Home Improvement Lessons from HGTV's "Bang For Your Buck" Part 1

Have you seen the new show on HGTV called "Bang for your Buck"? The objective is that two experts, a Realtor and a Designer, compare three renovations of the same space, within the same city, all at the same budget, to see who got the most "bang for their buck".  I just happened to see the one that just aired which compared three $65,000 kitchen renovations in the city of Phoenix, Arizona.  Since my husband and I endured a major kitchen renovation just 3 years ago and we invested nearly twice the national average, this story was particularly interesting to me.I LOVED the first renovation.  It was gorgeous!  In fact, their kitchen reminded me a lot of my own.  They went with dark walnut cabinets, contrasting white quartz countertops, dark wood flooring (which I wanted so badly, but too practical to get) and high end stainless steel appliances.  They sacrificed an eat-in kitchen space for a bar which offered more storage and suited their lifestyle better.   At first glance, you would see nothing wrong with this until you start evaluating where the home was located, etc.EXPERTS:  This is a 3 bedroom, 2 bath, mid-level tract home with a big "wow"; they overimproved for the neighborhood.HOMEOWNERS:  There is no such thing as over-improving.  We don't want to spend as much as everyone else because when it comes time to sell, then our house is still the same as everyone else's.ALICE:  In real estate, there is such a thing as overimproving, "IF" your ultimate goal is to recoup all the money you invested upon selling the home.  Spending the same amount as everyone else DOES NOT necessarily mean you'll get the same results.  Obviously, these 3 renovations are a perfect example.  They each spent $65,000 and got completely different results.  This couple has great taste and even if they spent 50% less, in all likelihood, they would have still achieved fabulous results.  They definitely could have achieved a similar look for less.EXPERTS:  Eliminating the eat-in-kitchen for a bar was not a good idea.HOMEOWNERS:   They didn't need two dining spaces; they wanted more storage and a bar for entertaining.ALICE:  I agree that not having an eat-in kitchen could hurt them when it comes to resale because judging from the specs, it looks like a starter family neighborhood and not having an eat-in kitchen would not be convenient for family's with children.  Because they are a young couple without children they have not considered that as an issue.  Ultimately, since the home is so beautiful, I think buyers would forgive that and just make adjustments as needed.EXPERTS:  The glass mosaic backsplash was a bit of a concern - too much of a commitment.HOMEOWNERS:  That was our personality.  People worry too much about neutrality and forget about their personal lifestyle.  If you're going to live in a house for 5 years, make it your own.ALICE:  I agree with the homeowners.  Sometimes neutral is taken so literally and to the extreme that you end up with a vanilla box = BORING! My own glass mosaic tile backsplash gets compliments all the time.EXPERTS:  The stainless steel appliances - built-in refrigerator and oven were all top-of-the-line; they have the nicest kitchen in the neighborhood, but people are not going to want to pay for it.HOWEOWNERS:   This is how we want to live in our kitchen.  That's what worked for us.  We know we spent more, but that is what we wanted and it was our splurge.ALICE:  I absolutely agree with the homeowners again.  I too created my "dream" kitchen to a certain degree, knowing that it is the best kitchen in the neighborhood.  Will we recoup our investment?  In this market, NO.  When the market was up, YES.  In time, PERHAPS.  Regardless, this is what I wanted and I wouldn't have been happy with anything less.  At that, I was already cutting back to try and keep the budget as low as possible.  My biggest regret, not spending the money for radiant heat flooring - believe me, during the colder months, my husband and I are kicking ourselves every day!  Again, as long as the homeowners come to terms with having spent extra for personal enjoyment and not necessarily for resale value, they'll be fine.LESSONS LEARNED: Don't overimprove for your area.  Consider using alternative materials to save money, but don't sacrifice your own wants and desires all for the sake of resale.   You should personalize your home to fit your lifestyle and taste as long as you understand that you may not recoup all the money you spend and some extreme personalizations may have to be changed when it comes time to selling.Stay tuned for Part 2 where I address lessons learned from the other two renovations.