Renos That May Actually DECREASE Your Home’s Value
It’s a common best practice to put some time, money and effort into fixing your home up before putting it on the market. Maybe you’ll swap out a few light fixtures, change the hardware on some cabinetry or go over everything with a fresh coat of paint. But how about things you shouldn’t do? It’s often the little things, from a kitchen counter that’s crowded with outdated appliances to overly fussy personalized decorating, that can rub potential buyers the wrong way and end up costing you a sale. They might not account for big bucks but those small mistakes can definitely add up to the overall appearance that your home is too much work for a new owner to take on. You should absolutely spruce up your property before listing in order to earn top dollar, but according to Zillow’s 2022 Home Trends, if you’re getting ready to sell, don’t do this:
Trendy Coloured Cabinetry
While a kitchen refresh can definitely pay off in terms of sale price, it doesn’t always pay to follow trends. Shades of green are apparently very on trend for kitchens these days but a mint green kitchen could sell for USD$1,830 less than expected, per Zillow’s 2021 interior paint color analysis: “Our research finds recent and prospective buyers were overwhelmingly turned off by this polarizing color in a common area.” A better bet? Consider playing it safe with a warm white or cream tone – clean and bright, white kitchens never really go out of style with buyers.
Awkward Kitchen Layout
A microwave drawer sounds pretty fancy (built flush into the cabinetry and seamlessly fit under countertops), but the added cost – unless you can handle your own redesign – doesn’t always appeal to the majority of buyers who still prefer traditional placements. Most buyers find it more convenient to have microwaves mounted above the oven or simply sitting on the counter. Believe it or not, Zillow found that listings with unnecessary kitchen features and/or awkward layouts tend to sell for 1% less than otherwise similar homes.
Breakfast Bars
A bar-height counters can be convenient for busy families with older kids, but they have falling out of favor with today’s buyers because they’re less convenient for older homeowners and those with young children. Homes with Breakfast Bars sell for 1.3% less that those with an eating-height island or breakfast nook.
Specialty Ceilings
While a coffered or elaborate ceiling can look stately and impressive, it also brings a formal vibe to a space and can create the illusion of a lower ceiling, neither of which mesh with the tastes of many younger buyers, who are looking for homes with clean lines and a more relaxed feeling. Of course it’s your house, so if you want to give the ceiling some panache, skip the detailing and focus on the paint. Painted ceilings are becoming quite popular with top colour choices including Benjamin Moore’s Bird’s Egg as well as yellow, brown and even red.
Overly-Bold Paint Colours
Once again, it is clear that paint can provide a home owner the biggest bang for the buck but you do have to be careful when choosing your colours. Zillow’s paint color analysis found that houses painted yellow sold for an average of USD$3,400 less than otherwise similar homes, so save it for use in smaller doses. A few more tips: Brown dining rooms and red kitchens also made the list of colours to avoid – they’re held responsible for reduced sale prices of USD$1,600 and $2,300, respectively.
A Kid-Focused Backyard
In my experience, today’s buyers don’t want to pay extra for your in-ground pool, even the saltwater versions with lovely concrete patios. And while little ones might go wild for a pool with a waterslide, their parents may not feel the same. Zillow says homes with pools/waterslides sell for 1.6% less than those without, likely because they only appeal to a limited number of buyers and maybe only for a limited period of time. Sellers have told me that pools were great while their kids were small but once those kids are working part-time jobs and can drive, they’re not at home often enough to make good of their backyard oasis. I still think it would be awesome, though!
If you’re wondering what you need to do to get your property market-ready or you’d like an idea of what your home may be worth in today’s crazy real estate market, contact Mark and Laura Murakami today to arrange a no-cost, no-obligation property evaluation. We would be happy to help you better understand current market values and activity in Grey County.
