Ever since the housing market crisis of 2008, homeowners have gotten more creative when trying to maximize their homes’ value. These methods have included unconventional and expensive renovations like converting garages into a man-cave or adding a pool. Unfortunately, not all of these renovations add to the home’s value. Instead, some devalue the home.
A renovation is a loss when the price you pay is more than the returns you gain. As a result, you end up taking a loss during the sale. It’s not just the loss in profit; homes with unnecessary or out-of-date renovations can stay on the market for a long time. So, if you’re looking to sell a house fast in Tampa, FL, you need to consider these five factors that devalue your home.
1. Outdated Kitchens
All buyers want a beautiful kitchen where they can cook meals and create memories with their family. Kitchens can make or break the sale. If your kitchen is old, dingy, or outdated, you can be sure that buyers will lose interest in your property. There are two ways to update your old kitchen.
- You could complete a full-blown renovation of the kitchen. A home with a recently-updated kitchen sells fast and for top dollar. However, remember that this renovation costs a few thousand dollars. But the good news is that you can enjoy maximum returns from the investment.
- The other option is to go for a partial renovation by updating just a few critical items in the kitchen. You can add fresh laminate to the countertops, get new door pulls, or repaint the kitchen. This option is cheaper and doesn’t take as long.
2. DIY Projects Gone Wrong
DIY projects are fun to do, but if your home is overrun with incomplete, messy, or unfinished DIY projects, buyers may not give your home a second look. Some buyers dread spending extra time or money to complete these unfinished projects. A general rule of thumb is to hire professionals to complete the projects to give your home a neat and polished finish.
3. Out-of-the-Box Design Ideas
Have you ever come across an online listing that asked, “What were the owners thinking when they installed that?” While these design choices may suit specific interests, they do not appeal to mainstream buyers. So, while renovating your home before a sale, try to keep the design simple and neutral to appeal to a large cross-section of buyers.
4. Water Features
You may love your hot tub, garden fountain, or indoor waterfall decoration feature. But for a typical buyer, these added elements increase the home’s future maintenance. Even if you have a fantastic in-ground pool, remember that it increases the maintenance cost for potential buyers. Pools must be resealed and resurfaced at additional expenses. Families with small children might not want homes with pools as they see them as a potential danger.
5. Flashy Wall Colors
Taste is highly subjective, and what you like might not appeal to potential buyers. If you have a room with bright red walls and dark window paneling, the buyer might have difficulty envisioning themselves living in your space. Instead, they begin calculating the costs of repainting the home. You can avoid this by painting your walls in neutral colors that appeal to a large audience.
If you’re struggling to sell your home due to a quirky feature, consider selling your house to interested cash home buyers in Tampa, FL. Cash buyers purchase your property as-is, helping you make a quick sale with zero repairs.