Your home might be your biggest asset — and yet, you could be inadvertently making it less valuable. Some updates and renovations can backfire when it comes time to sell.
“What I have seen a lot of people do is rip out a closet,” says Steven Gottlieb, a licensed real estate salesperson with Warburg Realty Partnership in New York City.
Where he works, in Manhattan and Brooklyn, space is at a premium. That means eliminating a closet can be a costly mistake.
“I don’t know that it detracts from the [appraised] value,” he tells Money Talks News, “but it inevitably shrinks the [buying] audience.”
And with fewer people interested in a property, the chances of a quick sale or a full-price offer can decrease.
From removing closet space to painting walls garish colors, here are some dumb ways you could be dragging down your home’s resale potential.