Making renovations to one’s home can often improve its value and increase one’s return on investment when it comes time to sell. Unfortunately, this favorable outcome isn’t always the case. In some instances, homeowners end up spending a considerable amount of money on renovations that don’t have much impact on—and may even decrease—the value of one’s home. To ensure you don’t waste all your time, money, and energy, take a look at these most common home renovation mistakes to avoid.
Not Choosing Value-Boosting Upgrades
Not all home renovations increase the value of a home. Before shelling out thousands of dollars on a renovation project, make sure that it will pay off in the long run. Common home renovations that have little impact on or may decrease your home’s value include investing in a luxury kitchen, adding a sunroom, or installing a swimming pool.
Of course, the return on investment for a renovation project will largely depend on the real estate market in your location. However, some renovations are almost certain to boost home value. If you want to ensure that you get a good return on your renovation project investment, consider widely admired upgrades such as eco-friendly home enhancements, an added bathroom, landscaping improvements, or a minor kitchen remodel.
Failing To Create a Realistic Budget
Perhaps the most common home renovation mistake to avoid is failing to create a realistic budget. Before starting any renovation project, you should always set aside some time to calculate the cost of materials and labor and factor in a bit of financial cushion—around 10 to 20 percent of the initial renovation estimate—for any unexpected issues that may arise. Upon doing so, you can more accurately assess if the project is worth the estimated value increase it will provide your home.
Following the Trends
There is a fine line between contemporary renovations and trendy renovations. While you don’t want your house to look dated, going in the opposite direction and investing in a ton of trendy renovations likely won’t increase its value. After all, trends come and go. As such, spending a bunch of money on trendy renovations, such as quirky tiling or wallpapering, likely won’t have a long-term positive impact on the value of your home and, thus, isn’t worth your effort.
Not Prioritizing Safety
Often homeowners will try to save money on renovation costs by attempting to take on projects themselves. While some home enhancements are DIY-friendly, such as painting a few walls, others require professional assistance. Not being honest with yourself about your experience and skill level regarding a renovation task could cause you or someone around you harm or injury. To avoid taking a trip to the emergency room, you’re better off spending the extra money to hire a professional to take on more complex renovation tasks.