Home remodeling projects come in many shapes, sizes and levels of investment. Each requires significant planning and preparation to help you achieve your desired outcome. Instead of learning the hard way first-hand, here are five potentially costly home remodeling mistakes that can be prevented:
1. Over-renovating
While most remodeling projects pay off, it’s possible to put more money in than you’ll get out of the renovations. If you go over the top compared to other homes in your area, you may struggle to get a return on the investment. Consider your location, square footage, and length of time you plan to live in the home to determine where you should spend, or save.
2. Changing Your Mind
Unplanned changes to your home remodeling project can be costly. Have a clear vision of what you want to achieve before hiring a contractor. Define your project down to details such as color, material and style. Use an online visualizer tool for exterior renovations to help find the perfect siding, window and door combinations for your home.
3. Skipping a Home Inspection
Unknown structural damage can set you back, delay your project and potentially blow your budget. Pre-inspections can identify mold and electrical problems in advance, allowing you to adjust your budget and save money before they affect your project or become long-term issues.
4. Accepting the First Estimate
Contractors will often have some wiggle room when they provide an estimate. Don’t be afraid to negotiate the price, especially if you have multiple rooms to renovate or if you are a repeat customer. Obtain at least three estimates to compare costs and caliber of work required.
5. Hiring the Wrong Contractor
Ensure you hire the right contractor for the job. Hire a fully-accredited contractor who has ample professional experience and several references. Take time to find a contractor who aligns with your expectations on work ethic, communication and deadlines. Verify the contractor has valid licenses, insurance and required permits before signing the contract.