Useless domestic renovations with no return on investment for your property, contrasted with beneficial home improvements that enhance property value.
When Making Changes to Your Home: Beware of Pointless Investments
Looking to make the most out of your home improvement projects? Here are some choices you should be cautious of before diving in.
In the world of property investment, not all improvements lead to a substantial return on investment (ROI). As you DIY or hire professionals to work on your dwelling, it's essential to keep the practical aspects in mind, especially the impact on your property's value.
Renovating your abode may seem exciting, but make sure you don't get carried away as the wrong decisions could lead to negative equity, limiting your options when the time comes to sell. On the other hand, sensible improvements to your home's value could quickly aid your progress up the property ladder.
Home Decor Trends to Tread Lightly
Thinking of making your home unique with a bold and unconventional color scheme or outrageous home decor trends? Think twice before you leap into them.
Gareth Davies, Design Director at Classic Interiors, warns, "If your design choices are overly personalised, or you have a bold or unconventional color scheme for instance, this will also put buyers off. A lime green kitchen might look great to you, but it’ll be expensive and time-consuming for a buyer to change. Buyers often see highly personalized designs as extra work rather than an inviting space they can settle into."
DIY Might Not Always Save You Money
While doing jobs yourself can save you money, it may lead to a false economy. You might find yourself wishing you'd left some tasks to the professionals.
Dangerous Gardens and Outdoor Spaces
Before you go all out on your garden ideas or implement garden pond ideas, think about whether your vision will appeal to potential future buyers. Adding permanent water features, such as ponds or waterfalls, could be detrimental.
Terry Fisher, Group Chief Marketing Officer at We Buy Any Home, explains, "For those with young families, ponds can be dangerous, plus there is the cost to maintain them and also the potential for attracting pests such as rats and mice."
James Mellan-Matulewicz, Creative Director and Designer at Bobbi Beck, adds, "Installing permanent garden furniture and water landscaping may not be the best option for potential future buyers, particularly those with young children. Installing a permanent waterfall might seem like a great decision at the time, but parents or even pet-owners may be deterred as there is a huge safety risk."
Avoid Inflexible Choices Like Artificial Grass or Bold Floors
Choosing artificial grass or installing new flooring like unique, bold flooring could both be risky decisions.
Alex Goody, Property Content Writer at House Sales Direct, states, "The type of flooring you have in your home is usually subject to personal preference. Having a wooden floor will not appeal to someone who prefers carpet and vice versa. It can therefore mean that redoing your flooring will not boost the value of your property in any way and may even cost you if you're looking to sell."
Nix the Spa-Like Showerhead
Although walk-in shower ideas may seem luxurious, removing a bath could lower your home's value significantly. Many families with young children, older people, or individuals who simply prefer baths may find this a deal-breaker.
Terry Fisher explains, "Many people favour a shower but you have to think who might be buying your house. Families with young children will want a bath while older people also favour it over standing up for a wash. Others simply just like sinking into a hot tub to soothe their aches and pains. Not having one can be costly."
Skirting the Line With Underfloor Heating
Installing underfloor heating can be seen as a luxury, but if not done properly or if integrated improperly with the wrong type of flooring, insulation, or placement, it could drain your finances and deter potential buyers.
Property expert Jonathan Rolande, founder of House Buy Fast, advises, "Installing underfloor heating sounds like a great luxury, but unless it's done properly and in the right type of property, it won't necessarily add value. In some cases, it's more hassle than it's worth."
Re-Think That New Bathroom
Installing a new bathroom can be expensive, and the ROI may not always be substantial. Additionally, if your current bathroom is already in good working condition, potential buyers may not be concerned about the aesthetics or layout of your bathroom suite.
Elaine Penhaul, Director at Lemon & Lime Interiors, suggests, "Often it is not worth the cost of a new suite and installation when you can often do the same with a lick of paint and a deep clean. Something as simple as painting the ceiling could in effect open up or reduce the size of a space depending on the desired effect."
Remember: Preserve Period Features
Removing period features like wooden beams or an old fireplace can devalue your home's price tag. Preserving these features adds an element of interest to your home.
And finally,
Caution Regarding Permissions and Zoning Regulations
Building an extension or converting the loft without the relevant approvals can make it difficult to sell your home. Always ensure you have sign-off and permission for work and keep a record.
Sam Davies, Head of Product at property investment specialists UOWN, explains, "Any work done without the necessary permissions and sign-off will give buyers pause for thought and potentially leverage to bargain with you when you come to sell. It can seem cumbersome and come as a second thought but always ensure you have sign-off and permission for work and keep a record."
- When considering updates in your home's insulation, be mindful that trendy, energy-efficient materials might not elevate the property's value to a significant extent in the fashion-and-beauty or food-and-drink sectors.
- Choosing to remodel your home's lifestyle spaces, such as a kitchen or living room, can pay off, but stop short of focusing on extravagant features or fads that could detract from its appeal in the home-and-garden market.
