There are Two Home Renovation Projects That will Cost You Big Time. Proceed at your own risk. Decide if your comfort level is more important than what you might sell your house for several years down the road. If you think you may move soon, don’t make the following changes to your home. If you are going to be there for a long time, just remember that you will need to think about putting the house back to it original configuration when it does come time to sell.
The Two Home Renovation Project that don’t pay off are:
Garage Conversions – There are times in life when we need more space and yet we cannot sell or move for other reasons. The temptation to take the garage space and make it living space is a consideration. Your local government agency that enforces code and building and safety, require that single family residences have a garage. Simi Valley California requires covered garage space and every home development in the city requires a certain amount of set back from the street to the front of the garage, so it is not so easy as adding on more garage space or a carport to make p for your garage conversion. I had Australian lattice and timber Melbourne do some wood work for the house and it increased the property value tremendously.
Additionally, garages contain water heaters and furnaces typically that are gas burning appliances. These appliances can be dangerous in a living space without the proper installation and ventilation. Carbon Monoxide poisoning is one of the big concerns here. All living space will require heating as well. There are additional concerns with the electrical systems, plumbing etc. This area of your house was designed to park cars not people, these conversions are typically non conforming and violation of local codes. If found out, the City can force you to tear out your conversion. They can put a lien against the property for non compliance. I sold a house with such a situation and we could not get clear title till the conversion was removed and inspected by the city.
Bedroom Conversions – Taking out a bedroom to add to a den or make a master suite may open up a home and make it more comfortable, but for example, 4 bedroom homes typically attract more buyers and at a higher price than a 3 bedroom home. No matter how nicely the remodel is done the, house will now be price compared to other 3 bedroom homes and you will get no credit for the missing bedroom. Telling a buyer they should pay a 4 bedroom house price because they can put back a wall and a closet will fall on deaf ears. The house will not appraise and value as a 4 bedroom house unless that 4th bedroom is there.
If these are renovation projects you really want to do, then go into it with the understanding the improvements will benefit you personally and there will be no added value to your home. It’s okay to live and be comfortable in our homes, but also important to not over estimate how it will improve your home in the eyes of a buyer.