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5 Myths that Can Devalue a Home

You’ve saved for a down payment, searched for a house, kept your fingers crossed during bidding wars, and you’ve finally got it…the perfect home! Now you want to make sure you’re taking care of it, right? Unfortunately many age-old methods of homecare may actually be doing more harm to your house than good.

Adding “nice-to-haves” – sunroom, pool, or outdoor kitchen.

If you’re considering making some updates to your home, then you should be thinking about the future financial impact of your changes as well as today’s wants. While some remodel projects may pay themselves off when it comes time to resale, like an updated kitchen, others are much more likely only to give you a return by way of personal enjoyment.

Couple holding building plans and discussing home remodel

In general, niche, specific updates and remodels that don’t have mass appeal or use probably won’t allow you to recoup the cost of the change.

What are those? In many areas, adding a sunroom, pool, outdoor kitchen, or home office have some of the lowest ROIs. In others, turning your backyard into a personal putting green might not get you the most buyers.

The numbers of people that may be interested, and willing to pay for, niche features are fewer, whereas almost everyone uses the bathroom and kitchen or will appreciate an additional bedroom.

Painting rusty railings

Let’s face it - rusty, chipped railways outside a home just look bad. While the fastest way to get rid of this unsightly situation may be to simply add a fresh coat of paint, it actually makes things worse. Unless you completely scrape off the rust, it will prevent your new paint from holding to the railing, which means you'll be right back where you started in no time.

Adding another bedroom is the best remodeling ROI.

While the number of bedrooms is top of mind for many house hunters, it's definitely not everything. If you're remodeling with the future in mind, there are some projects that you may want to consider before adding another bedroom to your house, like new insulation or a roof.

Check out Remodeling Magazine’s 2017 cost vs value report for inspiration. The top projects with the most future value include garage door replacement and a manufactured stone veneer.

Putting lemon rinds in your garbage disposal.

Sure it smells good, but putting lemon rinds in your garbage disposal can also clog things up and leave you with a hefty plumbing bill. For a better solution, try baking soda and white vinegar.

Using the wrong cleaning products.

Using white vinegar is a great, toxic-free way to clean up your home, but be careful where you're using it, like on grout, where it can cause yellowing and make it crumble over time.

WaFd Bank is here to help!

When it comes to getting your finances in order for the ups and downs of life, a little planning goes a long way. Whether you are a seasoned budgeting pro or new to saving, your local WaFd Bank branch is available to help you reach your financial goals.

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