You have seen the best renovations for adding value in the previous blog post. Canadian Real Estate Magazine also includes the list of worst renovations.
These renovations will reduce value on rentals, and can have a negative effect on sale price as well.
Although some people like the warmth of a carpet over cold flooring, carpets are very impractical for rentals and a house you plan to sell soon. They get warn down quickly and have to be replaced every few years, they stain easily, absorb odours, and are more readily damaged by pets and cigarette smoke. If you don’t want to walk directly on hardwood or tiles, consider throw rugs to provide ease of installation and replacement.
Installing cheap flooring
It is tempting to skimp, especially on rental properties, but cheap flooring may come back to bite you in the long run. Cheap floors look it, and so discourage potential tenants. They also lack the durability of better quality flooring. You will be forced to replace it frequently in order to satisfy tenants. In other words, you will save now, but pay later.
If you have left over money from other renovations that you have completed, than this one can in fact be useful. Landscaping can do its part to attract tenants and potential buyers. In terms of total value however, landscaping is your lowest priority and should not take the place of better renos.
Fancy light fixtures
Although you might enjoy chandeliers and hanging lamps, our taste may run contrary to that of potential tenants and buyers. You are better off installing standard lighting and/or pot lights and leaving any fancy fixtures to be the responsibility of tenants.
Wallpaper becomes dated very quickly. It is more expensive and difficult to replace than basic paint. You are better off sticking with paint, and using furniture accessories to play with bold patterns and colours.
Bold colour schemes
Like wallpapers, what is enjoyed by one will not necessarily appeal to another. By leaving the colours a neutral colour, your property appeal reaches a larger audience.