By now, no one needs to tell you the best starting point for any remodeling project is a wish list. You want to put pen to paper and determine what exactly you want to accomplish by renovating your home. Is it more space? Is it better access to the outdoors? What about the overall flow from room to room?
No matter the reason, not all wish lists are created equal. In fact, your hopes for the space could lead to blunders that you’ll never recoup when selling your home. The following are some of the most common mistakes homeowners make when remodeling a home:
- Getting way too personal. Just because you enjoy unusual choices or high-end upgrades doesn’t mean potential buyers will share in your opinion. Save that climate-controlled wine cellar and fully decked media room for a home you plan to live in for years. Short-term homes are best kept neutral in improvement to appeal to a wider audience.
- Expecting a return on the invisible. New plumbing, electrical, or HVAC units may be necessary and make your home a better (and safer) place to live, but these systems don’t excite potential buyers as much as cosmetic upgrades. Consider these improvements part of the maintenance cost of your home — not investments in its value.
- Forgetting the neighborhood. Most home values are limited to the median price of others in the neighborhood. Before remodeling your home, look at home prices in the immediate area. Use this to gauge how much money to invest in the project. Otherwise, you could risk your return on investment when it comes time to sell.
- Setting an unrealistic budget. Costs vary based on the size and complexity of a project — not to mention, your selection of materials. Be reasonable with how much you can afford. Then, determine whether you can accomplish your vision for that amount. The last thing you want is to run out of money mid-renovation.
- Investing too much outdoors. A great lawn definitely adds curb appeal and can get potential buyers through the front door, but extensive landscaping isn’t something most people are willing to pay for. It won’t impact the value of your home in any significant way — with the exception of a deck or patio.
- Not hiring a professional. We see homes devalued all of the time by poor workmanship and DIY projects gone awry. If it involves the structure of the home, leave the work to a professional. Get quotes from several contractors before settling on one. Better yet, get some referrals from friends. You want to trust the person you go with.
Many homeowners invest in expensive renovations with the hope of increasing their home sale value. But some improvements can have the opposite effect if not done properly. If you’d like to discuss your ideas for a home remodeling project, please feel free to contact Fair & Square Remodeling today!