The Stages of Flipperdom
Fist came the Buccaneer Flipperette. She would swarm into the neighborhood find the hidden treasure and escape with her loot leaving a stunned group of honest citizens wondering what just happened.
Then came Hard Hat Flipperette. She'd paint, fix, shoehorn some pergraniteel and see 200% returns for her efforts as all the shiny surfaced blinded the marks. The problem that never really was the case. The market was wild and masked that most home improvements never return what they cost. CNN Money discovers what loyal EN readers have always known.
NAR's survey revealed that returns on investment for a wide range of high-end interior redecorations dropped in 2007. An upscale bathroom renovation cost an average of $50,590, nationally, but only added $34,588 to house value - a 68.4% return. In 2006, a high-end bath renovation returned 77.4% of its cost.
Adding a brand new bath didn't pay off as well either, earning just a 69% return in 2007, compared with 72.8% in 2006. High-end kitchen remodels held up better, adding value equal to 74.1% of the cost, compared with 75.9% in 2006.
And what can we expect next? The Wishing Fairy Flipperette.