Remodeling your home is an important step to maintain your comfort, enjoyment, and investment value. However, you must be smart in your remodeling decisions. There will come a time when your home may not suit you any longer, and you need to decide whether to remodel or move. Here are some of the classic remodeling mistakes homeowners can make.
Homeowners naturally want to get top dollar when they sell their home, and expect to get a return on their remodeling projects. Yet, many common renovations only recoup pennies on the dollar.
MISTAKE #1- OVER IMPROVE FOR THE NEIGHBORHOOD
A common real estate saying is, “Buy the worst house in the best neighborhood”. I am a real estate agent and real estate investor, and it is a statement I live by. Buyers have an expectation of a neighborhood, and they will rarely pay above those expectations. Rather than pay top of the market for your home, most buyers will choose to buy a less expensive home in a higher priced neighborhood. Therefore, it is important to make smart renovations, ones that make sense for your neighborhood. The place to start, is to look at the other homes in your neighborhood. Do not add size, materials, or amenities that are not common in your neighborhood.
MISTAKE #2- DETRACT FROM THE CURB APPEAL OF THE HOME
You only have one chance to make a first impression. Your idea may be the best idea ever for your interior, but if it messes up the exterior, don’t do it. You will turn people off before they even walk through the door. Make sure your design is cohesive and makes sense with the exterior. Hire a designer or architect to help you with this process. It is worth the money.
MISTAKE #3- NOT GETTING THE APPROPRIATE BUILDING PERMITS
Many people skip this step, in an attempt to save money. But it can cost you in the long run. First, the work may be done improperly and not up to code. This could easily be caught by an inspector when you are trying to sell the home, resulting in very costly resolutions. Always get the proper permits and insist that your contractors provide you with the signed off permits.
MISTAKE #4- LETTING PERSONAL TASTE AND WANTS TAKE OVER
Always follow the crowd on the expensive, permanent, or hard to change features. Steer all your personal flair into the add-ons like furniture and artwork; the objects you take with you when you move. You may really love your $50,000 deep purple tile throughout the entire home, but your buyer will not. Follow the trends on the things you can’t change.
MISTAKE #5- NOT THINKING LONG TERM
When considering any major renovation, you need to decide how long you plan on living in the home. If it is your forever home, and you will enjoy the renovations for the next 20-30 years, getting your money back is less important. However, if you may be selling in a couple of years, the costs and return on investment are more critical. Therefore, always think about your long and short term prospects for your home.
Remodeling is fun and exciting, and you can get all or most of your costs back. You just need to be smart.
If you have any questions on the best remodeling values for your neighborhood, feel free to give me a call at 614-395-1776 or email me at email@example.com.