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These ‘home improvements’ could actually wipe thousands off your property value


Thoughtful couple painting their house

Not all renovations are created equal (Picture: Getty Images)

What kind of features does your perfect home have? A pool? A state-of-the-art cinema room?

While they may be the stuff of property dreams, these extras aren’t on the list of must-haves for real buyers – and forking out for them could actually damage your house value rather than giving it a boost.

According to experts, there are a certain home improvements which are anything but, costing more to implement than they add to your sale price and sometimes making it harder to sell when the time comes.

That doesn’t necessarily mean you shouldn’t upgrade your property in a way that suits you – after all, you’re the one living there. But if you’re looking to maximise profit and make back the cost of your investment (or make a profit) in the long-run, it’s worth being cautious.

Joshua Houston, writer at Household Quotes, explains: ‘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.’

In an article for the platform, he outlined seven renovation jobs that could tank your value, so we spoke to industry insiders for their take on each.

Bright coloured home fronts

This touch of pink may not make buyers wink (Picture: Getty Images)

If you live somewhere like Tobermory (where the show Balamory is set) or Notting Hill, rows of different-coloured houses are part of the neighbourhood’s appeal.

According to Josh, however, a home that ‘sticks out too much in a sea of darker and more traditional colours’ could be hard to sell, as the buyers will need to either love the colour or spend money repainting.

‘A colourful external paint job can be a particular put off as it will often require a professional to repair it if a buyer isn’t a fan of the colour, which costs considerably more than the time and effort of tackling an internal room yourself,’ CEO of Yopa, Verona Frankish explains to Metro.co.uk.

In research by personal estate agents platform eXp, the average cost of giving a house a rainbow makeover is £4,500, but since it can lead to a 2.7% drop in value (equal to £7,597 based on the average UK house price of £281,373) you could end up over £12,000 out of pocket.

Expected loss based on renovation cost vs value change: £12,097.

Swimming pool

A pool is unlikely to get much use here in Blighty (Picture: Getty Images)

They may be a must in LA or on the Gold Coast of Australia, but there’s really no call for a pool in a property in the UK.

Josh claims that because of our unpredictable weather, buyers may be wary of taking on maintenance costs for an amenity they can only use a few times a year.

On the contrary, eXp estimates an expected value boost of 4.5% or £12,662 for homes with …read more

Source:: Metro

      

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