Source: MarketWatch | Renovations are mostly done not only for a home owner’s comfort but to add value to their home. However, in some cases, home owners may end up making their home worth less. Here are three of the most common renovations that can potentially decrease the value of a home:
1. Eliminating a bedroom:
The more bedrooms a home has, the higher the price it can usually sell for. Even if the home owner plans to remove a bedroom in order to expand another one or make a living space larger, this renovation project could likely burn them at resale by completely changing the comparable value of the home in the neighborhood.
2. Renovating the garage into living space:
Getting rid of the garage space in favor of an extra office, family room, or bedroom can be a turnoff to many potential buyers at resale. Seventy-four percent of recent buyers said that having a garage is extremely or very important, according to a survey of 7,500 people by Crescent Communities.
3. Removing closets:
People need closets, and will many times count the number of closets per room. This is why it can hurt the resale value of a home when a closet is removed in order to make a bedroom, or master suite larger.