It’s generally believed that putting money into your home through renovations will increase its value. However, according to a property expert, this isn’t always the case.
In fact, some improvements can have the opposite effect and create “niche” or “undesirable” characteristics that can reduce a home’s value. These can range from having a swimming pool that’s too expensive to maintain to having a home that’s too personalised.
1. Swimming pool
Joshua Houston, property expert at WhatCost, said: “Whilst to some, a swimming pool might seem like a great addition, to others, it will be an expensive feature to run and maintain.
“It can also only be used during the warmer days of the year, which in the UK isn’t many. This will put many buyers off as they might have to get rid of the pool if they choose to buy the property. The additional costs could devalue the property.”
2. Converted garage
Converting a garage into a gym or office might seem like a cost-effective idea, but it isn’t always the best.
This is because some buyers will be looking for a home specifically with a garage for extra storage, or to store their cars in.
3. Built-in electronics
According to the expert, built-in electronics are great to save space, but there’s no guarantee everyone will appreciate them.
Joshua said: “Certain electronics might be seen as a waste of space and running costs by potential buyers, and the process of removing them is much harder than non-built-in electronics. This results in extra costs, which could easily devalue your home.”
4. Brightly-coloured home front
Having a bright home can be effective, but this does depend on the surrounding houses and area. The expert said: “However, if your home sticks out too much in a sea of darker and more traditional colours, then this could be a problem.
“You’ll have to find a buyer who likes brighter-coloured properties, and this tends to be rare, which devalues the home. Alternatively, a new buyer will have to pay to paint over, costing them more money, which will come out of the buying price.”
5. Removing a bedroom
If you’re lucky enough to have more bedrooms than you require, then you might be tempted to convert them into something else. This is particularly common when a child moves out of the family home.
However, reducing the number of bedrooms can seriously lower the asking price of your property, as typically, the more bedrooms, the more expensive a property is.
The property expert continued: “We all take pride in our homes, but we also want to know that the money we’re putting into improving our property is worthwhile. Not everything that is popular to you will be welcomed by others, so it’s important to keep that in mind if you ever plan to sell.
“Having a desired property increases its value, so do everything in your power to get as much money as possible. Taking the above advice into account could end up saving you a lot of money.”
