Before you begin your next home renovation project, take the time to learn from the mistakes of others. Renovation regrets are simple enough to avoid when you know which ones you’re most likely to face. Here are six to watch out for.
Spending Too Much
Breaking your budget on any financial expenditure can leave you wishing for a do-over. And unfortunately, the stakes are even higher when it comes to your home. You can’t return a renovation if buyer’s remorse sets in, and making unplanned adjustments only adds to the cost. In addition, a substantial renovation could put investment well beyond the value ceiling for your neighborhood. Be sure to do your research, get quotes, and stick to a realistic budget.
At the same time, you’ll want to balance your urges to cut too many corners. Taking a bare-bones approach to your remodel may leave you feeling like you wasted the money you did spend. At a minimum, be sure you’re choosing quality materials and professional installers.
Planning a do-it-yourself renovation can certainly reduce your costs. Unless you get in over your head and have to turn to a professional mid-project, that is. If you’re interested in contributing to the effort, consider working with a contractor to identify the best opportunities. Demo, painting, and DIY-friendly flooring installation are among the best options for beginners.
Form over Function
While it can be hard to make compromises, don’t let your wishlist overshadow the bigger picture. For example, combining two adjacent bathrooms into one spa-like retreat may be tempting but is unlikely to help your home’s value as much as a more modest improvement to each. Instead, take the time to consider how the changes you contemplate will impact the home’s essential functions.
Once your project is complete, you’ll want to keep the updated space looking as nice as possible. Be sure to take maintenance requirements and durability into account when planning your renovation. Glossy finishes and bright white spaces can look fantastic when clean but may be hard to keep that way.
Any home improvement plan should be tailored to your preferences, of course. Just be careful not to discount the value of keeping some degree of broader appeal. While bold paint colors may be easy enough to change in the future, more permanent decor can benefit from less trendsetting and more restraint.
One decision that no one should regret is their choice of lender. Trust the experienced originators at Open Mortgage to guide you through all of your home buying and refinancing options. Find out more on our website or by calling to speak with a representative today.