5 Ways to Lose ROI on Your Home Remodeling Projects
There are many things that can go wrong with remodeling the interior and exterior of your home. That is why it is highly recommended that you work with a reputable and experienced exterior remodeling contractor. The purpose of most home renovation projects is to increase the value of the property. Of course, the owner can enjoy the benefits while he remains in the property, but ultimately, he will enjoy a higher sales price each time he decides to put it on the market.
Unfortunately, not every home remodeling project will generate a sizeable ROI. In fact, some may even decrease the value of your property. To avoid this, we put together a list of the top ways you can lose ROI on a remodeling project.
you decided to do it yourself
The problem with do-it-yourselfers is that they are usually not professionals in building or remodeling new homes. This means they lack the skill set needed to properly install cabinets, flooring, and other types of furniture. Then there’s the problem with measurement: this is very important in making a project look professionally done. If you’re not good with measurements, then you may end up with a crooked countertop and cabinets. In most cases, it is always best to hire experts to handle renovations.
Making it all about appearance
If your top priority is making something look good, you’re likely to end up with mediocre results. Many of the materials on the market may look good, but the actual quality is inferior. This is a mistake many cheap homeowners make when trying to give their properties a freshly decorated look. However, once the tenant moves in, he has problems with warping, tears and other defects related to poor quality materials. Be sure to focus on the quality of your remodeling projects if you want to increase value.
Opt for outdated designs
Updating the style of your home is a great way to spruce it up. This can be done with interior and exterior remodeling projects. It’s important to consider the longevity of the designs you wear to ensure they don’t go out of style too quickly. This would defeat the purpose of updating the design in the first place. In this case, you would end up having to redo the layout again.
Selecting the wrong type of paint
All paints are not the same. You’ll learn this quickly when you mistakenly apply a layer that doesn’t look the way you imagined. Many homeowners learn the hard way, but you don’t have to. It is important to note that the type of paint you would use for cabinets, walls, and other surfaces differs. For example, you don’t want to apply a matte paint to your cabinets if you’re looking for gloss. Flat paint also marks easily and is difficult to keep clean. The same goes for the paint you apply during outdoor remodeling. Make sure the exterior of your home has a beautiful paint applied to the siding, wood, or whatever other material your home is built from.
Go overboard with the projects
It is difficult to recover money for projects that are too expensive. It’s easy to go overboard when you focus on too many areas at once or opt for expensive materials and custom furniture. Create a budget for your projects and stick to it. Also, do the math to determine what you can possibly get back in ROI. You should check with a local contractor to determine quotes for labor and materials for the remodel.
Don’t be a homeowner who loses your return on investment because you failed to do your due diligence. Be sure to do your research to ensure you get the most out of any remodeling work you have done on your property.