular basis, so your cutting edge entertainment center may not be top of the line in ten years.
The bottom line to making home renovations is to keep them basic and simple. Appeal to the masses to get the most back on your return. Avoid bright, bold paint colors or quirky tiles when trying to make the most of your investments.