Home Improvement Projects That Can Decrease Your Home’s Value

Home improvement is a common way to refresh your living space and add some extra appeal. But, if you’re looking to boost your house’s value, choose wisely and stay within your budget. Some projects can actually decrease your home’s resale value, according to real estate experts. Whether you’re considering a new bathroom, deck or fence, it’s important to think through your options carefully before taking out the hammer and nails.

A plethora of TV shows and DIY online tutorials have inspired many homeowners to take on their own home renovation projects. But, it’s one thing to watch a show and another to slam down a nail with the proverbial hammer. Many homeowners are in over their heads, especially when it comes to more complex construction projects. If you want to avoid an in-over-your-head moment, it’s best to consult a professional who has experience working with a variety of home renovations and can provide you with the right tools and materials for the job.

Despite higher material costs, many homeowners are still eager to improve their homes. In fact, according to the latest report from Houzz, more people plan to renovate than move out of their current homes this year. Many are focused on kitchen and bath renovations. Others are planning to spruce up electrical wiring and cabinets.

While the number of homeowners who intend to make home improvements is surging, not all of these projects will improve a home’s value. Here are some of the top renovations that will pay off in the long run:

Siding replacement: The first thing potential buyers notice about a home is its exterior, so it’s crucial to keep it looking good. Replacing old, worn-out siding with high-quality materials can increase a home’s value by up to 7 percent, and it’s also an energy-efficient project.

Renovating the bathroom: A well-appointed bath is a huge selling point for prospective buyers, and it doesn’t have to break the bank. Replacing dated fixtures, painting the walls and adding a fresh shower curtain are simple and cost-effective ways to revamp the space.

Windows: Replacing outdated windows can help protect a home’s structure and finish and improve its energy efficiency. And, a new set of windows can add up to 68 percent to a home’s overall value.

Creating a master suite: Adding a bedroom, private bath and walk-in closets to an existing home can dramatically increase its resale value. However, some home additions can actually detract from a property’s value, such as built-in electronics that might be out of date or off-putting to future buyers.

When deciding on which home improvements to undertake, it’s essential to walk around the neighborhood and see what your neighbors have done to their houses. It’s also a good idea to talk with your local real estate professionals about what improvements will attract the most buyers. And, don’t forget to update your home insurance policy once you make any major changes to your property.