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8 Mistakes That Could Reduce the Value of Your Home

eraser and word mistakesSo you thought you can do just about anything with your home. Well, you were wrong. Making changes to your home is fine as long as you don’t commit blunders that can put off potential buyers should you decide to sell in the next few yeras. But this is not always the case. Very often, owners make changes that have the potential to reduce the value of their house. So if you seek a decent return on your investment, don’t fall into this trap.

Here is a look at 8 improvement blunders that may reduce the value of your home:

Over improvement

Many homeowners over improve their home to make it pricier. There is nothing wrong with over improving your home if it is on the best block in the best neighborhood. However, installing a $25,000 swimming pool behind a $75,000 home is nothing but a blunder. In this case, you will never fully recover the cost of the pool.

Inconsistency

Inconsistent upgrading is another common culprit that reduces the value of homes. For example, some homeowners completely remodel their kitchens by spending several thousand dollars but they forget to touch the remaining parts of the house. This is a common mistake. If you seek the best return on your house, you have to cure all deficiencies. Try to find out what you can do to make your home as good as other homes in your locality.

High fences and closed porches

Don’t close off your porch and don’t install high fences. They limit your chances of interacting with other people in your neighborhood. You must not try to wall yourself from your locality. This may discourage potential home buyers who value the neighborhood.

Paying too much attention to your personal tastes

When you remodel your house, see whether that will appeal to your potential future buyers. Don’t reduce the value of your home by remodeling it to your personal and often eccentric tastes.

Messing up the original floor plan

Be careful when you add more square footage to your home. When you add more rooms, keep in mind the integrity of your original floor plan.

Keeping an above-ground pool

Nobody likes above-ground pools. Entering and exiting these pools is not easy. Very often, owners fail to clean them properly. This makes them great breeding grounds for mosquitoes. If you have an above-ground pool, try to get it removed before you sell.

DIY projects

You are a do-it-yourself type and you want to save some bucks, so you try to tackle big projects around your house on your own. That might be a great choice, but if you lack the required skills and do a sloppy job, it’s not going to look good. In most cases, a buyer will have no trouble spotting most DIY projects.

Getting a remodel without proper planning

When owners remodel a bathroom or a kitchen, they often install bigger items that make the space look cramped. The future buyer may dislike this. As far as possible, keep your kitchens and bathrooms as airy and as roomy as possible.

The Home Loan Advisor is a tool that was built to provide homeowners with insight into opportunities available in the current market, without having to shuffle through all of the clutter on the Internet. Not only does the Home Loan Advisor analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, but we match you with potential lenders who have products that may help you and provide you with a sense of stability.

As a homeowner, you should know the value of your home. You can get a free home valuation report from Neighborhood IQ to find out your home’s worth to help you decide if you should refinance now.

 

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