Who Are You Renovating For
(People renovate their homes for a variety of reasons. The two most common reasons are for personal pleasure and resale value.)
Many people often think that if you make renovations (new paint, new carpet, etc.) you will automatically increase the value of the home. Regardless of whether this is true, the home’s value is not worth much if no one wants to buy it.
Inman News columnist, Allison Rogers, explains why you do research and think of others before renovating your home to cater to your tastes, in her September 22, 2006 article, “Bad property renovations.”
What works for you does not always impress the buyer if you desire to sell. You may love the color, bright orange, but if you splash bright orange all over your bathroom walls, the buyer (unless bright orange is his or her favorite color too) will probably walk away and disconnect his or her phone.
Rogers explains one of her personal situations as a real estate agent:
“A client and I just saw a condo that the landlord was trying to market as ‘luxury’ and I thought, dude, you'd have a better chance if you hadn't painted the whole thing red and purple. The colors of a jester hat? Of Spree candy?”
“That client ended up in a Park Slope Brownstone, Benjamin Moore White Dove, with original dark wood detailing.”
If you have already painted your walls an abrasive color, don’t worry, you have time to strip down to the primer and use a more delicate, appealing and softer color.
But be very careful when making major renovations such as adding or subtracting a room. These constructions may completely ruin your chance of selling for top dollar and there will not be much recourse that you could do.
Rogers explains a more serious situation when she took a client to see a condominium that was a nice building with nice décor and offered at an affordable price.
“Except that you walked straight into the kitchen. The apartment originally had a hallway leading into a foyer, with a galley kitchen behind; in an effort to ‘open up’ the space, the owners took out a wall and moved the appliances. You lost your hall closet completely, and the first focal point of entry, maybe 14 feet from the door, was your sink.”
The only viable option to turn this property into a possible sale was to try and recreate the original floor plan.
“The appliances would be salvageable, but everything else -- all the Ikea cabinetry, all the stone countertops, all from a brand-new renovation -- would have to hit the dustbin. The owner must have, him- or herself, spent $20,000 to destroy value in the apartment.”
There are many other ways to destroy a possible sale and value. A man might install a state-of-the-art steam shower without realizing that a woman buyer would probably prefer a bath tub or putting a large hot tub in a small back yard minimizing the space for children or pets to play.
“So let's just do this now; it's fine to renovate for your taste, and for the way you live. But homes have an argot just like people do, and any time you veer from the metaphorical equivalent of a broadcaster's Midwestern accent, you're going to freak people out.”
If you need to give your place a facelift you may best be benefited by visiting a lot of various open houses and incorporating some of their idea into your creation.
