Home renovation shows can be very misleading. They tend to speed up the timeline of a renovation project making it seem as if you can remodel a kitchen in one weekend when in fact it can take a lot longer depending on the details.
For the most part homeowners know there isn’t much reality in these types of reality shows. They know that remodeling and redecorating is far more difficult than it seems on television. The one myth that many people often believe is the idea that what you spend on renovations is what you will recoup when you sell your house.
Rick Munarriz, a writer for the investment website The Motley Fool says, “Some homeowners justify their renovation projects by calling them investments. They’re putting in a swimming pool or replacing stained carpets with hardwood planks because they will make that back—and then some—when they ultimately sell their homes.”
Sadly, this is not always the case. Remodeling Magazine states that replacing a front door will bring the highest return on a home owner’s “investment” with a 96.6% return. Adding a wooden deck will bring a return of 87.4%, replacing garage doors – 83.7% and a return on 82.7% for minor kitchen remodels.
Just keep in mind that no matter the renovation you choose, financially, you will not get back 100% of what you put into it. With that said, it’s hard to price the amount of happiness and comfort you as the home owner will have living in the newly renovated home.
Munarizz isn’t totally against renovations. “A new kitchen with marble countertops could inspire you to save money on dining by eating at home more,” Munarizz said. “Adding that backup generator can have you resting easy when the rest of your neighborhood is in the dark.”
Comments(0)