Acquiring a house is already costly in and of itself, let alone renovating it! As such, it’s your “homeowner’s duty” to make sure that one of the most expensive investments in your life goes as smoothly as possible, so to speak.
You definitely don’t want your hard-earned money to go towards things of zero value, which is why reducing the costs of your renovating endeavors is as essential as any other step! People who are new to remodeling tend to jump the gun – something you want to avoid at all costs!
Here are four different common mistakes that could end up leaving a massive hole in your wallet if you’re not careful during the renovation process.
Forgetting the Return on Investment
Nobody knows what the future holds, which is why home ownership has a dual aspect to it. If the renovation doesn’t increase your ROI, this could lead to a whole bunch of problems down the line.
This aspect doesn’t just apply to those planning on re-selling their house, as it also concerns the future homeowners, whether they’re your kids, grandkids, or so on – remember, better investments guarantee safer financial prospects.
As for what seems to work for others - vinyl replacements, garage door replacements, kitchen remodelings, and new windows (yes, windows) are some of the best ways to increase overall value.
Not Planning Ahead
This one seems ultra-obvious, but you’d be surprised by the sheer number of homeowners who tackle renovation projects without fully committing to a specific vision. You need to be able to summarize your ideas clearly and concisely. Otherwise, you risk miscommunications with the contractor.
Impatience can also be your downfall when dissecting the process at hand. Contractors need the appropriate amount of time and a clear idea of what they have to do when committing to a given project.
Try to summarize your end goal(s) in written form on a page, and keep things straightforward – your contractor will thank you for the effort, as it goes a long way!
Splurging Too Much Money
Yet another self-explanatory entry – budgeting! Meticulous planning and careful management are the key terms here. You don’t want to end up in a devastating scenario just because your math was wrong….or non-existent.
Budgeting helps with identifying the core tasks of a project. You don’t want to go all out on unnecessary extras, which is why communication is particularly important here. After all, your contractor also needs to work within budgetary restraints, hence why it’s your responsibility to ensure every detail is covered in the planning stages.
Contingency budgets are a vital element responsible homeowners fall on in emergency situations. Feel free to consult experts and track the various ins and outs concerning expenses in order to be best prepared for any situation.
Don’t immediately go for the first contractor willing to do the job for you, either. There are additional costs to consider when hiring someone, which is why being transparent and frank regarding the renovation is crucial. Speaking of which…
Not Researching Contractors
Last but certainly not least, we have the oh-so-common newbie mistake of not doing the due diligence in researching contractor work beforehand. What a lot of newbie renovators do is they (out of impatience, we presume) go along with the first person willing to work with them.
You’re more than likely to stumble upon dozens of contractors for hire, some without the necessary credentials to boot! You don’t want inexperienced people to do the job for you, so be sure to check on their prior work history.
In addition, if you’re hiring from an agency, then the contractors must have a license – one that you can survey with the National Association of Home Builders or the Better Business Bureau.
In addition to all of this, plenty of contractors offer competitive prices depending on the season and locale, so you should consider this when researching potential hires.
Did you find this little article helpful? We hope our readers will make the right choices in their future remodeling endeavors – remember, don’t rush things! Better planning equals better results, which is why you should take it slow and focus on maintaining concise visions for the potential projects.