Renovations are mostly done not only for a home owner’s comfort but to add value to their home. However, in some cases, home owners may end up making their home worth less depending on what they choose to do.
MarketWatch recently featured some of the most common renovations for home owners that potentially could decrease the value of their home:
Eliminating a bedroom: Even if the home owner plans to remove a bedroom in order to expand another one or make a living space larger, this renovation project could burn them at resale. The more bedrooms a home has, the higher the price it usually can get.
Renovating the garage into living space: Getting rid of the garage space in favor of an extra office, family room, or bedroom can be a turnoff to many potential buyers at resale. For home owners who do choose to renovate the garage into living space, they may find leaving the garage doors on the outside a good move so that buyers could more easily convert the space back into a garage if preferable.
Removing closets: This renovation may made the home much more difficult to sell. We find people need closets and may count the number of closets per room.
See what remodeling projects offer the biggest paybacks at resale with Remodeling Magazine’s Cost vs. Value Report.
Source: “4 Renovations That Could Decrease Your Home’s Value,” MarketWatch (Nov. 16, 2015)