What Features Could Decrease The Value Of A House?
When it comes to modifying your home for resale, it is imperative that you adopt a strategic approach. This is because you must balance the cost of proposed remodelling works against the value that you intend to add to the property in question, and this requires careful consideration, in-depth research and knowledge of the contemporary market. Most importantly, you must develop an understanding of the modifications that can actively decrease the value of a house, especially those that may initially seem to add merit.
With this in mind, here are some of the deceptive features than can have a surprisingly negative impact on the value of your property and prevent you from successfully conquering the property market.
Change The Function Of A Main Room
When considered at face value, the inclusion of an entertainment room or study space may seem alluring to homeowners. After all, not only does this help you to customise your space and build a more purposeful living environment, but it also adds a unique dimension that offers genuine appeal. Permanently changing the purpose of individual rooms can deter potential buyers, however, especially when you sacrifice fundamental spaces such as bedrooms and garages in exchange for those that are less functional. This is particularly true in small home, so be especially careful when remodelling compact or new-build properties.
A Swimming Pool
On a similar note, the inclusion of an expensive swimming pool in your back garden can also decrease the value and general appeal of your house. While this may seem like a guaranteed way of increasingly value and positioning your home as a luxury entity, it consumers a huge amount of external space and ultimately restricts buyers in terms of how they can use this. Both the increased water bill from a provider like Anglian Water and cost of maintaining a swimming pool can also burden homeowners. Therefore, it may be worth ignoring this as an example of real estate investment.
The Construction Of Outbuildings
In most instances, the construction of sheds and outbuildings can add value to a house. They can become a hindrance once they develop considerable wear and tear, for example, while those that have been built without the proper permits can also cost huge sums of money to remove. You must consider the impact of maintenance in this instance too, as buyers may be discouraged from purchasing your home if it incurs additional costs in the future.
If your outsides aren’t as good as your insides, no one will want to buy the property. If you have painted your property to stand out it can attract the wrong attention. It is a good idea to have your home fit into its original property detail. If you have a large Victorian house, accentuate those features with neutral tones. Neutral tones and on a house set a high bar for buyers – who will be able to better imagine their own possessions in the space.
Sweat the Small Stuff
Buyers will always have an eye for detail. Some buyers will want a large bedroom, some a large kitchen. One thing you can’t skimp on is the small stuff. Potential buyers will always check light switches, dirty or cracked windows, and that the house has been generally taken care of.
What’s the Best Feature That Will Increase the Value?
We’ve listed the potential pitfalls of home improvements but what about the very best? According to Phil Spencer, property expert at the Telegraph the number one feature is a loft conversion. He’s given a loft conversion this accolade as it is non disruptive and creates space out of virtually nothing. A loft conversion has the flexibility to be another bedroom, a gym a study and anything in-between.
Notable mentions go to conservatories and basement conversions.