Are you about to make some changes to your home? Before you sign on the dotted line (or pick up that paintbrush), read on to find out whether your plans might not be the best financial idea.
Planning home improvements can be exciting. Renewing tired décor with a fresh lick of paint, updating kitchen cupboards and work surfaces, or investing in an extension are all great ways to make your home feel like new. However, before you dive into renovations, be aware that some ‘improvements’ can knock thousands off your home’s value.
You’re the one living in your property, and if you plan to stay in it indefinitely, go ahead and make the space as you like! But if you think you might move at some point, or you’re doing renovations with the sole aim of increasing value, you might want to avoid some of these ‘improvements’…
1 Bright external paintwork
You might love the idea of painting the outside of your house bubble-gum pink… but bear in mind potential buyers might not appreciate the stand-out colour. Of course, there are areas where brightly coloured houses are the norm (such as the harbour areas of Tenby or Tobermory), but if your local area is more traditional, opting for bright blue, coral, or turquoise external paint could be off-putting when you try to sell, as buyers know it could cost thousands (plus professional help) to change.
2 An artificial lawn
It might seem like a great low-maintenance option, but as well as being bad for the environment, installing an artificial lawn could also be bad for your property value. Research from Yopa has shown buyers offer up to £15,000 less for properties with artificial grass instead of natural lawn space.
3 A swimming pool
People might joke about a swimming pool being on their wish list, but the reality is quite different. The simple fact is, here in the UK, a pool is unlikely to get used all that much, and buyers know the upkeep costs will be hefty. Yopa research suggests a swimming pool could devalue your home by as much as 19.6%… that’s a whopping £55,272 off the current average UK asking price of £282,000.
4 Installing built-in electronics
If you love technology and gadgets, installing built-in, state-of-the-art electronics, such as an integrated coffee machine or wine fridge, might seem the way to go… but be wary of anything too niche. After all, a prospective buyer might not drink coffee or wine, and then they’re stuck with appliances that might be costly (or impossible) to remove.
5 Removing a bedroom
Knocking through a wall to create one huge bedroom out of two – complete with en-suite bathroom and walk-in wardrobe – might be the dream for you, but remember, when it comes to selling your home, generally speaking, the more bedrooms you have, the higher the price. Buyers will always have their heads turned by an extra bedroom but will walk away if there aren’t enough to suit their family’s needs – however big the remaining bedrooms are.
6 Replacing the bath with a shower
Yes, due to time and convenience, most of us take a shower rather than have a bath each day… but that doesn’t mean people don’t want the option. Removing the bath in the family bathroom is a big turn-off for prospective buyers and, according to Yopa’s research, could wipe more than £5,000 off the value of your property.