The acquisition of a property, for investment purposes or personal affairs, coincides with a lot of complex decisions. Investors, and owners alike, are tasked with implementing home improvement strategies as they see fit. Unfortunately many investors engage in home improvement project mistakes that don’t deliver positive ROI, and can eat into profits.
Residential developers must evaluate potential exit strategies, determining which home renovations will maximize their returns. Conversely, owners intent on living in the recently-acquired home are faced with an entirely different dilemma. They must create a functional and personalized living space, and ensure those home improvement projects they move forward with accomplish that.
Common sense dictates that these goals are synonymous with one another. Home improvement is a particularly good investment strategy in today’s market. However, too many people become complacent when faced with this challenge. Not all “improvements” add value to a home. In fact, some may unintentionally detract from the price.
5 Home Improvement Project Mistakes That (Actually) Lower Your Property Value
A recently-acquired property has a tendency to represent a blank canvas; a clean slate that owners can manipulate to their will. However, this freedom of expression may serve as a blessing and a curse. Agents and appraisers say they regularly see homeowners make changes that don’t increase the value of the home by much, if at all. Some home renovations or alterations can even drag down the value of a home.
While additions have the ability to add value to a property, there are several home improvement project mistakes that should be avoided. They are as follows: