Listen Now: Avoid These Common Home Renovation Pitfalls
People love to renovate homes… but your latest fixer-upper could flip your bank account, and not in a good way.
According to the financial news website TheStreet.com, there are five popular home improvements that will hurt your resale value. For example, a chef-quality kitchen. A massive overhaul or high-end appliances and marble countertops might look good but will recoup only about fifty-four percent of its cost in added value.
Not a good trade off considering how much stainless-steel can cost.
Another bad idea, a do-it-yourself paint job. A bold statement wall says the wrong thing if not done well and requires a lot of prep work, instead bring in the professionals.
Next, the expanded master suite. Sure, more room and a bigger bathroom is appealing but not if it takes away space from an already small house.
Something else to avoid, plush wall-to wall carpet. It makes a room look dated and most people consider carpet to be dirty.
Finally, rethink that swimming pool, most buyers don’t want the upkeep or the cost to clean. Sometimes less really is more.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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