In a recent article about how customizations may diminish property value, CNN Money‘s Kathryn Vasel turned to Dean Jones, President and CEO of Realogics Sotheby’s International Realty (RSIR) for insight.
Among the issues highlighted by the article, Jones notes that home value tends to go down when over-the-top decor and an abundance of color are used, which Vasel writes can “turn off buyers.” Jones says that “it’s difficult for the vast majority of people to envision living in a highly expressive space or anything outside a more neutral color palette that they can then add their own personalization to.” A buyer’s ability to picture themselves in a property is crucial to both the home’s value and its ability to command offers. Thus a space such as this condo at Lumen, which offers a neutral and industrially inspired palette, provides the buyer to imagine what the space will look like as their own.
Vasel also says that “taking away a bedroom to create a larger room or re-purposing it into something like a wine cellar or recreation space will likely reduce a home’s resale value. ‘There’s a reason the first thing typically detailed on a home listing is the number of bedrooms,'” Jones added. So unless you’ve already got a number of large bedrooms to begin with, such as the five this Elegant Hunts Point Home boasts, eliminating one and transforming it into a customized space may not be wise if you intend to sell in the future.
Interested in other customizations that might hurt your property value? Read the full CNN Money article here >>>