My Dream
Full time employment: Posting here.
This is a rant about home reno shows that constantly boast about how the kitchen/bath reno they just did helped improve the value of the home by over 100%. Yes I know that there are many factors to consider such as location, age, size of home, type of reno etc. But please explain to me how the average $40,000.00 kitchen reno can improve the value of the average home by $50,000.00.
I also believe that these shows mislead when they say, "you purchased the home for $400,000.00, then after the $40,000.00 kitchen reno, it's now worth $475,000.00. Well maybe that's true, but there is no mention of when that home was purchased, it could have been 10 years ago and there is no mention of increased property value.
My DW loves those shows but always rolls her eye when I claim "hog wash". I believe they exaggerate way too much, or take situations which aren't average to the regular homeowner.
Let me ask you a question:
I just did two bathroom reno's that were quoted at around $30,000.00 each (material and labour). Having done it myself instead, it didn't cost anywhere near that amount. My question is, how much more would that increase the value of my home (of same size, design and lot size) compared to my neighbours? If it were featured on a home reno show, they would inflate the amount to over 100%, but being me....(read below)
My answer.......very little!
The only reno that almost guarantees more then a 100% return is painting.
I also believe that these shows mislead when they say, "you purchased the home for $400,000.00, then after the $40,000.00 kitchen reno, it's now worth $475,000.00. Well maybe that's true, but there is no mention of when that home was purchased, it could have been 10 years ago and there is no mention of increased property value.
My DW loves those shows but always rolls her eye when I claim "hog wash". I believe they exaggerate way too much, or take situations which aren't average to the regular homeowner.
Let me ask you a question:
I just did two bathroom reno's that were quoted at around $30,000.00 each (material and labour). Having done it myself instead, it didn't cost anywhere near that amount. My question is, how much more would that increase the value of my home (of same size, design and lot size) compared to my neighbours? If it were featured on a home reno show, they would inflate the amount to over 100%, but being me....(read below)
My answer.......very little!
The only reno that almost guarantees more then a 100% return is painting.
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