Avoid these common home renovation pitfalls

YOUR PERSONAL TOUCHES CAN BE A ’NO-NO’ TO A POTENTIAL BUYER

While customizing a home is a great way to make it your own, certain renovation projects may actually work against you, decreasing your home's resale value when it comes time to put it on the market. “Though personal touches may add to the overall enjoyment of your home, certain renovation projects should be avoided in order to maximize your property's resale potential,” explains Norm Jensen, an experienced Canadian Realtor. “It's recommended that homeowners consider their needs while keeping future buyers in mind before leaping head-first into a new renovation project.” According to Jensen, homeowners should avoid these common missteps in order to maintain their property's value: Don't over-renovate. While pouring additional funds into renovations may seem like a great idea, it may not help your cause. If your home has to be priced well above the average resale value of other homes in your community, it could ultimately make it harder to sell and prolong its time spent on the market. Beware of changing a room's function. Reducing the number of bedrooms in a home will often lower its resale value. Prior to converting a space into a theatre room or using it to expand another area, consider how your choices may sit with future buyers. Avoid extravagant personal touches. Before choosing to install a built-in aquarium or changing the standard height of countertops to accommodate short or tall members of your family, remember that individual adjustments can decrease the value of your home. Keep that bathtub. Many homeowners often renovate their bathrooms in order to bolster resale value. However, replacing a tub with a large shower in order to add space may not always benefit your bottom line. Potential buyers often look for these installations to bathe small children or perhaps soak when needed.