Home Renovations Ideas That Will Lose You Money
A lot of clients we see are investing in home renovation ideas with the goal of adding value to their home. However, this doesn’t always happen. Despite looking amazing, home renovations do not always produce a return on investment and features and furnishings may actually cost you more than you get paid when you sell your home. In this article we provide insight into which home renovation ideas will cost you more than potential buyers are willing to pay.
Dated Décor: It is perfectly normal to want to add some character and flair to your house. One common method of doing this is by installing “dated” décor: that which looks like it is from a different period. Dark colours and quirky light fixtures are some enhancements that can achieve this effect. While the result may look impressive, it may seem outdated to home buyers who prefer something more modern.
Too Much Wallpaper: Wallpaper can be fun and add light and an airy quality to your rooms, however too much of it can look kitsch and may be off-putting to home buyers when they inspect your property. After all, who wants to spend the first couple of weeks in their new home peeling off wallpaper?
Adding a Sunroom: The cost of a sunroom will not match the value you receive when you sell your house. Sunrooms may be underused and, depending on the design, can look uncomfortable. Instead, you should consider lightening the colour of your walls and removing any unnecessary drapes and curtains that drastically darken a room.
Solar Panels: Even though solar panels will save you money on your electricity bill eventually, if you are planning to upgrade to solar and flip your property you may be disappointed. Solar panels traditionally do not add as much value to a house as it costs to install the panels initially. It makes more sense to consider solar panels as a long-term investment, rather than a way to make a quick buck when flipping a house.
Swimming Pools: Swimming pools are a really expensive investment. Alongside the initial cost of construction, pools require frequent cleaning which can be expensive. Cleaning costs are compounded by the fact that pools are generally only used in summer months. Considering cleaning costs, a pool can cost $300 per swim if you’re not using it much, so consider carefully whether or not building a pool is worth it in the long run.
New Bathrooms: According to research in the home renovation sector, a home owner will typically make back half of what they spend on a new bathroom. A bathroom may form a beautiful feature that helps to sell the property, but the return on investment is often lacking. If you’re going to upgrade your bathroom, it’s worth doing so a few years before you sell the property so you get to enjoy your investment as much as the next owner.
If you’re considering home renovation ideas, the best return on investment is achieved by renovating the façade of the home, the kitchen or the attic. Granny flats are another extension that tend to pay for themselves when selling your home. In any case, Archcon can consult you on the best home renovations to install when you are looking to increase the value of your property. Call us on 02 8677 5787 Monday to Friday, 8:00am to 5:00pm.