Be Wealthy & Smart 306: Avoid 3 Common Home Remodeling Mistakes That Reduce Value
Learn 3 common home remodeling mistakes that reduce a home's value.
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Watching TV remodeling and house hunting shows.
People were making suggestions for remodels that would decrease value of the home!
Comps are what guide and somewhat limit the value of the home.
Based on number of baths and bedrooms and square feet and garage. Can also include a view.
The basic NO-NO's:
*Reducing a bedroom to turn it into a closet
Wife wanted to turn a bedroom into a closet. Go from a 3 bedroom to a 2 bedroom house. That would reduce value dramatically because less demand and fewer shoppers for a 2 bedroom!
*Reducing a bathroom by combining 2 into 1 or going from full to 3/4.
Two bathrooms were side by side in a poor layout. Lady wanted to join them into one large one in a 3 bedroom home. Not a good idea to only have one bathroom! People will pay more for 2 bathrooms!
*Spending a fortune on a backyard pool, hot tub, outdoor kitchen & fire pit (not going to get back your investment).
You don't get back your investment dollar for dollar on pool, spa, landscaping, outdoor kitchen, etc.
If you're going to spend money remodeling, don't spend money that will reduce the value of your home! Do things that will increase value.
Most money is made by renovating kitchens and baths and adding or expanding closets. That's where you want to put your money.
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