Renovations That Will Devalue Your Home

If you have some home renovations you are interested in tackling, I have some tips about what renovations will devalue your home.  In many cases, most people don't want to pay extra for someone's pet project when it comes to buying a home.  Renovations or home improvement projects can increase the value of your property when it's the right improvement.  However, not everyone is willing to pay the price for a fancy bathroom or a deluxe kitchen. 

Renovation investments are fine if you are not planning to sell your home in the near future.  Homeowners who are not in a hurry to sell can make renovations that will improve their quality of life.  If you plan to sell your home sooner rather than later, here are four things to avoid. 

Over the Top Kitchen Renovations

If you are a gourmet cook, a $30,000 kitchen upgrade might be perfect.  However, to the next buyer, cooking may not be their cup of tea and the super-sized stainless steel stove you once loved can be an excessive waste to some. 

Bathroom Renovations That are Over the Top

A budget or eco-minded buyer might think your ultra deep Jacuzzi tub and custom Kohler shower system is more than they want to pay for.  As with the kitchen, consider what will happen when you want to sell your home.  In today's economy, most homebuyers are looking for necessity, not luxury. 

Hot Tub or Pool

For those homebuyers who don't know, if you install an above ground pool, you can subtract 2% of the value of your home because they are less appealing than an in-ground pool.  Plus, pools are a liability for families with young children and may affect your homeowners insurance coverage.  Pools will limit how many people will want to buy your home.  Keep this in mind with a hot tub, also.

Expensive Specialized Rooms

Installing nontraditional customized rooms like indoor basketball courts or a basement music studio have potential to make buyers look at this space as a waste of space for their particular needs.  Rooms such as this may reduce your buyer market. 

We all want to live in a home that reflects our tastes and interest. Keep in mind that if you plan to sell in the near future, those upgrades and expensive renovations may end up devaluing your home, keeping you from getting top dollar.