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14 June 2016

3 Home renovations that are a waste of money

Hi Everyone and welcome to this week’s Blog,

Home renovations are extremely popular right now and since purchasing a property is a huge accomplishment for most of us, one of the first things we want to do is to make it our own. We want to redecorate all the rooms, change the lighting, rip up carpets, modernise the kitchen and bathroom, revamp the garden and make our own stamp on our new home.

There is nothing wrong with doing this and whilst we all have our own personal tastes and quirks, most of the home renovations we do will generally add to its value. There are some home renovations however, that are too personal or won’t add to the value or even the saleability of your home in the future.

So if you are considering any of the following home renovations, make sure that they will really benefit your lifestyle, because they might be a serious waste of your money when it comes time to sell.

  • Swimming pools: These are a contentious issue, but most real estate agents will tell you that a pool doesn’t add value to your home. It might make it more saleable to the right buyer (who would die without a pool), but it won’t necessarily increase its market value. So only add a pool if it will enhance your lifestyle, not because you hope your home will be worth more money.
  • Built-in furniture: You might love the idea of built-in benches, shelves, bookcases and TV units, but most buyers won’t agree with you. The only acceptable built-ins are wardrobes. This is because everyone has their own furniture and built-ins are not only a personal taste, but they take up valuable room space.
  • Removing living spaces: You might want to double the size of your living room and think that knocking down the wall between the spare room and the lounge is a fabulous idea. The fact that this reduces your home from 4 bedrooms to 3 bedrooms isn’t a problem, because you never use that room anyway. Well, buyers might love a 3 bed home with a large living area, but they are only going to pay the market value for a 3 bed, not a 4 bed home.

Other home renovations to avoid are over personalizing your home, adding gyms or wine cellars, and installing expensive on-trend kitchens that will date quickly. If you really do want to add any of these features to your home, talk to a real estate agent to find out the impact on your property’s value, before you go ahead.

For turnkey home renovations, call Sasha on 08 9468 7555 or visit her websites: The Renovation Company and Million Dollar Makeovers.  If you interested in shop fitting in Perth, call deBretton – Distinct Commercial Design on 08 6355 5165 or head to www.debretton.com.au.

 

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