Kroemer Mortgages @ Comox Valley BC on Vancouver Island: renovations

Tuesday, September 4, 2012

Renovations You May Regret

While everyone is in the do it yourself mode, there are certain renovations that you may regret spending money on once you have put the home on the market for resale.
You certainly can renovate your house to a point that you are comfortable with it, but don't take it personally when your realtor advises you on what will get your house sold and what will not.
Some of your loved renovations may have to be torn out to get your home sold as not everyone is a do it yourself type of person. Potential buyers who have to hire people to do renovations only see more unnecessary money that has to be spent after buying your house.

Renovation upgrades, such as kitchens and bathrooms, are usually fairly reliable for adding to a home’s resale value. But there are others (and if you’ve gone househunting in the last few years, perhaps you’ve seen a few) that are just plain bone-headed. What’s worth the cost and what isn’t?

Which home upgrades are least likely to return their full investment (or close to it) when you sell, or can even turn buyers off. Some of her answers might surprise you.

Wall-to-wall broadloomOnce considered a selling feature, this is now a liability in many buyers’ eyes. Broadloom is incompatible with pets and people with allergies, and is perceived as hard to clean. If you have hardwood floors, have them refinished or consider installing them if you don’t.

Whirlpool baths, saunas and indoor hot tubsOnce considered chic, these are now often seen as just expensive, energy-guzzling extras.

Expensive built-in sound systems and home theatresSome buyers will be attracted to this, but not everyone is an audio/cinephile, nor will they pay a premium for a house with this feature.

Colourful bath fixturesThese went out with poodle skirts. Chances are the buyer will just see them as a renovation to-do and will plan to get rid of them after the purchase.

Ornate chandeliers, wallpaper and paint treatmentsTaste is very individual and idiosyncratic decorating can turn buyers off; stick with neutral, simple decor.

Odd rooms and wallsA wall bisecting a large bedroom into two unusably small ones or a cramped powder room under the stairs or in a closet … many buyers will see these as merely a future renovation expense. (Same goes for inexplicably missing walls, such as a bathroom that is open to the adjacent bedroom.)

Overly fancy appliancesStainless steel-finish appliances are worth paying a few more dollars for (compared to equivalent white or colour models), but six-burner professional stoves, double dishwashers and a fridge big enough for a restaurant rarely recoup their initial cost.

Cheap laminate or vinyl tile flooringSome types of laminate are attractive and practical; others just look cheap and fake. Especially avoid peel-and-stick vinyl tiles or be prepared to replace them when you put the house on the market. For not much more money, choose hardwood, stone, bamboo or cork.

Swimming poolThere is some debate about this among realtors; to some buyers, a swimming pool is a selling feature. But a pool rarely recoups its entire cost, and it will reduce the number of potential buyers interested in your home.

Turning a three-bedroom into a two-bedroom homeEven if that third bedroom is very small, it’s still a bedroom. No matter how spacious your newly enlarged master bedroom or how luxurious that new spa bath, the demand for two-bedroom homes is significantly smaller than for three-bedrooms, and they command considerably lower prices.
List supplied By Martha Uniacke Breen