These common home improvements will DEVALUE your property
Any home improvements need to be carefully planned and considered first, but with ‘homemakers’ set to trend this year, people are more keen than ever to boost the kerb appeal of their home.
However, some projects can add no value at all to your home, and others are even at risk of reducing its value altogether.
To ensure no money is wasted in the process, property development experts, Essential Living have listed seven common home improvements to avoid:
Installing a new kitchen
For most people, the kitchen is the heart of the home, but fitting a brand spanking new kitchen isn’t necessarily a sensible financial decision.
First, know that the next tenant or homeowner may not actually like the new design you choose - especially if it involves bold colours or a trending style. Instead, they may take one look and plan to redo it all over again as soon as they move in.
Rather than installing a new kitchen, it’s a lot safer (and cheaper) to refresh the space with a lick of paint.
Also, when it comes to fitting high-end appliances in the kitchen, they can cost double the amount of average appliances with a similar purpose.
Covering up the property’s original character
Covering up or replacing the original character of your property in an attempt to create a more modern look can often decrease its value.
Instead, investing money to maintain or restore the original characteristics of the home is more likely to attract interest.
Built in electronics
Personalisation is likely to deter would-be renters or home-buyers. It’s easy to be persuaded by the idea of a built-in sound system or home cinema, but the reality is, most people will prioritise the more functional aspects of the property first.
Transforming a bedroom into a wardrobe
Removing bedrooms is never a smart decision. In fact, people are more likely to appreciate a spare room or another space to utilise for an office instead of the perks of a walk-in wardrobe.
Yes, a walk-in wardrobe is an incredible feature to have if there’s space for it, but not at the expense of an additional bedroom.
Fitting expensive wallpaper
Wallpaper can vary significantly in price depending on style and design. Hanging up some new wallpaper can be very tempting as a quick fix to spruce up a room, but similar to fitting a new kitchen, the success of this all comes down to taste.
People are now experts at viewing a property and making note of all the redecoration ideas they have, so splashing out on new wallpaper may be a wasted effort.
Getting rid of the bath
A common bathroom mistake is removing the bath. While it is more expensive to run a bath versus a shower and shower-only bathrooms make sense in terms of utilising the space, not having the option of a bath can put people off the property altogether.
Installing a wine cellar
Only true wine connoisseurs with an extensive collection of high-quality wines will truly reap the rewards of a wine cellar in their home.
The cost of fitting one can easily hit the £70,000 mark, and while it may seem like a unique selling point, relying on a buyer who can match this love of wine is a big risk to take.
As a general rule to follow when it comes to home improvements and repairs, investing in the basic foundations of the home, like heating systems, the roof, electric and water services, are most likely to boost its value, whereas cosmetic tweaks are less likely to have the same effect.