Oakville Real Estate News

Debunking The Myth Of The Home Improvement "Investment"

Blog by Joette Fielding | October 20th, 2014

Home Improvement Myth DebunkedThere are certain myths surrounding home renovation that can make the truth a nasty surprise if homeowners aren’t wise enough to know what to believe and what not to believe. For instance, home renovation shows on TV tend to fast forward the timeline of a remodeling project, making it appear unrealistically short. Television also oversimplifies the task of redecorating a home, making it appear easy to change a dull, disorganized home into one that wouldn’t look out of place on the pages of a Pottery Barn magazine.

Luckily, the discerning homeowner should be able to see through these myths without much prior experience. Reality TV is notoriously lacking in the “reality” department, after all. But there is one sneaky myth that many people often believe until it’s far too late for them to correct their mistake. This is the idea that what you put into a renovation is what you can get out of it when it comes time to sell your house.

Homeowners “invest” to assuage their consciences

The Motley Fool, an investment website, recently debunked the myth that home renovations add as much value to the home as they cost to effect. Writer Rick Munarriz explained, “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.”

Front door replacement yields best return

Unfortunately, this isn’t necessarily the case. According to statistics released by Remodeling Magazine, the only renovation that even comes close to that mark is replacing a front door. You’ll get 96.6% on that return. The list goes downhill from there though with wood deck additions returning 87.4%, garage door replacements returning 83.7%, and minor kitchen remodels returning 82.7%.

No price tag on comfort

No matter what you choose to do, in a monetary sense, you’ll never get back what you put into it. And the more unique or upscale the remodel, the more you’ll spend and the less return you’ll get. However, it’s hard to put a price tag on the comfort and amount of enjoyment you get from the results of a remodel. Plus, there are other hidden benefits Munarriz pointed out.

“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.”

Content courtesy of http://www.realtytimes.com


Your #1 Source For Real Estate!

For all your real estate needs, call The Fielding Team at 905-338-9000 or visit our website at:  http://www.thefieldingteam.com