Today we want to tell you the cautionary tale of the golden throne and what this means about the dangers of over improving your home. Let’s say that your favorite room in the house is your bathroom. Therefore, you decide to make some improvements. First, you start with a new vanity, maybe some fresh paint. Before long the home improvement bug has sunk its teeth into you. So, you decide you want to make some other improvements. You spend some time on the internet looking at remodeling images. Maybe you even get some much needed inspiration from Pinterest.
Home Over Improvement
Before long you have decided on the final must have item for that bathroom, the thing that will tie it all together with a bow. That item is a golden toilet. You shop around trying to find the best deal, and finally order it. Since you’re a competent and handy and have done toilet installs before there is no need to call a professional. Before long it is all finished. You look upon your work and craftsmanship with pride, and the bathroom continues to be your favorite room in the house.
Time to Sell
After a few years, it comes time to move. The reason (family, work, retirement, fill in the blank) doesn’t matter so much to this story. However, the thing that does matter is you must sell your home. So you look back at all the improvements you made. This includes totaling up the amounts you spent on each item. You think to yourself, that amazing bathroom is really going to increase the value of my home.
Only one problem, it doesn’t. You have fallen victim to one of the classic blunders. You improved your home in a way only an owner like you could love. Every prospective buyer who comes into your home will see your golden throne. They will think that it is nice, but not see that it adds any real value. This is especially true when you compare what you initially spent on such an improvement. The truth is the prospective buyer who would see the value in your golden throne is probably out there. However, the majority of buyers will write it off as something that is nice but would not be willing to pay more for it.
This is something to keep in mind as you make improvements to your home. Would a prospective buyer actually see the value in the investments that you made, or would they rather buy your neighbors house without those improvements and save a little money.
We Can Help Protect You From The Dangers of Over Improving Your Home
Concerned that you might be making one of the classic blunders? Fear not, we are here to help. Contact us and we would be happy to provide insight into what renovation expenses will give you the best return on your investment.