Home Improvement Mistakes to Avoid
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Home improvement is the process of improving your living space, including repairing and remodeling the interior and exterior. It can also include the addition of decks, porches, and garages, as well as landscaping. It’s important to know what projects will add value and which ones are a waste of money, particularly if you plan to sell your house in the future.
Most homeowners have at least one home improvement project in their future, according to a September NerdWallet survey. However, only about half are able to pay for their projects without tapping into savings or going into debt. Here’s how to avoid some of the most common home improvement mistakes.
1. Thinking Only of Resale Value
Many people renovate their homes solely to increase the resale value and sell them later for a profit. But this is not the best reason to spend money on a renovation. Your comfort and enjoyment of your home are far more important than a potential sale down the line. Plus, if you go crazy and put in an expensive fountain in your backyard when all the other houses in your neighborhood have modest yards, you may actually detract from your home’s value rather than adding to it.
2. Not Getting the Right Return on Investment
There are a lot of things you can do to your home to improve it, but not all of them are equal in terms of return on investment. In fact, many of the most popular home improvements — like a new kitchen or bathroom — rarely even come close to recouping their costs. The key to getting the most out of your renovations is to focus on upgrades that will provide a solid return, such as energy-efficient appliances or a new roof.
3. Going Over Budget
If you’re not careful, you can easily overspend on your home improvement projects and end up in debt. To make sure you stay within your budget, create a detailed project list and timeline, and always get quotes from multiple contractors before making a decision. Also, consider partnering with a financial planner who can help you set realistic goals and keep you on track throughout your remodel.
4. Choosing Unnecessary Upgrades
It’s easy to fall in love with unique or extravagant options when shopping for materials for your home improvements, but they can quickly add up. If you’re planning on selling your house in the near future, you should also consult a real estate professional to find out what renovations are most likely to increase your home’s resale value and which are a waste of money.
5. Not Getting the Right Contractors
It’s important to hire experienced and trustworthy contractors for your home improvement projects. If you’re not sure where to start, ask friends and family for recommendations or check out the Better Business Bureau’s website for consumer reviews of local contractors. Also, be sure to read any contracts carefully before hiring anyone and check for any warranty information.