5 Home Renovation Ideas That Decrease Your Home Value

domilya Group

Planning home renovations that will create your dream home is exciting to think about. But, as with any major financial project, doing your research and being mindful about your decisions is an important step of the process.

When you look at your home, it is prudent to understand all the possibilities that will increase and decrease your home value. After all, one day your house may be on the market and the last thing you want is to regret any of your home renovation decisions.

domilya GROUP understands how to strike the balance between achieving your dream home and smart home renovation ideas to protect your investment. Together we can explore all the options and create a plan that you will love.

There are 5 home renovation ideas that will decrease your home value:

  1. Getting too fancy or too much customization. Research is imperative in home renovation plans. Look at the housing market in your neighbourhood. What renovations have your neighbours done? What is a potential homeowner looking for in your area? You need to understand the market and renovate accordingly. Simple, timeless designs work better for long-term investment.
  1. Reducing the number of bedrooms or closet space for a large master suite or office. This is never a good idea. The more bedrooms in your home, the higher the market value. Instead work with the space you have to create what you want.
  1. Making your yard smaller. Again, look at the scale of the properties and houses in your neighbourhood. If you lose space in the backyard to add on a living room or sunroom, you are taking away from the overall value of your home in your neighbourhood. There are other ways to renovate so your current space is used in the best way possible.
  1. Swimming pools are never a great home investment. Although wonderful to have, swimming pools and hot tubs can affect the value of your home. Families with young children do not want necessarily want the responsibility to maintain either of these items. There are also safety concerns with such features. A pool or hot tub may inadvertently decrease the number of potential customers and your home’s value.
  1. Do not turn the garage into a living or gym space. It may make sense but losing that storage space and ability for families to store their vehicles in a covered space during cold weather could affect your home value. Renovating a basement area for a family room, office, home gym or in-law suite is a much better investment for a home renovation.

domilya GROUP is here to help create your dream home in the best, smartest way possible that makes sense for you now and for the future. Contact us today to discuss the best home renovation plan for you and let’s build your dream home together.