From Margaret Everton on July 30, 2010 in Tools and Tips
Hold on there, you overzealous home remodeler, you. Before you add that fancy whirlpool bath or home theater, you may want to consider what type of return you’ll get for such an investment. My guess? Not much. Steer clear of these most overrated home projects and you’ll be just fine.
#1 –Whirlpool Baths
Who doesn’t want a luxurious bathroom retreat? We know you deserve it. But trends show that whirlpool baths above the thousand-dollar range are now being remodeled into walk-in showers all over the country. Homeowners are finding that they’re too expensive to fill and maintain in the long run. Sadly, people are just more interested in a quick shower than a long soak in the tub. It doesn’t mean your bathroom can’t be your sanctuary, but we recommend keeping the bathtub somewhat practical.
#2 – Obnoxiously Ornate Kitchens
Perhaps an expensive Tuscan villa-style kitchen seemed like a perfectly reasonable idea before the economy went south, but now these over-the-top remodels simply cost more than they’re worth. Last year, higher-end kitchen updates came with an average price tag of $111,794. And the return? $70,641, or only 63%.
#3 – Expensive Home Theaters
Unless you live in a mansion, an entire room dedicated to a home theater system seems, well, unnecessary. Homeowners are looking to streamline their homes, making them more efficient and less superfluous. Experts recommend decking out your living or family room with theatre-style equipment, boosting the resale value of what you already have.
#4 – Oversized Room Additions
When it comes to adding more space, it’s less about building out and more about utilizing what’s already there. Instead of spending a whopping $82,756 to construct a new family room, homeowners are instead converting the basement areas into functional spaces. Upon selling, it’s then possible to recoup 75% of the original investment, while a new room would only see a 65% return.
Luckily for you, doing away with these over-the-top remodeling projects means less money out of your pocket and a greater return down the road. So please, just walk away from the home theater systems…