02/20/2023
Projects That Could Lower the Value of Your Home
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In 2020, homeowners throughout the U.S. spent upwards of $420 billion on remodels and renovations for their homes. A commonly held belief is that nearly all projects will increase a home's resale value. The truth is that there are numerous home improvement projects that could wind up decreasing your home's value.
Constant Carpeting
If your home is outfitted with hardwood floors, don’t cover them up with wall-to-wall carpeting. When a carpet isn't in pristine condition, most buyers would prefer that they be removed, which is why carpeting doesn't add value to a home.
Information taken from the Remodeling Impact Report, created by the National Association of Realtors, has found that hardwood floor projects have a cost recovery of 118%, which means that installing new wood flooring for $15,000 could add as much as $17,700 to the value of your property.
