Looking to tackle a home improvement project before the winter season hits? Before you start, let’s review the Top 10 Home Improvement myths to make sure you’re spending your money and time wisely.
Any Remodeling Project will Add Value– While many remodeling projects will add value to your home, some are seen as negative by future buyers. For instance, combining two small bedrooms into one large bedroom may better fit your lifestyle today, but it may cause the home to lose value for a future buyer who needs the separation.
Buying the Highest Quality Materials Attracts More Buyers – Installing the highest quality materials always seems like a wise decision, but it can backfire. For instance, using the most expensive granite in a kitchen may impress your friends, but value-conscious buyers may opt for a more affordable home.
Adding Square Footage Always Adds Value – First consider if it is ‘useable?’ For instance, square footage in attics and basements that are finished and by county standards considered liveable, but may not be attractive to a buyer if the space is sub-standard compared to the rest of the home.
Colors and Textures- Safe and Simple is Better – Keeping a home vanilla so that a buyer can choose their style and décor sounds like a safe bet, but without tasteful splashes of color and mixtures of texture, most buyers just can’t visualize the home differently.
Inside Improvements are Better than Outside Improvements – If a home buyer can’t get past the exterior of your home because it doesn’t offer good curb appeal, they might not even walk through the front door to see what’s on the inside.
Adding a Bedroom is Better than Adding a Bathroom – It depends. If you have one or two bedrooms now, consider adding a bedroom before adding a second bath because most buyers prefer a three-bedroom home. On the other hand, if you already have three bedrooms and only one bath, go for a new bathroom.
Paint Hides a Multitude of Sins – Dry rot? Mold? Termites? Nothing a can of paint can’t fix, right? Wrong! Not only does this practice violate disclosure laws in most states, but it can also set you up for liability, as most buyers will want you to foot the bill for these hidden issues.
Converting a Garage to Living Space is a Great Trade-Off –A garage conversion is almost always viewed negatively by future home buyers unless you replace the lost garage with another space of equal size. If you are going to do one anyway, make sure that it can be easily converted back to a garage at the time of the sale.
Doing the Work Yourself Will Save You Money – For many homeowners wiring a new lighting fixture or plumbing a new dishwasher is a no-brainer. For the rest of us, it may end up costing more later in repairs when we have to order the work to be redone by a professional.
Pools Add Value to Your Home – Only if you live in areas where they are “must-have” amenities. This is because the idea of maintaining a pool for months out of the year when you can’t enjoy it during that time, won’t appeal to most buyers.
When it comes to choosing the right remodeling projects, becoming an informed homeowner is the first step in making wise and profitable decisions. But don’t stop there! Talk to remodeling professionals, contractors, home improvement specialists, and local REALTORS about what amenities are coveted most by home buyers in your market.
Shanon Pewtress
Real Estate Broker, Licensed in the state of Oregon
Published Medford Sneak Preview Magazine - October 2014
Shanon holds an MBA in International Business, loves writing in her “At Home with Shanon” column that has been delivered to 47,000+ homes in Medford since 2014, has appeared on the Real Estate Radio Show, and was also featured on A&E TV network’s Real Estate Reality TV show.