A glass of wine, please. Your warm and inviting couch. You've spent hours binge-watching your favorite home improvement show.
Sounds like a perfect evening spent at home. There's something appealing about seeing happy, youthful couples renovate homes with décor so old that the 1970s wouldn't recognize them.
But here's the thing: there's a catch. What all of those famous home improvement shows don't often show is what happens in the interim between the before and after photographs. Because remodeling a home entails more than couples bickering over wallpaper or flirting on television.
Taking your contractor’s word at face value
Everyone enjoys only hearing what they want to hear. That's fine when you're asking your spouse for advice on an outfit, but what about when you're getting a contractor's pitch? Not so much, to be honest.
“Do you want your remodeling job completed in this amount of time?” It's no problem. You wish to use this precise material in this specific style? We're going to make it happen.”
So, here's our recommendation: Always make an effort to contact and obtain quotations from a variety of potential contractors. Always consult with different labour agencies when you are going to hire labour.
Not setting a realistic budget
Do you want an open-concept kitchen with copper fixtures and Italian marble countertops, but your budget only allows for laminate worktops and chrome fixtures?
It's critical to manage your expectations properly and to understand what you can and, more crucially, cannot afford.
Remember that as the project proceeds, you'll almost certainly incur more costs. There are a variety of reasons why renovations move from awesomely reasonable to punch-in-the-gut expensive, ranging from shifting material costs to weather difficulties.
Not prioritizing permits
You've seen the couples on these home renovation shows seamlessly turn countless houses on tight budgets and tight timelines. What you haven't seen them accomplish, though, is Paperwork. There was a lot of paperwork.
Yes, the arduous and time-consuming process of filing the appropriate paperwork to begin the remodeling is not shown on HGTV or TLC for every fence torn down or every bathroom redone.
Regrettably, permits are an unavoidable part of the procedure. Failure to obtain them may cause your project to delay or possibly shut down.
Not considering median home price levels
Home upgrades always increase a home's value. Isn't that a fact? Not always, to be sure.
The real value of a home is determined by the neighborhood's median home price value. This implies that even if you spend a lot of money on a refurbishment, there's no assurance that you'll get your money back.
Is there no hope left? Are you limited by the monetary value of your neighborhood? Is everything doom and gloom? Certainly not!
There's a simple approach to ensure you don't invest more money than necessary in a project. It's as easy as looking up the neighborhood's median home prices. This should assist you in determining how much to spend on renovations in order to repay your investment.
Not investing in the right home renovations
It's vital to remember that what you think is a wonderful concept might not be that appealing to homebuyers.
A wine cellar with temperature control and built-in storage? That sounds like the most brilliant concept ever. Some purchasers, on the other hand, will consider it as a waste of money. Wine should never be used to scare people away. Never.
Keep in mind that customers prefer upgrades that they can see. Which are the best investments? Adding granite countertops, constructing a patio, re-landscaping, or re-tiling bathrooms are all options. All of this stimulates and delights me.
Investing in your home's electrical system, adding insulation, or repairing the plumbing are all good ideas, but don't expect purchasers to appreciate them as much.