Are you a DIY lover? Or do you simply want to invest in your home to increase its market value? Either way, it’s important to be aware of how your actions could alter the value of your home because sometimes these changes, although you might not expect them to, can have a negative impact. And with money being tighter in light of the cost of living crisis, taking care of how you spend your money isn’t such a bad idea.
Here are some DIY improvements that won’t necessarily add value to your home.
Going open plan
Open plan spaces in the home can be a great way to maximise a space, particularly if you plan to let in more natural life. Many new builds integrate stylish, open-plan spaces if it works for that property. It isn’t necessarily the best option for every home. Most notably, it can be a very expensive task – and for the amount it costs to make these alterations, you may not see much return when it comes to your property’s value. Plus, an open plan space isn’t always seen as the most practical solution if you don’t have many rooms in the home. Privacy in the home can be compromised, which can have an impact on homeowners if more than one person works from home.
Extending one room at the expense of another
If you decide to extend one room at the expense of another, this may not be the best outcome in the long run. For example, you might extend the master bedroom while simultaneously reducing the size of another bedroom. Potential buyers will likely seek out rooms that are more similar in size, as opposed to one being significantly larger. It can minimise the options they have when it comes to making their own decisions.
Building an extension
For many, building an extension is a compromise between staying put or upsizing elsewhere. And while some considered extensions may benefit your property’s value, this isn’t a given. Again, this is linked to the cost of building this in the first place with the amount that will be returned as a result. Extensions can cost tens of thousands of pounds. Some experts recommend seeking planning permission and leaving it at that because this gives potential buyers the option to make these changes in the future.
Home theatre
While it may be a fun luxury feature, you may want to assess whether the cost of a home cinema will put you in a better position long-term. Valuers and potential homebuyers won’t view a home cinema as a necessity in a property and they may even find more value in that room being used as an additional bedroom, for instance, which would result in work and money being put into this transformation.