Buying your first home is a big deal, and it’s super exciting to think about all the ways you can make it yours. You might be dreaming of that perfect walk-in closet or a fancy new kitchen. But before you dive into making those dreams a reality, let’s talk about something important. I learned this the hard way after selling my place in December 2023. You see, not all those renovations and fancy updates will pay off in the end. Here’s what you need to keep in mind:
It’s Not About How Much You Spend
When it comes time to sell your home, the valuer checking your home value don’t really care about how much you spent on making it look great. They’re looking at how much your neighbours are selling for. That means your $1200 sink or any other fancy upgrade might not add to your home’s selling price. Shocking, right?
Your Style Might Not Be Their Style
You might love that custom walk-in closet you’ve spent over $2000 on, but what if I told you the next person who buys your house might just tear it down? Yep, it happened to me. Many buyers told me straight up they didn’t want my closet. Everyone has different tastes, and what’s perfect for you might not be for someone else.
What’s Trendy Now Might Not Be Trendy Later
Trends change, and what’s in style now might look outdated in 10-15 years. Imagine redoing the entire kitchen, bathrooms, floors, and even knocking down walls to create new spaces. All these big changes might not matter much when it’s time to sell, because styles and preferences evolve.
So, What Should You Do?
Don’t worry, I’ve got some tips to help you make smart choices about fixing up your new home:
- Know the Trends: If it is for investment or rental, before you start tearing down walls, look into what’s actually in demand. Choose updates that a lot of people like, not just you.
- Ask the Pros: Talk to real estate experts or valuers before you start. They can tell you what changes might actually increase your home’s value.
- Keep Your Budget in Check: It’s easy to get carried away. Remember, you want to make sure you’re not spending more than what will add value to your home.
- Pick Timeless Over Trendy: Go for renovations that will still look good years from now. Quality materials and classic styles usually win the game.
- Be Flexible: Try to make changes that can be easily updated or changed without too much hassle. This makes your home appealing to more people when you sell.
Conclusion
Buying and making your first home your own is an adventure. But remember, not all renovation adds value to your home. Keep these tips in mind, and you’ll be more likely to make choices that are both satisfying and smart. Let’s make your first home a place you love, without falling into those renovation traps!
