Dive Brief:
- There are four home renovations a contractor should (almost) never do — in order to help preserve a customer's home value, according to Amy Hoak of MarketWatch.
- Sometimes it's just all about bedrooms, and Hoak says there is almost never a good reason to eliminate one, even to make one bigger bedroom or extra living space. Homes with more bedrooms usually sell for higher prices, she said. One exception, she noted, is when families need a private space, somewhat separated from the rest of the home, for a relative who has moved into the home.
- Other no-no's are removing closets, turning the garage into living space and using too much wallpaper or other finishes that are hard to remove.
Dive Insight:
"When you start eliminating bedroom space, you've completely changed the comparable value of your home in the neighborhood," David Pekel, president of Pekel Construction and Remodeling, in Wauwatosa, WI, told Hoak.
Hoak says listing prices are set by what comparable homes are selling for in the same market, and the number of bedrooms is one of the main elements used to compare two properties. In addition, more bedrooms also usually means more potential buyers, real estate agent Brenda DeSimone told Hoak.
Even big, luxurious master bedrooms are passé, Pekel said. However, Michele Silverman Bedell, chief executive of Silversons, a New York residential agency, says to keep the master suite if it's downstairs. Baby boomers who plan to age in place are looking ahead to a day when they won't be able to move easily up and down stairs and will pay for that convenience.
DeSimone said getting rid of a garage also makes a home less appealing. Taking that space away also removes storage space for many homeowners. Bedell suggests if you're going to turn a garage into living space, leave the garage doors on the outside. This way the new owner can easily turn the space back into a garage.
