Approach renovations on your home with careful planning and consideration as mistakes will be frustrating, stressful, and costly.
“Renovating a property can enhance its value, improve functionality, and increase aesthetic appeal. A well-executed renovation will transform a dated home into a modern, comfortable living space,” says Claude McKirby, co-principal of Lew Geffen Sotheby’s International Realty, who also advices that renovations done incorrectly or with shoddy workmanship inevitably need to be redone, which can end up doubling or even tripling your overall costs.
Also, attempting major projects yourself without proper skills risks costly mistakes that may violate codes, create safety hazards, or devalue your home. Simple errors in restructuring can also compromise structural integrity.
Renovations with outstanding design and finish add lasting value to your home. Working with skilled designers and contractors ensures smart space planning and high-end finishes.
Avoid potentially expensive renovation mistakes
1. If you have just purchased your home and it is in a habitable state, live in it a while before beginning renovations to figure out what elements of the current layout work and which do not. This will help you hone a practical and comfortable design rather than purely focusing on aesthetics.
2. Do not fail to set a realistic and comprehensive budget. Without this, unexpected expenses can quickly add up, leading to financial strain.
3. Skipping necessary building permits and ignoring local building codes can lead to serious legal and financial consequences.
4. Rushing into renovations without a clear plan can lead to disjointed results and costly changes down the line. A detailed plan helps prevent mistakes and ensures a cohesive final product.
5. While personal enjoyment is important, consider the return on investment for each renovation. Some upgrades, such as kitchen and bathroom remodels, typically offer higher return on investment than others.
6. Opting for the cheapest materials can often leads to higher costs in the long run. Low-quality materials often wear out quickly, requiring frequent repairs or replacements. Invest in durable, high-quality materials that ensure longevity and maintain the value of your renovation.
7. Attempting complex renovations without professional assistance can result in subpar workmanship and costly mistakes. While DIY projects can be satisfying, recognise when it is necessary to hire experienced professionals.
8. Renovating a property far beyond the standard of neighbouring homes can result in diminished returns. Over-improving can make it difficult to recoup renovation costs if the home is priced too high for the area. Check the ceiling price for similar homes in your area.
9. Focusing solely on aesthetic improvements while neglecting structural issues can lead to significant problems. Structural deficiencies, such as foundation cracks or outdated electrical systems, can compromise safety and lead to costly repairs. Address these critical issues before embarking on cosmetic upgrades.
10. Hiring the wrong contractor can be one of the most expensive mistakes. Poor workmanship, delays, and unforeseen additional costs can derail your renovation. Conduct thorough research, check references, and ensure contractors are licensed and insured. A reliable contractor is key to a successful renovation.
11. Even with meticulous planning, renovations can and often do encounter unexpected challenges and failing to have a contingency plan can lead to significant stress and financial strain. Set aside at least 10% to 20% of your budget for unforeseen issues, ensuring you can handle surprises without derailing the entire project.
– My Pressportal
