These upgrades could actually lower your property's value
Not all home upgrades are equal, according to Yael Geffen, CEO of Lew Geffen Sotheby's International Realty. While many will deliver on returns, there are some remodels that can work against you and could even make your home less desirable, she cautions.
“Some renovations will actually cost you money in the long run. Just because you regard something as an improvement doesn’t mean that potential buyers will feel the same way – and you could significantly decrease the pool of potential buyers if you’re not careful,” says Geffen.
Outbuilding your neighbourhood
In other words, spending more than you can recoup in your neighbourhood. Every suburb has a ceiling price beyond which few buyers will go, so it’s not wise to turn your house into the most expensive one in the suburb, especially in a tough market when buyers are spoilt for choice.
Wallpaper or textured finishes on walls
Both are difficult to remove, so think twice before using either to do more than just one feature wall. If potential buyers love the house but hate the walls, knowing that a time-consuming project lies ahead might cause them to decrease their offer.
Too much carpeting
Most buyers would be happy with carpet in the bedrooms, even if it isn’t quite to their taste, but carpeting throughout is likely to put off many people, especially as carpets are quick to show signs of damage. Conversely, hardwood floors in good condition can actually increase the sale price of a home.
Bright and bold paint colours
Bright and bold paint colours don’t appeal to everyone and can even turn off a potential buyer who might lack a bit of vision. If you do love brighter hues and can’t resist using them in your home, then it’s advisable to give it a fresh coat of paint with more neutral tones before you put it on the market. Read More...
