Since the home remodeling revolution that was ushered in during the housing boom caused a boom in remodeling, it is now common knowledge of which home improvements that could hurt your wallet. This was combined with the proliferation of reality television shows and networks that were focused on home renovation. The flameouts were so epic that people became famous for their folly instead of their expertise in the remodeling field. Because of this, overzealous homeowners found themselves in the middle of projects that were billed by the remodeling industry as easy, cheap and quick to perform, but end up costing the homeowner three or four time their original budget. These budgets were not only overblown and understated, but the value added was negligible. Often, the homeowners succeeded in decreasing their property value by making home improvement renovations to areas of the home that produce no return.
In fact, there are only two home renovations that can recoup up to eighty and ninety percent of the investment if done correctly. This may not seem financially feasible, but renovations may be necessary to sell a home in competitive markets and outdated kitchens and bathrooms may hamper the process. Unfortunately, these are the most expensive rooms to remodel, making these projects definite home renovations that will hurt your wallet. The value is in a quick turnaround and the personal value of having the dream kitchen or bathroom.
Obviously, the budget for a kitchen renovation can be as much as the homeowner would like to invest, but the renovations can be for standard reasons and fairly easy to accomplish. If appliances, cabinets and draw pulls are outdated, they can be changed to add some contemporary elements for a considerable value. The actual cabinet doors can be embellished with moldings and paint, and there are systems that make it easy to change the cabinet and drawer facings altogether. Increasingly, furniture companies have modular kitchen renovations that can be seen in the store, delivered, and installed in days. This solves many of the residual problems that are caused by a kitchen that is not useable during renovations.
For higher end renovations, there are interior designers who sole job is designing kitchens. The average bathroom renovation is twenty thousand dollars and this can be a home improvement that can hurt your wallet. Often, for sale value, bathrooms can be a real selling point, but homeowners must be careful not to reflect their personal style unless the renovation is for that purpose only. When selling a home, bathrooms should be comparable with competitive homes in the seller’s neighborhood. However, there are companies that offer full bathroom renovations that can be installed in a day. Bathroom renovations can be done to retrofit bathrooms for elderly or physically impaired residents, but they are still a home improvement that can hurt your wallet.