By Kiersten Willis, The Atlanta Journal-Constitution
Troy Warren for CNT
There’s been a boost in at-home renovation projects within the past year — and it shows no signs of slowing.
The Leading Indicator of Remodeling Activity released in April forecasts mid-single-digit gains in yearly home improvement spending in 2021. By the first quarter of 2022, a 4.8% growth will occur.
“With a financial boost from recent federal stimulus payments and strong house price appreciation, homeowners are continuing to invest in the upkeep and improvement of their homes,” Chris Herbert, Managing Director of the Joint Center for Housing Studies said in a press release. “This lift in incomes and ongoing strength of the housing market are providing homeowners incentives to make even greater investments in their homes this year.”
But before you make your next renovation, ensure that it will help and not harm your home’s value. GoBankingRates has 20 examples of some. Start by skipping these five projects.
Unique lighting fixtures
Good lighting is essential but they need to be functional rather than ornate.
“For example, an oversize hanging light is out of place in a small to medium size Great Room or living room – since the fixture will just overwhelm the entire space – just as a too-small fixture will be dwarfed by a space that too large and voluminous for it,” house plan website The Plan Collectionsaid.
It’s important not to go overboard with bathroom upgrades.
“Potential buyers could be scared off by bathroom remodel mistakes like over-personalized finishes and over-the-top whirlpool tubs that are hard to clean and hard for some people to climb into,” GoBankingRates reported. Keep it simple with a walk-in shower with a rain shower head.
Brightly colored rooms
“Just because a color is popular in magazines doesn’t mean it will add value to a house in your area,” Tulsa, Oklahoma-based real estate agent Paul Wheeler told HomeLight. “Cutting edge colors only work in cutting edge areas. Places like New York or L.A. pick up color trends first, then they trickle down to the middle of the country a few years later. So if we’re too far ahead of the trends, buyers aren’t going to like it.”
Luckily, fixing it is just a matter of another paint job.
Guest bedroom turned home office
Many people have been working from home in the past year, but that doesn’t mean you should get rid of your spare room in favor of an office. Custom cabinet installation, rewiring for electric equipment and other improvements have been shown to cost $29,066 and result in a $14,155 value. It may not be worth it.
Many people enjoy top-of-the-line kitchen appliances but only to an extent. New Jersey-based retailer Designer Appliances says on its blog that not all homes will see an increase in resale value simply because of updated appliances. This could happen if it isn’t in a high-end market.
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