6 Remodeling Mistakes That Hurt Resale
When your clients are interested in purchasing a property to renovate, remodel, or restore, you need to be ready to offer them sound advice. Overly eager buyers can sometimes sink more money into home improvements than they can reasonably recover at time of resale, which can lead to disappointment and potentially even financial hardship. Here are some examples of remodeling mistakes that could possibly end up hurting a property’s resale value:
1. Overbuilding – Room expansions or additions are great as long as the owners keep an eye on comparable square footage value. If most homes in a neighborhood are around 2,000 square feet and a buyer builds an addition that increases the square footage to 4,000 square feet, they may have overbuilt for the neighborhood and not be able to recover their investment.
2. Closing in – In many parts of the country, open floor plans are retaining their popularity. Adding walls to create more rooms or hallways can chop up the layout of a house and make it unappealing to some buyers.
3. Upstairs master – Many buyers, especially aging baby boomers, prefer the master bedroom to be downstairs. If your clients are thinking about adding a master suite, it’s probably a good idea to place it downstairs, if possible, for resale purposes.