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Do home renovations always increase home value?

Sunday, November 10, 2013   /   by Veenstra Team

Do home renovations always increase home value?

Renovations and upgrades will always increase Kalamazoo area home values, right?

 

Maybe…but not so fast! Believe it or not, some Kalamazoo area home improvement projects can actually serve to lower a property’s home values. In other words, you could potentially lose more than the cost of the project. You might make your home harder to sell which might ultimately lower your home’s resale value!

 

One of the most common examples is the overly ambitious landscaping project. Who doesn’t love a well-tailored garden or a perfectly maintained backyard? Yet, as HGTV’s Sabrina Soto, host of “The High/Low Project” points out, overdoing it can be counterproductive. To some potential buyers, too much landscaping could equal increased maintenance (meaning more work and expense). When the balance isn’t right, turned-off prospective buyers can bring lower offers. If you are doing landscaping to make your home more desirable to sell, think simple beauty and carefree!  This will also be very helpful to you when your home is on the market.   

 

Another potential trouble spot comes when a remodeling effort goes into converting a spare bedroom. Local property records can record a home’s structural description over the course of the years, a change in the number of bedrooms from three to two can make a significant difference in the resale value of your home.  A luxurious master suite created from combining 2 smaller bedrooms, and thus creating a 2 bedroom house instead of a 3 bedroom house will likely decrease the potential value of the home at sale time. 

 

If you are considering a remodeling project because you want to enjoy a home in a particular manner and plan to live in the house for a number of years, then it may be worth the added enjoyment that you will receive from the project.  If you are considering a remodeling project to live in the house for a short time or because you think it will make it easier to sell, contact us BEFORE you start the project.  We are happy to take a look at the house or the project and give you a free, professional opinion of  the impact of the project on the resale value.


Be cautious of any overly creative or highly individualized design upgrades.  They can create more problems than solutions. You might think that a potential buyer would look at what they view as an unsuitable paint color and think, “Well, that’s just a few hours of work.” That may be true but there are two potential problems.  Many people (and REALTORS) are not able to visualize a change—even a change as simple as paint color.  When someone who can’t visualize a color change walks into a room that they don’t like, many people don’t think,  “I can change the color”, instead they think  “I don’t like it” and the home is off the list for consideration. 

 

Home values in Kalamazoo have been on the rise and we want to make sure you get the most value for your home!  If you are planning to sell your home this fall, winter or even in the next year, give the Veenstra Team a call before making any upgrades that could wind up being counter-productive.  Calling us will do two good things for you.  You will be able to get free advice AND you will allow us to begin to create demand for your home even before it comes on the market with our free “MightMove” and coming soon in Kalamazoo program.   You can call us at 269-350-5514 for a free home market consultation anywhere in the greater Kalamazoo area . 

 

Veenstra Team powered by eXp Realty
Serving Greater Kalamazoo
101 W. Big Beaver Rd. Ste 1400
Troy, MI 48084
269-350-5514

Copyright 2019 MichRIC, LLC. All rights reserved.
Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS.
Copyright 2019 MichRIC, LLC. All rights reserved.