As a homeowner, nothing is more exciting than some new renovations to spruce the place up. Whether it’s for aesthetic purposes or entertainment, the thought of increasing the desirability of your home will have anyone enticed! With this in mind, there are a few things one must consider before partaking in any major changes. This is important because contrary to popular belief, not every renovation will increase the value of your home. This is crucial to consider, especially if you plan on renovating to increase your home’s value for a sale down the road! Whether you live in Toronto or Ottawa, we’ve gathered a list of renovations that may possibly decrease your home’s value.
1. Wallpaper and decor
Wanting to switch up the decor in your home is normal, as trends are constantly changing. As a result, many may not consider this a full-blown renovation. However, it is important to be cautious of just how you’re decorating your home. In many cases, if the decor is considered “dated,” it may not do much to the price of your home. Depending on the decor itself, it may even lower it. Some examples of these include dark paint, abstract light fixtures, or wallpaper. Wallpaper, in particular, can be a great way to lighten up a room, however, it can be a nuisance to remove. If you plan on installing wallpaper in your home, you may want to use a removable wallpaper, just in case.
2. Decks and patios
Let’s face it, a nice deck is a great feature of any home. Having an outdoor space in which you can hang out and entertain should be a great selling feature for any home. Although this is true, it isn’t always the case. A patio or deck is generally a project most buyers like to execute themselves. With this said, you should not hold back on installing a deck if you wish! However, when and if the time comes to list your home, you should reseal and stain it so it looks more appealing and well-maintained.
3. Swimming pool
Being able to take a dip in your very own pool is a luxury everyone can enjoy. However, when you live in Canada, having a pool can seem like more of a burden to some people. This is because a pool comes with a lot of costly maintenance for something that is only used a few months per year. Furthermore, people with children may look at a pool as a huge safety hazard.
4. Plumbing and HVAC
Surprisingly, installing new plumbing or HVAC systems won’t increase the value of your home. This is because most people don’t like to pay more money for upgrades that aren’t visible. If you plan on selling your home, don’t worry about touching the plumbing or HVAC. Instead, try to focus on the more visible aspects of your home, and make sure all smaller maintenance projects are up to date.
5. Bold colours
When someone is looking to purchase your property, they will likely try to envision themselves living within your space. Bold pops of reds, blues, or greens on your walls will make this visualization much more difficult. As a result, this upgrade or renovation may end up decreasing the value of your home just based on a poor choice of paint colours. Try to opt for neutral beiges, grays, or greige – a hybrid of the two.
6. Bedroom upgrade
Let’s face it, out of every room in a home, the bedroom is the one that is generally the most personalized. This is why it’s important to not place too much emphasis on huge renovations in your primary bedroom. Instead, try and put more touches in the bedroom that everyone can enjoy. This can include built-in closets and good lighting.
7. New flooring
Not only is installing new flooring a very expensive renovation to do, but certain choices in flooring stains and materials won’t always appeal to everyone. Instead, try refurbishing what you already have if you plan on selling soon. Have your tiled floors professionally cleaned, or any cracks sealed or replaced. When it comes to wooden floors, have them sanded down and re-coated, if necessary.
8. Carpeting
Unfortunately, the chances of new homeowners keeping the carpet you’ve installed are quite slim. With this in mind, it probably isn’t the best idea to install any carpeting in your home if you plan on selling soon. If you already have carpeting, try investing in a steam cleaner or a professional cleaning. Make sure any annoying stains are removed and the carpet looks in tip-top shape. If it’s within budget, we suggest having the carpeting removed and installing hardwood flooring to upgrade instead. Switch in a nice area rug for that added comfort!
9. Windows
Replacing your windows can cost you thousands of dollars. Though doing so is a perfect way to spruce up your home, you won’t recoup the full cost of new windows when you sell. It is important to only update your windows if they are in very bad shape. If they are leaking or causing excess moisture in your home, you should be replacing them. If not, simply make sure they are squeaky clean and well-maintained.
10. Removing walls/extra space
Removing walls can make spaces bigger and much more airy. However, removing walls in areas, such as the master bedroom, won’t exactly add any value to your home. Instead, it leaves you with one less room, thus a less enticing home to buy. If you are persistent on wanting to remove a wall, try doing so between the kitchen and dining room. This renovation will create a better flow without either room losing its intended purpose (or value!)
11. Basement renovations
Basement renovations are a tricky situation. These renovations are a great way of increasing the value of your home, this is true. However, this may potentially backfire on you. Investopedia states that in many cases, a remodeled basement can price your home out of the neighborhood. If your basement needs some work, try focusing on smaller improvements rather than the entirety of the space.
We hope the above guide helps you differentiate between renovations that may decrease the value of your home. Remember, whether you are buying, selling, or simply a current homeowner, having adequate insurance coverage is crucial. Contact us or request a home insurance quote today!
