You have your plans in place and your estimates lined up, but before you begin demolishing that workout room to add a single-lane bowling alley to your lake-front home's lower level, there's one additional professional you may want to consult -- a realtor.

"People don't often think about talking with a realtor when they're doing a home remodeling project, but these professionals see hundreds of homes and they see them with buyers. They have insights into what buyers in a particular price range want, what they get excited about and what they are not so excited about," explains Stephanie Singer, a spokesperson for the National Association of Realtors with expertise in consumer trends.

While resale value may not be your primary concern when you are contemplating a home renovation project, it is something that you might want to at least consider. "According to the information we have, about six years is the median time people spend in a home. So if you plan on staying in your home for the average length of time, you should keep resale in mind," she says.

One way to do that is to follow a simple, common sense approach. "One of the things that our realtors tell us is that you want to be careful not to over-improve your home relative to the surrounding neighborhood. You need to know what the norm is in your neighborhood and what buyers in that neighborhood are looking for. If you have a Viking range in an area where most of the kitchens are more modest, you might not be able to recoup the cost," Singer explains.

While peeking in your neighbors' windows is never a good idea, there are some simple, legal ways to achieve the same result. "Go to open houses in your area. That will give you a good sense of what's going on in the market." Singer advises. "In many jurisdictions, the county government posts property information online. This gives you access to basic information about amenities common in homes in your area, so you can see if what you are planning is in line. For example, you can see if you have a two-bathroom home in an area where most homes have three baths."

While how much is too much to spend on a renovation project is a personal decision based on your particular situation, there are some tried and true projects. "Year after year, kitchen and bath renovations typically return a very strong percentage of your initial investment, particularly if they are not overdone," Singer says. "Other things that also return well are replacing windows and updating the exterior -- particularly the siding. Both of those really speak to curb appeal and creating a good first impression."

So where does that bowling alley fit in? "Be very careful about personal preferences," Singer cautions. "One realtor recently was marketing a very nice luxury home in which the family built an indoor swimming pool that was basically right in the home's entry. The house had a very tropical theme, but something that unique can actually hurt your home's resale value. At the same time, you want to strike a balance, because you are living in the home and you want it to reflect your needs and desires."