Because fewer and fewer people are deciding to take the plunge into the troubled waters of buying or selling a home, remodeling projects are on the rise. Instead, home owners are refinancing and investing more into their existing homes to make them more comfortable, to modernize them or perhaps to make it easier to sell in this competitive market.
In their haste to make their house beautiful, people face a lot of the same problems over and over again. Whatever the reason for the remodel, it’s important to do your research and plan, plan, plan, so you don’t make many of these common remodeling mistakes.
Setting an Unrealistic Budget
Most homeowners underestimate their budget by at least 25 percent. As you can imagine, not having enough money to complete a project can not only stress you out, but can also force you to live with a half-finished project for a lot longer than you expected. Most experts suggest calculating your budget and then increasing it by 20 percent. It will help provide a financial buffer zone for when you run into unexpected costs – like finding out your kitchen pipes had a leak when all you budgeted for was a new countertop and sink.
Keeping Up with the Joneses
One of the biggest mistakes people make is remodeling or redesigning a space for what’s most popular right now. The more trendy the project, the more likely it will feel out-of-date in a few years. That’s not to say you shouldn’t update your home to match your style and interests, but if you’re looking to sell in the near future, do not get hung up on trends. A good idea would be to match the redesign to the style of your home. If you have a craftsman style bungalow, chances are investing in a very stark modern industrial look isn’t going to age well. Investing in classic styles with spots of your personality thrown in here and there will always stand the test of time.
Over-Improving
A lot of the time, homeowners invest in remodeling their home hoping that when they do sell, they will be able to maximize their return on investment. However, they fail to consider the quality and state of the homes in their neighborhood. Say you invest in a $50,000 swimming pool, top-of-the-line products – marble counters, glass and imported hardwoods – to make your remodel a true showplace, but the rest of the homes in the neighborhood are modest and average, then you run the risk of having an even more difficult time selling the home.
You will be hard pressed to find someone to pay $250,000 for a home with extra amenities in a neighborhood with $100,000 properties.
Doing it Yourself
This is probably the biggest problem homeowners make when deciding to remodel. In order to keep budgets low or reduce the costs of some projects, many homeowners think they can tackle big projects themselves. HUGE MISTAKE. Unless you have the right tools, training and connections, you could actually cause more problems down the line – including doubling your budget when you have to call a professional to come in and fix your mistakes.
Remember, when hiring a contractor, don’t try to cheap out by hiring the contractor who simply offers the lowest bid. It’s easy to find someone who will charge less just to get the job. It’s harder to find one who not only fits within your budget and your personality, but also is licensed, insured and comes with a list of great references.
There are many things a home owner can do to increase the value of their home. This can be done on the interior or the exterior of the home, from do-it-yourself for the smaller projects to hiring a contractor for the larger jobs. You can give your home a face lift a little at a time. Most home owners don’t have the finances for a complete over haul done all at once. To most people, their home is their largest investment and they would like to keep it in prime condition. Although the price of your home is mostly determined by the current market conditions, there are several things you can do to maximize your homes value.
- Decorative moldings can be used throughout the home for interior to exterior, to trim doors, floors, walls, windows, fire places and ceilings. These moldings can be found at practically all home improvement stores and are fairly easy to install to enhance the look of any room.
- Kitchens tend to be the greatest investment many potential buyers look at the most. Replacing cabinets and counter tops, can be done gradually at your own discretion or you may choose a more creative way to improve the old ones by painting the cabinets and replacing the knobs or handles.
- Vinyl windows are a great way to increase the value of any house. These windows function better than the old wooden windows by opening for easy cleaning and they conserve more energy in the months when heat or central air will be used the most. They do not require painting and they can really make a house look beautiful.
- Adding a new roof can make a very strong impression. The roof is the first thing people see and this can play a strong role in how much your house will sell for. A new sturdy roof provides protection from leaks that make ugly stains on the ceilings in your house that can lead to more damage.
- Installing vinyl siding, if you don’t already have it, this can add up to $10,000 to the value of your house. If you have fairly decent vinyl siding already, you can hire a power washing company to clean the siding and give your house a fresh new look.
- Painting the interior or exterior of a house can transform a house completely with a few coats of paint. You can be as colorful and creative as you like and you can take your time doing so, one room at a time.
- Flooring absolutely makes the difference in any room. Whether you use linoleum, tiles, wood or carpet, a new floor can make all the difference.
- Adding new appliances such as a refrigerator, stove, dishwasher, washer and dryer can greatly improve the value of your home. Along with adding a new water heater, furnace and central air unit.
- Exterior landscaping can enhance a homes value by keeping a well maintained yard to adding strategically placed flowers and shrubs. You can also plant an attractive garden or install a small fish pond. Deciding to install or replace a fence along your property line will also be a great attraction to potential buyers, especially the ones who have children.
- Adding a new deck is a great asset to the exterior look of your home. These can be made from a variety of wood and sealed to preserve the natural appearance. A new deck will provide the outside recreational area to grill out, while relaxing in a comfortable patio set and enjoying the great outdoors and fresh air.
Adding value to your home can be as simple and as affordable as you want it to be. Most improvements can be accomplished a little at a time, all depending on your time and budget. Smaller improvements can be made by simply adding potted plants along the stairs up to your freshly painted front door or by adding a small table or work of art in your foyer.
A visit to the home improvement store or looking through magazines can spark creativity when remodeling your home. Even if you have no idea where to start, one spark can lead to another and another, until before you know it, you have created a beautiful home you may never want to leave.